Income Protection News
Women taking out income protection insurance as times change
An increasing number of women are securing their financial independence with products, such as income protection insurance, as society and lifestyle requirements change, it has been highlighted.
Independent financial advisers (IFAs) are recording increased contact with women, according to Health Insurance magazine, which reported that there is greater financial security concern among females.
One adviser who has noted the shift is Henrietta Oxlade of London-based Bond Wealth Management, who revealed to the publication that she has seen her client base move from 90 per cent men to an equal split over the last 20 years.
Insurance providers such as Friends Provident have also noted the changing attitude and are coming up with products that can meet women's needs, the firm's head of protection sales Ed Stuart-Brown said.
He is quoted by the publication as saying: "With our income protection plan there is a hospitalisation benefit which will be paid after someone has been in hospital more than a week, regardless of the deferred period.
"That's a huge relief for a single mother, to know that she can cover childcare costs."
Previous research from Legal & General has placed the value of a mother's work at home at more than £24,000 per year.
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