According to a survey by LifeSearch, the number of women in the United Kingdom purchasing life insurance in the United Kingdom have doubled over the last six years. As women are increasingly closing the gender related wage spread and even becoming the chief breadwinners in a household, they are also becoming more than vigilant about their finances and less financially dependent on their partners.

Linda Tyson, a policy advisor for LifeSearch stated that the addition was attributed to the “growing consciousness of the importance of protecting the financial stableness of the family. More and more than women are either the chief or only breadwinner and are realising the importance of protecting their incomes.”

An further advantage for women is upon applying for cover, they pay less in insurance premiums than men, which is further money to save, put or pass on holiday with the girls. This reduction in insurance premiums is based on the fact that women dwell an further seven old age longer than men. Insurance companies hold work force a greater insurance hazard when it come ups to life insurance. In general, a adult female pays 25% to 35% less than a man.

The most cost effectual manner to purchase life insurance is term cover, which allows for a lump sum of money to be paid out over a given time period upon the death of the policy holder. The lump sum of money of money will protect the spouse or household and the extent of the screen will change on how much the policy holder wishings to put and length of clip over which they wish to put it.

Alternatively, there is the option of whole-of-life insurance, in which lawsuit a lump sum will be paid out upon the death of the policy holder – whenever that happens. Given that the payout is guaranteed, the insurance premiums for this type of life insurance are much higher, although women still pay less than men.

Websites such as as moneynet supply an easy method for women to reexamine different life insurance policies, the hazards and associated costs and given that the ratio of male to female web users is almost 50:50, it’s not surprising that women have got the web (and their finances) under their thumb.

Resources

Channel 4 Money
Moneynet Life Insurance
Women and life insurance