Newsletter 1
Women are more clued up than men…
According to research by Sesame, the UK’s largest provider of independent advice, Women are more clued up than men when it comes to taking out insurance to cover mortgage payments.
A clear gender split has emerged when it comes to taking out insurance to cover mortgage payments should the homeowner fall ill or lose their job, according to research published by Sesame.
More than a third of men (35%) do not believe they need insurance, compared to just 12% of women.
This gender gap is also reflected in the people who actually take out insurance policies, with half of women having a policy in place to cover mortgage payments, as opposed to just 37% of men.
A significant factor in electing to have cover was cost, with one in five (21%) of all respondents saying that they didn’t take out insurance because they felt it was too expensive.
Yet the survey of 450 homeowners also showed that over a quarter (28%) said that they would struggle to cover their mortgage payments for more than two months if they lost their job. While 16% of respondents didn’t even know how long they could carry on paying the mortgage.
John Cupis, Sesame’s head of mortgages and general insurance, said: “When talk turns to the possibility of an economic downturn, it makes it all the more alarming to see such a high proportion 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.”
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