March 30, 2006
Statistics released by Cathay Financial Holdings show that more women than men purchased new insurance policies in 2005. The figures also show that 60% of those investing in mutual funds last year were women. However, while men made up just 40% of mutual fund investors, they accounted for 45% of the total amount put into these funds.
In general, women investors prefer to put their money into mutual funds, while men investors are more likely to make their own investments in the stock market. Men also appear to be able to bear a greater degree of investment risk as they tend to invest larger amounts on average than women.
Cathay's statistics also take a look at female policy holders based on age. Parents are most likely to purchase insurance on behalf of females up to the age of 24. The first choice of policies for these girls is investment-linked insurance, while the second and third choices are whole life insurance and serious disease insurance.
The top choice for insurance among women aged 25 to 49, who are likely to have achieved financial independence, is whole life insurance. The next most popular choices for these women are in order profit-oriented investment-linked insurance, principal-guaranteed investment-linked insurance and serious disease insurance. These preferences are said to indicate that women in this age bracket are more concerned about personal security than investments and savings.
Female policy holders 50 years old and older, in addition to boosting the values of their insurance policies, are most likely to prefer investment-linked insurance and variable annuities. However, since costs rise with age for serious disease insurance, women in this age category are less likely than younger women to choose this type of policy.
(Commercial Times)
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