Women are selling themselves short when it comes to insurance!
Underinsurance is a problem affecting all Australians. But women in particular are failing to protect themselves financially from the consequences of bad health.
Once upon a time insurance was something you only considered for the main breadwinner. And with low workforce participation rates for women, that was usually the husband.
These days you would probably expect a more even balance. But you might be surprised by how little things have changed.
According to Rice Warner Actuaries, women take out only 15% to 20% of life insurance cover
1. That’s despite making up 58.7%
of the workforce2.
And the gender gap for insurance doesn’t seem to be closing – at the end of 2010 about 1 in 4 Income Protection insurance policies taken out, were for women.
Another issue which is often ignored is the unpaid contribution of women who are typically more likely to be primary carers for children, the elderly or people with a disability. In 2009, there were 2.6 million carers with 29% being considered as primary carers. Over two-thirds of the primary carers (68%) were women
3.
Make sure that you plan properly for all events in the future.
If you need any assistance, please contact us on 1300 528 121.
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1 ‘Australians at risk’ – TNS/Rice Warner, August 2006
2 ‘Current Status of Women in the Workplace’ – Department of Families, Housing, Community Services and Indigenous Affairs, 2009
3 ‘‘Disability, Ageing and Carers, Australia: Summary of Findings, 2009’
– Australian Bureau of Statistics
Women are selling themselves short when it comes to insurance!
Underinsurance is a problem affecting all Australians. But women in particular are failing to protect themselves financially from the consequences of bad health.
Once upon a time insurance was something you only considered for the main breadwinner. And with low workforce participation rates for women, that was usually the husband.
These days you would probably expect a more even balance. But you might be surprised by how little things have changed.
According to Rice Warner Actuaries, women take out only 15% to 20% of life insurance cover1. That’s despite making up 58.7% of the workforce2.
And the gender gap for insurance doesn’t seem to be closing – at the end of 2010 about 1 in 4 Income Protection insurance policies taken out, were for women.
Another issue which is often ignored is the unpaid contribution of women who are typically more likely to be primary carers for children, the elderly or people with a disability. In 2009, there were 2.6 million carers with 29% being considered as primary carers. Over two-thirds of the primary carers (68%) were women3.
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