Female workers take risks with insurance

By MoneyhighStreet Staff. Published on October 8, 2008 This post currently has no comments.

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Women in the workforce are failing to take out financial protection insurance, despite the growth of the female breadwinner.

A study conducted by Axa found that eight million UK women currently in employment do not have life insurance, critical illness or income protection cover to help them should things take a turn for the worse.

Iain Mallon, head of protection at AXA said that the findings show how women''s advance into important positions in the workforce has not been mirrored by a change in their attitude to insurance.

He added: "The ''noughties'' is an era in which women have greater control than ever before over their lives and their finances but they are still failing to recognise their own financial and lifestyle developments in their protection cover.

"Unlike during the 1970s, women becoming ill and unable to work now could have significant financial implications for the whole family."

The study also found that just 19 per cent of insured women without a partner believe they have adequate insurance cover in place should they lose their job.