You’re female, perhaps the main breadwinner – maybe you take care of the family at home. No matter your role, you need to look after your financial legacy…which means you need to consider Life Insurance.
So, what’s the difference when it comes to Life Insurance for men and women? Actually, not a lot! Life Insurance for women covers you in the same way it does men; to ensure your family’s finances are secure if you die or fall seriously ill.
And yet, a survey from one of Australia’s major banks shows that 6 in 10 women do not have Life Insurance.
Here are the four best reasons why women across the country should be considering such a product.
#1 – You may pay less than men
Did you know that gender may affect how much you’ll pay for Life Insurance? Women live longer than men by about four years, and insurers take this into account when calculating how risky you are to cover.
#2 – Many women are ‘bringing home the bacon’
With more women than ever before being a significant contributor in the household, it’s never been so important to consider Life Insurance. In fact, nearly 2 in 5 women stated they were the main breadwinner of their house, according to a survey by Roy Morgan.
With the right kind of insurance, your loved ones will receive a lump sum of cash to meet ongoing, costly expenses (e.g. home loans) that will make up for your lost income.
#3 – Life Insurance is available for stay-at-home parents too!
Just because you’re not in the workforce doesn’t mean you’re not entitled to the same considerations as someone who is. Life Insurance is there to protect everybody, regardless of your role. After all, who’s going to replace the work you do, or cover your partner’s income because they had to stop work?
That’s why you can list your occupation as homemaker when getting life insurance*. Not only does the classification influence how much you’ll pay in premiums, but it also ensures your family receives a payout so that they can pay for childcare, home maintenance, and whatever else you would’ve done at home full time.
* Please note: Conditions may apply if getting a policy such as this through Comparethemarket.com.au
#4 – You’ll feel better after getting insured
We talk a lot about ‘peace of mind’ when it comes to insurance, because the product exists to provide assurance to Aussies that – even in bad circumstances – they’ll be financially secure.
We’re happy to report that we can back up this sentiment though! One insurer surveyed a number of Aussies and discovered they experience real emotional benefits from getting insured.
- 38% of Aussies feel ‘peace of mind’ that their family will be okay,
- 20% believe they’re doing their part to look after their family, and
- 17% can relax and live with confidence.
Ultimately, it makes little difference whether you’re male or female when it comes to getting insured. Why not do your family a favour, and check out how straightforward comparing Life Insurance can be?
The information provided here is general only and does not consider your personal objectives, financial situation or needs. Before you decide to purchase a product, it is important to read the relevant PDS.