Advisers should focus protection advice on working women if they want to address the significant ga...
Advisers should focus protection advice on working women if they want to address the significant gap in families' cover, according to Scottish Equitable Employee Benefits.
The insurer has warned there is a large shortfall in many households' protection ' standing at £270bn, 10 times the more publicised 'savings gap.'
Scottish Equitable Employee Benefits predicts women will be a key target in redressing this, as in the next decade women will equal men in numbers at work. At the moment, the amount of women with cover is less than half the number of men.
Simon Bailey, product development manager at Scottish Equitable Employee Benefits, said: 'The place of employment is the ideal station to trigger a significant boom in protection planning and fill the 'family gap.' This has significant benefits for employee and employer alike, it is a growing market for the advisory community that is gathering quite a pace.'
Bailey added: 'There is a need to expand the employee benefits market, making products available to a wider audience through product simplicity, flexibility and importantly for the employer, value for money. Benefits need to be linked to need ' this is marked in terms of the continued growth and influence of women in the workforce and family life.'
