The market for ‘women only’ insurance products and finance deals has recently exploded on to the UK insurance and finance market. Initially a US phenomenon, UK insurers and financial institutions have seen, backed by statistics, that the women only market is a highly lucrative one. For insurers, premiums for women are lower, because they tend to be less risky insurance policy holders.
For car insurance, for example, women drivers tend to be more careful and claims for accidents generally lower than their male counterparts. Now financial companies have jumped on this bandwagon as well. Statistics show that single women tend to save more and be more prudent with their finances than their male counterparts. This makes tapping the women only market highly favourable for financial institutions.
Although on average, women tend to spend more time reading the fine print and getting comfortable with a finance deal or investment idea, once they have done their due diligence, women customers tend to be very loyal and have the savings to make some serious investments.
Case in point is the mortgage market, where mortgage lenders have begun focusing on women only borrowers. On average, women tend to be more prudent when it comes to servicing their mortgages and are statistically less likely to default on them. The most attractive consumer bracket for mortgage lenders are single women in their late 20s and early 30s. If you are in this category, you will find the most flexible and cost effective mortgages on the market today.
Many lenders also now have female loan and investment advisers, because polls have shown that women feel more comfortable dealing with other women. Trust is an important factor when it comes to borrowing money or investing money and finding an investment advisor or loan officer that you feel comfortable with and feel you can trust is an important first step in committing to a long-term investment or loan.