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Gender Gap in Life Insurance

According to study by the Royal London insurer, the men’s coverage is 65% higher than women’s, The Irish Times writes.
Gender Gap in Life Insurance

An analysis of non-mortgage coverage showed that the average amount guaranteed under a life insurance policy between 2015 and 2019 for women was 179,604 euros. The average index for men for the same period was €297,022.

“Such a big difference makes us wonder what are the reasons why men insure their lives for greater amounts than women,” said Sara Murphy of Royal London.

Life insurance is usually bought by people to provide for their dependents in the event of their death. “Gender wage gap plays the main role here. Besides, women stay home, take care of their household, husband sand children more often than men,” the representative of Royal London explained.

The average amount guaranteed for diseases was 80,096 euros for men and 63,036 euros for women. According to data, the average coverage of both men and women has declined by 5.8% and 0.67% between 2015 and 2019, respectively.

Source: https://www.irishtimes.com/business/personal-finance/life-insurance-cover-for-men-65-higher-than-for-women-1.4320047

Photos are from open sources.

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