Insights

Protection

Life insurance – time to redress the gender gap

Women are twice as likely than men to not have a life insurance policy, mainly due to knowledge gaps and concerns about affordability. But adequate coverage offers vital financial support to loved ones if the policyholder dies during its term.

Protection

Protection insurers pay out record sum

In 2023, protection insurers paid a record £7.34bn in claims, including £1.2bn for critical illness. Income protection claims rose, with mental health issues representing the highest total claim value. Claims acceptance remains high at 98.3%, highlighting the importance of coverage.

Protection

Don’t just plan – protect your money

Having a financial plan should go hand-in-hand with a conversation about insurance. Only 29% of UK adults have life insurance, and even fewer have critical illness or income protection, highlighting that a concerning number of Brits risk leaving themselves and their loved ones vulnerable during life’s toughest moments. Consider writing your life insurance policy into trust; under current rules the payout will not be subject to Inheritance Tax, plus your beneficiaries should receive the money swiftly as it will not have to go through probate.