In 1999, just one in five of LifeSearch’s customers were female, however, figures for 2004 and 2005 so far show that the number has now increased to 39%.
With more than 150,000 lives covered, the information represents a large number of customers and shows that many more females are thinking about their protection needs.
Commenting on the reasons for the increase, LifeSearch Policy Adviser, Linda Tyson said ‘We attribute this increase to the growing awareness of the importance of protecting the financial stability of the family. More and more women are either the main or the only breadwinner and are realising the importance of protecting their incomes.’
Comparatively, the cost of life cover is lower for females as the life expectancy is higher.
While life expectancy for both men and women has continued to rise, in 2002 life expectancy at birth for females born in the UK was 81 years, compared with 76 years for males. This contrasts with 49 and 45 years respectively at the turn of the last century in 1901. *
The cost of health insurance products such as income protection and critical illness, however, can be more expensive for females, depending on the circumstances, as historically there may have been a higher experience of claims for conditions such as breast cancer, hysterectomy, stress or depression.
COST OF LIFE COVER **
MALE
FEMALE
Non-smoker age 30
£10.50
£9.00
Non-smoker age 40
£22.85
£17.55
Non-smoker age 50
£61.35
£44.00
Smoker age 30
£18.60
£15.30
Smoker age 40
£46.50
£36.75
Smoker age 50
£133.85
£98.45
Source: www.lifesearch.co.uk / 0800 316 4242
Senior Technical Adviser, Kevin Carr, added ‘Income based products such as Family Income Benefit and Income Protection can often be the best way to protect a family’s financial future. However, while many think the public are spoilt for choice when it comes to shopping around for protection products, in truth hardly any banks, building societies, supermarkets or web-sites offer these products or write them under trust, preferring instead to deliberately limit the customer’s options and make the choice seem overly simple.’
LifeSearch is also pleased to announce that its sales of Family Income Benefit are now three times higher than the industry average.
Consumers can contact LifeSearch on 0800 316 4242 or at http://www.lifesearch.co.uk
Kevin Carr of LifeSearch www.lifesearch.co.uk can provide information, comment, statistics and case studies for both national and trade press and is available weekends as well as during the week. LifeSearch offer life insurance in the UK.
