New research from Sesame has highlighted the clear gender split in the ‘protection gap’ when it comes to ensuring your home is safe in the event of redundancy or illness.
In a survey of 450 homeowners, over a third of men do not believe they need insurance to protect their mortgage, compared with just 12 per cent of women.
Half of women have insurance in place to cover mortgage payments should they fall ill compared with 37 per cent of men.
One in five of all respondents said that they did not take out insurance because they felt it was too expensive.
But the survey also showed that over a quarter said that they would struggle to cover their mortgage payments for more than two months if they lost their job. Sixteen per cent of respondents didn’t even know how long they could carry on paying the mortgage.
Sesame’s head of mortgages John Cupis says: “When talk turns to the possibility of an economic downturn, as it increasingly has of late, it makes it all the more alarming to see such a high percentage of homeowners not making any provision for a possible change in circumstances, such as loss of income due to redundancy or illness. On the up side, it seems the message is gradually filtering through to women that your home is just too important to take chances with. Unfortunately the same can’t be said of men – we desperately need to get to the bottom of why that should be the case.”