Females to take the lead on insurance

Females to take the lead on insurance

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 my view I believe 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.
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,That’s where insurance can be so valuable.
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.

‘Australian Social Trends, 2005 – ABS
‘Australians at risk’ – IFSA, 2006

This may contain general advice.  General advice is prepared without taking into account your objectives, financial situation or needs, and because of this, you should, before acting on the general advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs and if the advice relates to the acquisition of a particular financial product for which a Product Disclosure Statement (PDS) is available, you should obtain the PDS relating to the particular product and consider it before making any decision whether to acquire the product