In many circumstances, women are now their household’s main breadwinner. However, this makes it surprising, and slightly worrying, to know that over half of women (57%) aged 25-45* lack any sort of financial protection*. This leaves a large gap between the growing number of women supporting themselves and their families through significant financial responsibilities, and the level of protection they have in place should the worst happen.

How protection helps

Life and critical illness cover are essential ways to protect against worst case scenarios.

Life cover is designed to pay out a lump sum should you die, with critical illness cover doing the same should you be diagnosed with one of the illnesses covered in a policy. Income protection can also play an essential part of financial insurance which covers you and your earnings if you are unable to work due to an illness or injury. Income protection can be tailored to fit around your own personal circumstances and can be particularly suitable for those who are self-employed or who do not receive sick pay.

One million Brits are off work for over a month every year

At some point in our lives we have all suffered ill health that has meant we were unable to go to work.

According to figures from the Department for Work and Pensions, on average 960,000 employees take sick leave for a month or more every year. In the light of these figures, it is important to ask yourself if you know how this would impact you financially? Do you know how much your workplace would pay you while you are off? And, do you really know what your income would be on a monthly basis during a long-term sick period – would it cover your outgoings?

We understand the importance of cover for families, especially when there is a high level of financial responsibility. Our financial advisers can discuss your protection options with you and work through your budget to ensure you have the most comprehensive and affordable protection plan in place.

Source: *Canada Life