Best Insurance

23 Year High Unemployment Amongst Women(05-Sep-2011)

The Trade Union TUC warned today that a decade of good work done in terms of social and gender equality is in danger of getting wiped out. Their remarks are based on the cost cuts of the public sector. It’s the public sector that employs proportionately high percentage of women and for the past decade has been employment for women in the public sector has been growing thrice the rate of employing men and now when the cuts are being implemented by the public sector, the unfortunate recipients tend to be women. 

As per the TUC, in the last ten years over 735,000 new women have been added to the public sector. While the East Midlands leads with 7% increase of women recruitment, others follow closely behind. West Midlands was at 6%, North East and South East both at 5%.

Stuart Boseley, Director commenting on these figures said that, “We at Best Insurance predicted the disproportionate unemployment amongst women a few months ago. The fact is that women are predominantly employed by the public sector and the NHS and with both organisations facing massive cost cuts, the rise in unemployed women was only bound to rise. Socially it is still predominantly, the women who manage children and in the private sector with salary freezes and with the government’s reduction in child care benefits, many women prefer to stay at homes rather than facing the high child care costs.

Income protection insurance has not had a major gender based pricing approach. Hence this should not impact any pricing or policy restrictions for women in terms of buying income protection insurance. The European courts have ruled out any gender based pricing approach for popular insurances such as motor which would have prevented this anyway in the longer term. The real positive benefit of income protection insurance for women is that the policy provides a benefit amount for a period of about 12 months to 18 months which will ensure that they get their monthly income and as they re-valuate their approach and whether they want to work etc, the income protection insurance would pay the benefit amount month after month. It must however be stated that many of the insurers have placed restrictions on the sector of employment and hence women employed in public sector looking to buy income protection insurance should make sure that they are not falling out of criteria with any of the insurers they choose to go with.

Best Insurance’s is one of the largest retailers of income protection insurance in the UK and have a wide range of income protection insurance.