Insurance and pensions provider Friends Life has found that women are less inclined than men to take out life cover. Research, conducted as part of the insurer's ‘SeptGender' campaign, revealed that nearly two thirds of women have never held a life cover policy. A third of women interviewed would never consider taking one out.
The main reason women gave for not taking out this type of protection is that they do not consider it to be a current priority (cited by 30 per cent), while 27 per cent think it is too expensive. However, 24 per cent of women who do not have a life insurance policy would be open to considering one in the future.
The picture is different with men, where four in ten have never held a policy. Of those men interviewed, just over a quarter said they wouldn't consider taking one out.
Though the research shows consumers have a degree of apathy towards life cover, it proves there is a need for the industry to engage more with women in particular, as over a quarter of women said they would be encouraged to purchase life cover if they thought it was good value for money.
Steve Payne, Managing Director, UK Protection, at Friends Life comments:
"We are encouraged to see that a healthy percentage of those who have never held life policies are considering one, but as the modern world throws up so many uncertainties, it is important that both men and women look at options to provide financial security for themselves and their family in case the worst happens.
"It is also important to remember that some group life policies, available through many people's places of work, offer opportunities to additional protection, either for themselves or for their partner or spouse. For those eligible for cover under their employer's flexible benefit scheme, ensuring all members of the family are covered needn't be difficult."
