Cash flow modelling is another useful tool to highlight the need for women to take out protection. Ms St Louis explains: “Talking about death and serious illness might not be the easiest conversation when a young couple are arranging a mortgage on their first home, but show them how the loss of an income might affect their plans and it is an easy conversation starter.”
Product flexibility
Having products that adapt as life changes is also particularly important for women. Guaranteed insurability options enable benefits to be increased in the event of key changes such as childbirth and marriage, but Mr Erskine says policyholders may also need to flex cover down.
“More women are choosing to delay starting a family and pursuing a career first,” he says. “To accommodate this we allow our income protection policyholders to reduce cover to up to £20,000 of a houseperson’s benefit a year if they take a career break.”
Life insurance policies have also become more flexible in recognition of changing lifestyles. Rather than force advisers to talk about the possibility of divorce as a reason to avoid a joint life policy, Guardian and Royal London now offer dual life policies enabling both parties to have their own cover, without the potential offence that can be caused by suggesting two separate policies.
The industry also needs to do more to promote the female side of protection. Ms Knowles says that initiatives such as Insuring Women’s Futures and awards for women in the industry are helping, but she encourages advisers to do more.
“Get female faces out there on social media and encourage women to talk about their finances and protection,” she says. “Engaging more with women will empower them to get the cover they need.”
Equality of cover may be some way off, but by raising awareness of needs and developing increasingly flexible products, more women will have the peace of mind that protection brings.
