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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 If you are single with no dependents, or anyone that you are a guardian over, you probably do not need this type of insurance. It is meant to cover a loss of income. On the other hand, if you are a stay-at-home parent, without a tangible income, you should have policy because the loss of your services could result in a great deal of expense.
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. Term life insurance policy- anyone can apply for a term life insurance policy. Basically this policy is meant for young people live with their families. Consumers can contact LifeSearch on 0800 316 4242 or at www lifesearch.co.uk
About The Author 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. Protect Insurability Purchasing life insurance on a child will protect the Childs insurability. |
