The COVID-19 pandemic has seen a rise in the number of enquiries about protection insurance for mortgages, loans, accident & sickness and redundancy among men – but a specialist broker and comparison service said it has noticed a surprise rise in the number of women under the age of 20 too.
A spokesman for ActiveQuote said that more than two thirds (70%) of IP enquiries in April were from men, marking a 5% rise on the previous year and a record high.
The spokesman said that numbers visiting the site have continued to rise since March, when IP enquiries spiked following the COVID-19 outbreak, rather than fall away again as might be expected.
But the ActiveQuote spokesman said that in spite of there being a record number of men enquiring, women could be set to “turn the tide” in future, as the number of females aged 20 and under enquiring about IP in the same period was 20% higher than their male counterparts.
James Howell, Senior Product Development Manager at ActiveQuote, said he had noticed a “silver lining” emerging, as UK households appear to be taking IP “more seriously than ever” and not just as something to be sought out in emergency circumstances.
Howell said: “The traditional mindset has always been that protecting a man’s income is somehow more important than a woman’s and this would certainly seem to be the case at the present time, as the number of male customers looking into IP reaches unprecedented levels.
“With more women working, more taking the role of breadwinner and more launching their own businesses this is also a mindset which the insurance industry has long been working to change, however, and the current situation might be about to give us a helping hand,” Howell said.
It is also encouraging, Howell said, to note that the number of younger people looking into IP is on the rise generally and in the under 20s bracket women are actually outnumbering men by a fifth, giving rise to hopes of “a whole new generation of consumer”.