Many women in the UK do not consider
life insurance to be a necessity, according to new research.
A study by
AXA Life indicated that over a third of respondents did not believe they needed such cover.
Despite women being more financially independent than ever, many are still neglecting such policies.
According to the findings, more than a third do not currently have any
life insurance, while just one in five is covered for critical illness.
Furthermore, women are substantially underestimating their worth when taking out policies, with average cover being £90,000 for
life insurance and £80,000 for critical illness.
Jamie McIver, director of protection sales at
AXA, urged women to prioritise their life cover given their increased financial independence.
"I would encourage women to start focusing on their financial wellbeing, so that they avoid the potential financial meltdown they could find themselves in if they aren't protected," he commented.
The study also revealed that 27 per cent of women with dependent children are now solely responsible for paying the
mortgage, while 30 per cent pay the household bills.
Currently, just 30 per cent of women without any dependants have any
life insurance policy in place.
