Despite women taking charge of financial decisions at home, many still feel they don’t know enough about life insurance and remain underinsured, a study has revealed.
BT’s Australian Financial Health Index shows 89 per cent of women are at least jointly responsible for making financial decisions for their households, while 48 per cent are the key decision maker.
But 30 per cent of women believed they could be better informed about insurance, BT said in a statement.
Only 37 per cent of women own any type of life insurance compared to 46 per cent of men.
BT said females are also less likely to have cover for life, trauma, income protection and TPD insurance than men.
BT senior product technical manager for life insurance, Katherine Ashby, said life insurance is as essential for women as it is for men.
“Having a good grasp of what types of insurance are relevant for your situation can be even more crucial for women than men, as typically women go through different life stages – from when they enter the workforce, through to when they take potential career breaks to raise children and then return to paid employment,” Ms Ashby said.
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