Seven out of 10 mothers rank family financial security among their top priorities but few are taking out protection cover or talking about the impact of their death, according to Aegon.
An Aegon UK report published today (9 July), revealed how women aged 25 and over, and mothers of those aged less than 18-year-olds in particular, are failing to protect the things that are most important to them.
The survey of 2,500 adults found 57 per cent have no protection cover whatsoever, despite Aegon finding 67 per cent now work to support their family.
Some 49 per cent have never had the difficult conversation about what would happen in the event of their death with their next of kin.
This silence is serious, warned Aegon, especially as 67 per cent of women, and 72 per cent of mothers, now work to support their families and are underestimating their financial importance to the family unit.
In the event of a serious illness or accident, 28 per cent of working women would need to rely heavily on state support if they were unable to work for six months.
Aegon’s research found that 55 per cent have no idea how little the state pays out, with 25 per cent believing it was more than the current level of £87.55 a week for 28 weeks, while a further 30 per cent admitted they just didn’t know.
Dougy Grant, protection director at Aegon UK, said: “These report findings are concerning. Women are key to running most households, yet despite this they aren’t taking the necessary steps or having the difficult discussions to put the necessary protection plans in place in case something should happen to them.
“Whether it’s a reluctance to discuss the unimaginable, a feeling that protection isn’t affordable, or simply a lack of awareness about the services on offer, there are plenty of reasons why women aren’t insuring themselves for the benefit of their family.
“There’s a clear disconnect between the peace of mind of protecting our most pressing priorities and our behaviour as a consumer.”
