Housewives ‘need life insurance too’

Housewives are equally as likely to need life insurance as men, a report claims.

Industry experts have said that the insurance needed for a housewife can be estimated by compiling the costs incurred through her absence, according to the Economic Times.

Debashis Sarkar, director of marketing at Max New York Life Insurance, told the newspaper: “Life insurance is all about replacement of financial loss on the death or disability of an individual, so that the life can go on as earlier in financial terms.

“Housewives may not be working but they do take up multiple responsibilities that can be translated into financial value.”

The Economic Times claims that nearly 60 per cent of married women are spending all their time attending to mothering duties and housework, but many assume that by being in the house, they are not putting themselves at risk.

Legal and General recently released research revealing that more Britons insure their possessions than their own life.

While 66 per cent of those asked in a survey said they had house insurance, just 44 per cent had taken out life cover.

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Women put off by financial jargon, IFA says

Women tend to be “put off” by complex finance, an independent financial advisor claimed today.

According to AJS Wealth Management, female consumers prefer the “tangibility” of hard cash rather than the discussion of financial terms and higher-end commercial discussions.

Director at AJS Anna Sofat said: “One of the things [our] research threw up was that women are put off by finance; they like money. I think it comes back to tangibility.

“Money is here and now; finance is a bit high-faluting, full of jargon and complexities that they don’t necessarily want to get their heads around – not that they can’t, they just don’t want to.”

This apparent disparity between the sexes appears to reflect a difference in average wages. According to a recent report by National Savings & Investments, women still make four per cent less than male counterparts in total.

Only a marginal improvement, of three per cent, has been registered over the past seven years, as the statistics show that female salaries still have catching-up to do.

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