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 type | Total | Male | Female |
| Life insurances – one or more types held | 52% | 57% | 47% |
| Life insurance | 43% | 47% | 38% |
| Disability insurance | 24% | 28% | 21% |
| Income protection insurance | 26% | 31% | 20% |
| Critical illness | 20% | 21% | 18% |
Table 2: Amount of people that have spoken with a professional advisor specifically about life insurance (by gender)
| Total | Male | Female | |
| Yes | 38% | 40% | 37% |
| No | 62% | 60% | 63% |
[1] TAL Galaxy Poll [1] TAL Galaxy Poll
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