New research from AXA suggests that, among women with dependant children, financial responsibility is no longer a male preserve. Over a quarter have sole responsibility for paying the family mortgage, with 30% solely responsible for the main household bills while 29% are solely responsible for childcare costs. For those with no financially dependant children, over a third have sole responsibility for their mortgage.
Yet only a third have any life insurance and only one in five protect themselves against critical illness, potentially leaving their families economically vulnerable if the worst were to happen. The majority of women have no protection in place and out of those who do have cover, the average value of a life policy is only £90,000 and critical illness just £80,000.
Critical illness insurance: News update: 18 May 2010