Women are not protecting themselves against the worst despite being more financially important to their families than ever, new research says.
The study from AXA also shows that many women are unaware of their importance of to family finances as 37% believe they "don't need" cover.
It further reveals just over a third (38%) of women have any life insurance and only one in five (18%) own critical illness cover.
This is despite their growing role in supporting family costs.
The survey finds the average working woman with financially dependant children will be carrying out a combination of paid and unpaid work totaling just over £45,000 per year, and for those not in employment, their worth around the home is approximately £23,000.
Over a quarter of women with dependant children (27%) claim to have sole responsibility for paying the mortgage and 30% solely responsible for the main household bills, while 25% and 29% are solely responsible for children's education and childcare costs respectively.
For those who class themselves as housewives even fewer protect themselves with 38% holding life insurance but just 13% having any critical illness cover.
The situation is even worse for women with no dependants for whom only 30% have any sort of protection in place, although they will not have the cost of childcare to consider.
In this category, over a third (36%) will carry sole responsibility for their mortgage and a similar number will be in charge of paying the main household bills such as gas, electricity and council tax.
However, there may be a glimmer of hope as these overall figures have risen slightly from the last study that was conducted in 2008.
The number of women now holding some kind of life insurance has risen 3% from 35% two years ago, while for critical illness cover the figures have grown more markedly from 12% to 18%.
Jamie McIver, director of protection sales at AXA, believes the research shows women are becoming increasingly important to the family economy yet leaving themselves and their dependants desperately vulnerable.
"The future is likely to see the situation getting worse," he says.
"During the recession more men than women became redundant and predictions suggest that by 2030 one in four women will be the main breadwinner in homes while the past 30 years have already seen a significant rise in female employment (17.5%)."
"The role of the financial adviser is instrumental in trying to reduce the number of women without protection and I urge advisers to re-visit their client base to ensure women are protected in line with their increased financial independence and value in the home," he adds.
