A new report reveals women are more likely to maintain insurance coverage during financial hardship, but the changing nature of their lives emphasises the need for regular policy reviews, says Momentum’s Women’s Month campaign.
Women are far more likely to keep insurance in place even when money is tight, according to the latest Bureau of Market Research Household Finance Report, which found that 68.9% of women surveyed said they would not cancel their cover under severe financial pressure. That loyalty reflects how seriously many women treat protection, but it also raises a practical question: whether the policy still matches the life they are living now.
Momentum says that question sits at the heart of its She Owns Her Success campaign this Women’s Month. The insurer argues that financial confidence is not only about earning, saving or investing, but also about recognising the value of the assets and responsibilities that build up over time. As careers advance, households change and families grow, the cover taken out years earlier can quickly become out of date.
One of the clearest moments to review insurance is after buying a first home or improving an existing one. Renovations, extensions and solar installations can all increase the cost of rebuilding a property, which means building cover may need to be updated. Changes in family life can matter too. Marriage, divorce, the birth of a child or taking on caring duties can shift priorities and create new financial obligations that should be reflected in a policy review.
Work patterns are another factor. With more people splitting their time between home and office, household contents may now include laptops, monitors and other equipment used for work. Over time, homes also tend to accumulate more value through furniture, appliances, jewellery and technology. A policy that once felt adequate may no longer fully reflect what is in the house. Momentum also points to changes in driving habits, such as a new vehicle, a different commute or a move to a new area, as reasons to reassess motor cover.
The insurer says side businesses are increasingly relevant as well. Consulting, freelance work and small enterprises often mean stock or equipment is kept at home, and standard household policies may not always provide enough protection for those assets. Even without a major life event, a review may be overdue if it has been years since the policy was last checked. Similar advice appears in guidance from US insurers, which note that major milestones such as marriage, home ownership, children, business ownership and rising assets can all alter insurance needs. Western & Southern says women in particular can face extra financial pressures because of career breaks, caregiving roles and longer life expectancy, while Protective says many women still hold less life insurance than men.
Momentum’s message is simple: insurance should not be something bought once and forgotten. As women build careers, buy homes, support families and create new income streams, the cover meant to safeguard that progress needs to move with them. A regular review, the company says, is a straightforward way to help ensure protection remains aligned with today’s reality rather than yesterday’s plans.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
