Tailored insurance and employee benefits are needed to reflect the changing health concerns of women throughout their careers, said GRiD, the industry body for the group risk sector.
According to the statement, which was made ahead of International Women’s Day on March 8, research suggests that women’s physical health concerns increase with age, while mental health issues peak earlier in life, requiring a more targeted approach to workplace support.
GRiD’s research highlighted a generational shift in health concerns, which has implications for insurance provisions. Among female Baby Boomers, 21% cited serious illnesses such as cancer or heart disease as their primary concern, a figure that decreases to 17% for Gen X, 16% for Millennials, and 5% for Gen Z.
Similarly, concerns about living with chronic illness are highest among Baby Boomers (17%) and lowest among Gen Z (10%).
In contrast, work-related stress and anxiety are more prevalent among younger generations. Seven percent (7%) of Baby Boomers cited this as a concern, compared with 8% of Gen X, 14% of Millennials, and 24% of Gen Z. Stress linked to financial and home life pressures was found to be more pronounced among Millennials and Gen X, while less of a concern for Gen Z and Baby Boomers.
These findings suggest that insurance and protection products need to align with employees’ changing risks. While older employees may require greater financial protection against critical illness and income loss due to long-term conditions, younger employees may benefit more from mental health support embedded within insurance policies.
GRiD is calling on employers to ensure their insurance offerings provide equitable protection for female employees, particularly in light of the gender pay gap. Lower salaries often translate into reduced pension contributions and lower-value insurance coverage, leaving women at a financial disadvantage.
“Women are typically provided with lower-value benefits than men because of the gender pay gap,” said Katharine Maxham, spokesperson for GRiD. “Employers can actively take steps to redress this balance by ensuring their female employees are fully supported and encouraged to make use of all the benefits available to them throughout their entire working lives.”
Group risk benefits—including employer-sponsored life assurance, income protection, and critical illness cover—play a key role in providing financial security for female employees. These policies can ensure that those unable to work due to illness continue to receive financial support, reducing the risk of long-term economic hardship, according to GRiD.
Preventative measures are also becoming more prevalent within insurance policies. Many group insurance schemes now include health monitoring tools, lifestyle incentives, and early intervention support, helping employees manage their health risks before they escalate into serious conditions.
Beyond financial protection, insurers are integrating additional health and wellbeing services into workplace benefits.
Many group policies now include access to virtual GPs, nurse-led support services, mental health counselling, and employee assistance programmes. These features are particularly relevant for women who may face unique health challenges throughout their careers, including reproductive health, menopause, and increased risks of certain medical conditions.
Moxham concluded: “As we are all working longer, the differing needs of female staff at the start and end of their careers will only become more significant. Employers who fail to provide adequate insurance and protection benefits risk lower productivity, as women who do not receive appropriate support may seek opportunities elsewhere or leave the workforce entirely—an outcome neither employers nor the UK economy can afford.”
