Although an increasing number of women are
‘taking financial control’ of the household, over 10 million
full-time female workers are not covered by a critical illness
policies, says a report released by Scottish Provident. 

The ‘Women and Protection’ report said 57% of
women in full-time employment predominately make the financial
decisions for their household, 10% more than in 2011.

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However, 84% of the employed women included in
the study do not hold a critical illness policy with 57% of them
say they could not justify the costs for taking out the insurance
policy.

A total of 41% of female employees said having
children would be a motive for purchasing a protection policy
compared to 25% in 2011.

A further 28% of them said they would take out
protection if someone close to them got a serious illness.
Meanwhile, a total of 21% said they would purchase protection if
they got married.

Jennifer Gilchrist, senior producer
development manager at Scottish Provident, women are not making the
appropriate choices to safeguard their futures.

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She said: “It is a cause for concern that
women who are not recognising the importance of protection,
potentially leaving themselves and their families open to financial
hardship if they should become seriously ill, lose their job or
die.”

The Scottish Provident research comes ahead of
the EU Gender Directive, which is due to be implemented on 21
December.

The EU gender directive means that from 21 December 2012, which
is known as ‘G Day’, premiums and benefits for all new
insurance contracts will have to be calculated on a gender-neutral
basis.

Insurance spans a wide range of contracts that currently use
gender as a risk rating factor. This includes life and health
protection and retirement annuities.

The Scottish Provident research was based on an online survey of
2,012 UK adults aged over 18 from 15-18 June 2012.