The Life Insurance Gender Gap: A Growing Concern
A recent study by UK Life Insurance has uncovered a significant gender gap in life insurance coverage, with men more likely to be insured than women. The study also revealed that over half of the population lacks life insurance, with millennials being the least covered generation.
Key Findings
The research showed that only 17% of Generation Z and 5% of millennials remain uncovered, while over a third of those aged 55 and above lack a life insurance policy. A spokesperson for UK Life Insurance commented, “We don’t do a good enough job in educating people about life insurance, what it is, what it’s used for, its benefits, and its role in estate planning and retirement.”
The study also highlighted misconceptions surrounding life insurance. Nearly a third of Brits believe that having a life insurance policy is a requirement for being accepted for a mortgage, with this figure rising to 40% among millennials. However, this is not the case, although some lenders may stipulate insurance to cover the mortgage in the event of death.
Gender Disparity in Life Insurance
The research revealed a significant gender gap in life insurance coverage. Women are less likely to have insurance and know less about it compared to men. Only 29% of women understand what their loved ones will receive after they pass away, compared to 44% of men. Furthermore, over a fifth of women (21%) believe they cannot afford life insurance, versus just 10% of men.
The self-employed are more likely to have life insurance than the general population, with 57% of self-employed individuals having coverage compared to 45% of the rest of the population.
Conclusion
The study emphasizes the need for better education about life insurance and its benefits. As the spokesperson for UK Life Insurance noted, “Life insurance can be very affordable for most people and can give families real peace of mind to protect their loved ones financially if the worst were to happen.”
