Life and Critical Illness Bulletin: Millions of women lack financial safety net
5th December, 2016
28% of women admit a lack of financial protection is their greatest fear
According to research from provider Aegon, one of the biggest worries among women is the inability to support themselves or their family financially. The survey was made to match the priorities of women with their financial plans, which revealed some big differences.
The poll of 2,000 women showed that nearly half believed it was their sole responsibility to ensure the financial future of their family. But despite only putting their children’s health and happiness above their financial safety, over half of the women surveyed had no form of protection in place whatsoever.
Although cost was seen as the main barrier to protection for women, with nearly half thinking it was too expensive, Aegon was keen to point out that in many cases the cost of protection policies such as critical illness and life cover can be surprisingly affordable.
Could you afford to be absent from work for more than a month?
Research has revealed that about 1 in 7 people have been absent from work for more than four weeks in the last year. This challenges an earlier government estimate that prolonged absences were much less common.
This has put the spotlight on smaller businesses that do not have plans in place to cover longer absences. The most surprising result was that 23% of absentees were aged between 25 and 35, compared to 6% of those aged over 55. This contradicts the assumption that absence inevitably increases with age.
Royal London expands on Helping Hand
Provider Royal London has gone into further details about the great support and benefits of their Helping Hand offering. The comprehensive support service comes at no extra cost to the consumer as part of their life or critical illness cover protection plans.