Protection advice firm Life Cover for All believes insurers are failing to recognise that women are often the financial decision makers and says insurers should be targeting this untapped market.
Life Cover for All, which launched in May, helps clients with pre-existing medical conditions to get life cover.
Partner Amanda Clancy says although men used to be responsible for organising financial matters such as insurance, increasingly, more women are taking on the role. She says: “Women are quite often the ones that end up making the decisions about life cover and insurance but because it is not something that is brought to their attention, they make sure to insure things like the home but possibly neglect their own life cover. There is a huge market out there.”
Master Adviser senior partner Roy McLoughlin says: “I think nowadays families are likely to make a joint decision. The idea that men are responsible for insurance is not the case anymore, particularly among the younger generation.”