Key actions for advisers and insurers to get more women protected – IPTF

by Andrew Wibberley, co-chairman of the Income Protection Task Force and director of Alea Risk

Women In Protection research showed that one group of people worry about their health and finances more than another group of people.

Yet that same group buy almost 50% less insurance that protects their finances from the impact of sickness and health problems.

In 2021 32,000 fewer women than men protected themselves and their families from the potentially catastrophic shock of a loss of income from sickness.

At the IPTF we don’t think that’s right and spent much of the first half of this year working with members to dig deeper into why that happens and what can be done to change it.

There is no silver bullet. However, there are good innovations out there in both the product and distribution space that directly address this challenge.

There have been improvements to career break options, guaranteed insurability options (GIOs), houseperson cover and claiming through maternity leave at different insurers and an increase in advisers specifically targeting females.

All involved with the IPTF believe that more can and will be done.

It is also clear there is a massive commercial opportunity to insurers and advisers who do get this right given the historic under-selling of this vital product to women.

 

Insurer and adviser actions

So, what does getting it right look like? IPTF members identified key work for insurers to:

 

Advisers in our working group identified key actions for intemediaries to:

 

And last but not least the IPTF recognised our responsibility to step up in this area. We promise to:

 

We expect to see more initiatives in this area in the coming months and look forward to seeing how advisers and insurers alike creatively step up to the challenge and meet the opportunity to ensure that more people get that most vital protection.

 

 

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