TAL income protection Insurance

Australian women are less ikely to hold life insurance than men, according to research by Australia’s largest life insurer, TAL, released ahead of International Women’s Day on 8 March

Life insurer TAL discovered 47% of women hold some form of financial protection, compared to 57% of men. Women significantly lag behind men in each of the four forms of life insurance, life, disability, income insurance and critical illness cover[1].

At the same time, 37% of women have spoken specifically about life insurance with a professional advisor, compared to 40% of men[2].

TAL Group CEO Jim Minto said: “On the one hand these results highlight that women are willing to seek professional advice about their finances and life cover needs – a good start in bridging the life insurance gender gap.

“However, despite the take-up of advice and some recent improvements in the gender pay gap in Australia[4], these cover levels are way too low. Life and related insurance is essential for protecting hard earned assets and safeguarding future lifestyle and family commitments – for women every bit as much as men.

Facts and figures:

Table 1: Type of insurance held (by gender)

Insurance typeTotalMaleFemale
Life insurances – one or more types held52%57%47%
Life insurance43%47%38%
Disability insurance24%28%21%
Income protection insurance26%31%20%
Critical illness20%21%18%

Table 2: Amount of people that have spoken with a professional advisor specifically about life insurance (by gender)

TotalMaleFemale
Yes38%40%37%
No62%60%63%

 

[1] TAL Galaxy Poll

[1] TAL Galaxy Poll

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By | 2017-09-05T04:20:54+00:00 March 11th, 2015|Insurance Information, Insurance News, Insurers, Life Insurance, News|
 
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