Are women being forgotten?

29 April 2024 dot  4 mins read
For a long time, the stereotypical role of men and women have been set; men go to work, do the labour, women stay at home care for the household, cooking, cleaning, childbearing and minding and more.
But, as with most things, time brings about change. More women are in the workforce, having children later in life or deciding not to have children.
More than ever, it is crucial to ensure that the insurance needs of women are not overlooked. With the increasing participation of women in the workforce and evolving roles within households, and cost of living pressures, it is essential to re-evaluate the focus on life insurance and other insurance products.

The changing landscape

Over the past few decades, we have witnessed a significant shift in the participation of women in the workforce. As of 1979, women made up 36% of the workforce[1]. As of 2022, that figure has increased to almost 48%. A great increase to close the gap, however, upon close inspection we see that 26.3% of those women are employed full-time and 21.6% employed part-time. And of all part-time employees in Australia, 68.5% were women[2].
This trend can be attributed to the continued responsibility of women in household management and childcare, which can impact their career progression, superannuation balances, and the perceived value of their contributions from a monetary perspective.

The potential impact of illness or injury

Consider a household with two parents, one primary school-aged child, and another in part-time daycare. If the mother, who works part-time and manages the household, were to fall ill or become injured, the impact on the family could be significant.
The financial burden could include medical expenses, travel, accommodation, and the potential loss of income if the father needs to take time off work to care for the family. Additionally, the emotional and physical toll on the family members can be substantial, as they navigate the challenges of maintaining the household and supporting each other during this difficult time.

My client doesn’t have an insurance policy

Planning for the future can potentially reduce the emotional burden that may happen when a family member becomes injured or ill. Understanding the potential cost as a result of an injury or illness can help quantify the benefits of an insurance policy. 
While there are numerous avenues of assistance options available such as various foundations (e.g. Cancer Council and Leukaemia foundation), government assistance packages and private health insurance, there is still a gap that would need to be bridged, which is where an insurance policy can help.

The role of insurance

Ain insurance policy can play a big role in creating some kind of balance in an otherwise chaotic time. 
Total and Permanent Disability (TPD) coverage, and Crisis Recovery policies can help address the financial concerns that may arise from the unexpected illness or injury of a family member.
If, unfortunately, the mother was to pass away, a life insurance policy can help pay off debt, provide financial assistance to child minding allowing the rest of the family to grieve and move forward without the financial concerns.
Income protection policies may help continue a dual income, with monthly payments of up to 70 per cent of their pre-claim income for a period of time that suites their circumstances.
By understanding the changing landscape and the potential impact of illness or injury on households, we can work to provide tailored insurance solutions that address the unique needs of women and their families. By doing so, we can help create a more secure and resilient future for all members within superannuation funds.