Women very underinsured

Traditionally, families have only insured the main breadwinner in their household. This trend did not recognise financially the value that a stay-at-home parent contributes to a home. In financial terms, the non-paid work of house-keeping, child rearing, cooking and all the other domestic duties require to keep a house running were effectively ignored.

The possibility that either partner in a relationship should suddenly be unable to work needs to be planned for. Most often, the male partner, who generally earns the sole or at least lion's share of the income, was insured, while the female partner was not.

Society and the workplace have changed, and now most households have two incomes, with both partners contributing significantly financially. The Australian Bureau of Statistics reports that women earn an average 92% of men's salaries. Women make up 45% of the labour market, but only 15% of all insured incomes.

While the risk of sickness or injury rendering you unable to work is unpleasant to think about, alleviating the stress of those difficult times can be aided with Income Protection Insurance. The Cancer Council of New South Wales estimates that if a woman was diagnosed with breast cancer tomorrow, she would face an average of $40,000 in lost income. At a time when financial concerns should be low on a family's priority list, a sudden $40,000 income reduction can be very stressful.

Life Insurance and Income Protection insurance can be taken from your superannuation contribution. It's worth doing a little planning now to avoid some real stress later.

Enquire now and a consultant will contact you and will help find the income protection or life insurance for you from our panel of 9 Insurance companies.

And more! If you apply through Rate Detective you will receive 20% cash rebate* for your insurance premiums (insurance needs to be kept for a minimum of 12 months)! This offer valid for Rate Detective clients only and you will not receive it by going through the insurance companies yourself.

*This offer is available for all insurance companies that are on our panel. To take advantage of this offer, mention the offer to Rate Detective at the time you submit an enquiry for a quote. When you receive your renewal notice from your insurer, give us a call and we will provide the rebate to you. To be eligible for this offer, your policy needs to remain in force for the full 12 months. Any rebate to which you are entitled will be paid directly into your bank account or provided on a Gift Card.

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Published on August 8-th, 2008 in Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.
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