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06 Jan 2023

3 reasons why women benefit from group income protection

Female employees are more vulnerable during the cost of living crisis if they lose their income, especially if they have children to support

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Women are leaving companies in unprecedented numbers in search of workplaces that fully support them.

Even though many women have savings as a back-up in case the worst should happen, often these cash funds aren’t enough to tide them over in the event of a major financial setback such as long-term illness.

That’s why employee benefits like group income protection (GIP) are so important – providing a financial safety net for women and their families should they face loss of income through illness or injury.

Here are 3 reasons why GIP is a particularly valuable benefit to women.

1. Women are at greater risk than men

Women are closer to the breadline if they lose their income. On average, women are able sustain living costs for just 14 days compared with the average male, who can cover costs for 28 days. 

Additionally, the cost of raising children has increased 37% in the past decade – meaning women today have a low probability of having enough money to support themselves plus any children who rely on their income in the event of a financial emergency.

GIP enables financially vulnerable women to ensure that the people they care about are fully protected should something happen to them and they become unable to work – and data shows that women are increasingly using this benefit. 

2. The cost of living crisis hits women harder

Studies have shown that women are more significantly affected by the cost-of-living crisis than men, with 78% viewing the current economic climate as a “constant source of worry”

Because women are statistically more vulnerable to loss during financially uncertain times, it’s no wonder that income protection is becoming increasingly important to them. 

Additionally, as mental health related absences in light of the crisis rise, GIP can serve as an important support.

While life and critical illness insurance don’t cover mental health, GIP makes no distinction between physical or mental illness – and in 2020 mental health was the second most common reason for a claim. 

Early intervention tools provide support in time of need

Menopause is one several major, female-specific conditions often stigmatised or ignored in the workplace. Yet it significantly impacts the productivity and wellbeing of women.

There is a range of psychological effects that comes with menopause, including mood swings, anxiety, forgetfulness and more. However, it’s often difficult for sufferers to get the support they need.

As part of a proactive approach to employee wellbeing, GIP policies often come bundled with extra rehabilitation support services such as EAPs and virtual GP access.

These valuable early intervention tools combine digital convenience with medical expertise to give women the symptom support they need, exactly when they need it – so they can bounce back faster. 

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