Whilst it is increasingly acknowledged that there is a ‘pay gap’ for women, or there is a growing ‘pension gap’ for working women; there is another anomaly that has flown under the radar for many and that is the ‘protection gap’ for women.
Due to the increased flexibility in working patterns we often reduce our working hours to allow us to maintain a work/life balance, resulting in a lower salary and less benefits overall. Some of us take the decision not to return to the workforce for a number of years due to the cost of childcare and leave behind valuable benefits such as Death-in-Service entitlements and pension funding.
The end result leads us facing a lot of gaps – gaps in salary, gaps in finance, gaps in wealth, gaps in retirement and gaps in protection!
Ask yourself have you any of the following Protection Plans in place?
- Life Cover which pays out a lump sum in the event of death.
- Specified Serious Illness pays out a lump sum in the event of being diagnosed with a specified serious illness.
- Income Protection which pays you a regular income in the event you cannot work due to accident, illness or injury.
- Health Insurance covers you for medical costs.
Many women simply have no cover or are underinsured compared to men.
It is widely recognised that men are far more insured across all types of protection, but this can no longer be justified with the traditional stereotype of men in the workforce or the single “breadwinner” of the family unit.
There is a general lack of knowledge in the understanding of the protection options available to women and why they are so important. Whilst many of us have the ‘basic’ mortgage protection cover in place, we still do not have sufficient protection to ensure our family is cared for in the event that we are no longer around, or in the event of us becoming seriously ill and unable to work for a certain period time.
We insure our cars, houses, holidays, and pets so why not insure ourselves? Women must start thinking more about their own value and their own unique situation. As we have something of a creaking health system and changing medical trends, we should be doing more to protect our families, incomes, and of course lives. This applies to all demographics of women in society
At Sunrise Financial Planning we are passionate about helping bridge the Protection Gap that exists for women in Ireland.
Let us help you protect yourself.