Up to 41 per cent of women with dependants have no life insurance, leaving a projected 2.5 million families open to the risk of financial hardship, according to a new survey by Allianz.
National business development manager Meredith Barnes attributed the finding to “many women underestimating what it would cost to replace their contribution to household income”.
“In fact, our research shows that women do the equivalent of about $70,000 worth of unpaid work around the home each year,” she said.
The Allianz research also found that women “can be put off by a perception that gaining adequate coverage is costly, complex and time consuming”, she said.
“However, a 34-year-old woman could get $500,000 worth of combined life insurance and permanently unable to work cover for about $35 per month through Allianz.”
