The gap between men and women is closing in most facets of life. But it seems there’s one area females still have some catching up to do – protecting themselves with insurance.
That’s the view of Russell Cain from xLife, who believes the problem lies in the historical notion of the male being the primary breadwinner.
“There was a time when you only took out insurance on the husband. But not only does this ignore the value of what women do – both at work and at home – it doesn’t reflect the changing nature of the Australian family.”
Women now earn 92% of male salaries . And despite making up 45% of the workforce, females represent only 15-20% of all insured incomes .
“The lack of insurance for women doesn’t make sense – particularly when you consider how much more vulnerable women often are financially,” Mr Cain says.
This vulnerability stems from less time in the workforce, with women often assuming the role of primary carer of children and/or elderly relatives.
As a result women typically have less savings, and less superannuation than men. And considering women will statistically live longer, they can ill-afford extra setbacks.
“Add illness or injury to the mix, and women can find it incredibly hard to recover financially if something happens to them,” says Mr Cain. “That’s where insurance can be so valuable.”
Mr Cain urges all women, particularly those with a family and/or a mortgage, to review their insurance needs regularly with their financial adviser.
“Your cover has to keep up with your changing circumstances. There’s no point putting it off until it’s too late.’
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‘Australian Social Trends, 2005 – ABS‘Australians at risk’ – IFSA, 2006.
Disclaimer
The information provided
is general in nature and does not take into account
your particular insurance needs, financial situation
or investment objectives. We recommend that you speak to
an xLife risk advisor before you make any decision regarding life insurance.
