Women still behind in CI cover while new Mums favour IP

Women continue to trail significantly behind men when it comes to taking out CI cover, despite the fact that they made more claims than men last year, new data from Friends Life has revealed.

Steve Payne, managing director of protection at Friends Life, said: "With so many of the adult population in a relationship, financial planning decisions are largely taken in the context of a family unit.

"Interestingly, it is quite often the woman for whom protection insurance is most beneficial. Where the male is the breadwinner of the family it is she and her children who will benefit most. Where the woman is the breadwinner of the family, it is vital that she protects her income and her family."

Analysis of Friends Life's 222,5000 CI customers has shown an overall gender split between policyholders of 58% men to 42% women.

However, despite the fact women hold only 42% of CI policies, they account for 51% of all CI claims made in 2012.

The research is accompanying Friends Life's ‘SeptGender' campaign which has been launched to highlight the need for women to think more carefully about their financial security.

Meanwhile, a survey from research provider GSK and Emma's Diary, a resource for expectant and new Mums, found in the last 12 months, compared to the overall population, new mums were five times more likely to have taken out IP.

New mums were also three times as likely to have taken out life insurance compared to the population. Almost two thirds (63%) of new mums have taken out at least one financial product in the last year, the research found.

Nick Watts, head of data and partnerships at Emma's Diary said: "Having a baby is a life-changing event that triggers a review of lifestyle choices, particularly for first time parents. This research shows how new mothers are encouraged to plan their financial future and look for economic security for their arrival."