Firm warns of life assurance gap for homemakers

Women who work in the home are underestimating the monetary value of their work, leading to "a huge gap" in terms of life assurance cover, according to Ark Life. The life assurer says many families would be left financially vulnerable if the partner who worked at home died unexpectedly.

Of the 400 women surveyed by Behaviour & Attitudes on behalf of Ark Life, 54 per cent said they were full-time homemakers. The women interviewed put a value of €320 a week on their work. The survey says Irish women working in the home spend an average of 115 hours per week on childcare and housework. At the new minimum wage of €6.35, this amounts to €730.25 a week.

Over one-quarter of the women surveyed said they were insured for the minimum lump sum amount of €62,000.

Some 46 per cent of the women surveyed worked in paid employment. However, only one in five of these women have a lump-sum death benefit provided by their employers.

According to Ark Life, 41 per cent of married women have no life assurance at all. Other small-sample surveys by the company have suggested a similar figure of married men have no life cover, but Mr Lynch believes it is more difficult to attract the custom of married women.

"There is this slightly old-fashioned view that, speaking as a male, 'I'll do the right thing and provide for my family'. But there's no reason why both partners shouldn't have the same cover."