Women give life insurance a miss
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.”
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Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
