According to the Index, only 37% of women own any type of life insurance compared to 46% of men, while 30% of women stated they could be better informed about insurance, compared to 20% of men. Additionally, 27% of women stated they had a good understanding of how much life insurance should cost them, compared to 35% of men.
Using an insurance broker has a key role in closing this gap in knowledge and cover between women and men. A broker can also educate on various payment options, such as funding your premiums from your super fund. This is particular important if a woman has left the workforce to start a family. At this time, the household can experience cashflow issues since there is one less income to rely on.
Many times, women are overlooked in the insurance planning process. Ask yourself the question: ‘If you were unable to do your daily routine for the family (whether work or home), what funds or backup do you have to replace you and your income?’
If you have a large pot of funds accessible in a time like that, great! But for the majority, if a major illness or accident occurred, you wouldn’t have 6-12 months of income to call on.
Contact A Broker Today to get a run down of costs, and how it can be funded easily.