Little difference in male and female sales last year
Sales of life insurance are almost evenly split between men and women, according to figures released today by LifeSearch.
The firm arranged life cover for 20,800 males and 19,589 females in 2011.
Since it began offering protection advice in 1998, LifeSearch has arranged cover for more than 333,000 individuals, which breaks down into 175,000 men and 158,000 women.
Over the past five years the firm has seen a 55% increase in the number of customers protected annually, which rose from 26,017 in 2006 to 40,398 in 2011.
David Child, managing director of LifeSearch, said: “The figures show that there is very little difference between the sexes when it comes to financially protecting themselves and their dependents.
“They also illustrate how LifeSearch is increasing its growth year-on-year while never losing sight of its quality of advice and customer service.”
Experts predict that protection product sales to women could be hit when the impact of EU legislation pushes up prices at the end of this year. From December 21 2012 when the EU gender directive comes into force, protection providers will no longer be able to take gender into account in underwriting, which some commentators say could add as much as 15% to the cost of life insurance policies for women.