Women, So Underinsured!
Historically, men were the family breadwinners, so insurance companies targeted men and made sure that they had sufficient life insurance cover in place. On the other hand the majority of woman had no life insurance cover at all.
Times have now changed but unfortunately the statistics on woman who don’t have the right life insurance cover hasn’t changed a bit. Some reports show that as much as 40% of Australian women carry no life insurance cover and of the 60% that have it (generally through their superfund) is barely enough to cover a lunch at a high end of town restaurant.
Most Australian households these days are supported by two incomes. These days it takes two average incomes to live comfortably. While most men may have some life insurance cover in place, many women don’t.
Just Ask Yourself
If you’re married with kids would your husband be able to afford to keep his and the kids accustomed lifestyle in place, if you were to pass away?
If you’re single, who would pay for all your funeral costs and estate costs if you were to pass away?
Who Needs It Most?
Heaps of single women, especially those with kids, may feel they can’t afford life insurance, however they may be surprised to know that a $500,000 Term life insurance policy for a 25 year old fit and healthy woman can be secured for under $5.30^ per week (“Cheap as Chips!”). If you’ve got kids, it’s really important they are taken care of if something does happen to you.
Why’s Final Say
Women need life insurance protection for the same reasons men do > to make sure that whoever outlives the other will be financially protected. This can happen at 25, 35, 45, 60 who knows. Life insurance is the most cost effective way for both men and women to protect their loved ones. It’s time to make a change, not for statistics sake but for your family’s financial protection and security.
^ Assumptions: Non Smoker, Level Premium, Paid Monthly, Occupation 2B