Time to Face Facts: Australian Women are Underinsured, and the Risks are too Great to Ignore

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Women in Australia are getting by without life cover at much higher rates than their male peers.  According to a recent study by the Investment and Financial Services Association (IFSA), while 62 percent of Australia’s male parents have life insurance, only 50 per cent of female parents have it. Compounding the problem, the life insurance women do have is most likely through their superannuation fund, meaning it may be inadequate when it comes to meeting their family’s needs unless it is supplemented with additional units of life insurance cover.

Australian women make up 45 percent of the country’s workforce, yet they represent only 15- to 20-percent of all insured incomes.  Too many women undervalue the impact their absence would have on their families, and this lack of foresight can cost your loved ones dearly. For a family dependent on the woman of the household’s income in addition to the income of her partner, the loss would most likely be a burden to the surviving family members. To a family where the woman is the main breadwinner, the loss of her income could be catastrophic if she has inadequate life insurance coverage in place.

At MultiCover.com.au, we provide access to multiple types of insurance and providers to make it easy to compare policies and prices from the comfort and privacy of your home.

Income isn’t the only thing families have to lose if the woman of the house is gone. Women are  the caregivers, to the  children and often an aging or ailing family member. They maintain the upkeep of the home.  Consider how vulnerable your family would be if something were to happen to the female caretaker; it should be enough to move more women and men into action, and yet women continue to lag behind men when it comes to insuring themselves against loss due to a severe illness or disabling accident, the loss of her salary and ability to take care of her family if she becomes unable to work, or her passing away.

Australians have historically held the mindset that men are the primary breadwinners and therefore the men traditionally carry the life insurance.  However, that notion no longer reflects the nature of today’s family dynamics.  Additionally, many Australians might be surprised to discover that life cover is not as expensive as they think.

Of course, no one likes to think about the possibility of death, which gives people even more incentive to ignore their insurance needs. However, if every woman sat down and estimated her value to her family’s financial well being, it wouldn’t take long to realize that her life is her greatest asset and deserves to be protected.

If you were to be diagnosed with a terminal illness, or if you were to pass away unexpectedly, consider the impact of such a loss to those left behind, particularly with no life insurance policy in place to soften the financial blow. Not only in the day to day expenses, but the cost to keep your household running smoothly and your children cared for. Insuring your life can provide peace of mind that your partner will be able to pay the mortgage, that he will be able to bring appropriate care givers into the home for your family, particularly in the early weeks and months when emotional stress is at play.  By having adequate life insurance in place, your family’s grief won’t have to be compounded by financial worries.

Your death cover can help your partner continue to pay the bills that your income once helped to pay. It may even allow him to pay off your mortgage, cover your children’s education expenses, contribute to the care of an ailing relative and help your family maintain some semblance of normalcy under very difficult circumstances.

Women who have not started a family yet, or whose children are grown and on their own need to consider the value of life and death cover as well. If you have assets, such as a home with a mortgage, life cover can allow a parent or sibling to pay off the mortgage and use the asset to aid loved ones who are in need. Every household has unique circumstances; at MultiCover.com.au, we make it easy to compare policies and pricing based on your exact insurance needs.

In the event you are diagnosed with a terminal illness or pass away, having death cover in place can provide you, your chosen beneficiaries, or your legal personal representative with money to pay your bills and keep your assets intact. Your death cover may also take care of your funeral expenses. Families left to grieve the loss of a loved have enough to deal with; the burden of funeral expenses can make a difficult time overwhelming.

Every woman should take the time to sit down and consider her insurance needs and what those closest to her would need to carry on without her.

Your life and death cover needs to keep pace with you, and the ever changing needs of your family. Take a hard look at the impact your passing would have on your family, and take steps to protect them and yourself with appropriate life insurance cover to pay bills, provide for your funeral, and take care of your children’s education.

Why put it off until it may be too late?  Compare insurance providers and policies. Discuss your needs with your policy provider and take care to consider all your options when it comes time to purchase the right cover for living, and for dying. Visit MultiCover.com.au and start comparing prices today.

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