Life Insurance for Women

Compare a wide variety of life insurance policies for women from a panel of trusted providers through Savvy.

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, updated on July 19th, 2023       

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We’ve partnered with Compare Club to bring you a range of life insurance policies to help you compare them side by side.

Life insurance can serve as a valuable safety net for women who want to ensure the financial security of their loved ones in case of an injury, illness or death. Whether you’re a working woman or a stay-at-home mum, having life insurance can give you peace of mind knowing that your family will be protected if a covered event takes place.

You can compare policies from leading insurers side-by-side in one place with Savvy. You’ll be able to consider quotes tailored to your profile, making it easier for you to select the policy most suitable for you from among our panel of providers. Get started with Savvy and fill out a simple online quote form to get the wheels in motion on your life insurance coverage today.

What types of life insurance are available for women in Australia?

There are four main life insurance policy options available to women in Australia. They consist of:

  • Life cover: commonly referred to as term life insurance, this type of cover offers protection for a predetermined amount of time (often from ten to 30 years) or until you reach a set age, such as 85. Your covered amount (for which there are no limits with some providers) can be distributed to your beneficiaries in the event of your death or a terminal illness diagnosis.
  • Income protection insurance: this coverage may be available to you if a sickness or injury renders you temporarily unable to work. Over a period of up to five years or until you reach the age of 65 (subject to your policy’s terms and conditions), up to 70% of your income can be paid out in the form of a monthly benefit should you qualify for coverage. If you’re a stay-at-home mum or housewife, this type of insurance may not be as suitable for you.
  • Total and permanent disability (TPD) insurance: this policy can provide coverage if you’re permanently disabled and unable to work. You may have the choice between Own Occupation (unable to return to your previous position) or Any Occupation (unable to return to any position suited to your experience, training or education) cover. You may be able to insure yourself for up to $3 million to $5 million.
  • Trauma insurance: with this type of cover, you can receive a lump sum payout should you be diagnosed with a critical illness or experience a significant accident. Some of the conditions which can be covered under this type of insurance include cancer, cardiovascular disorders, heart disease and major head trauma (though specific areas of coverage may vary between insurers).

It's essential to consider each of these policies to determine which coverage best fits your specific needs. You can do just that through Savvy, with quotes from our panel of reputable insurers at your fingertips once you fill out a simple online form.

Is life insurance less expensive for women?

In general, life insurance premiums for women tend to be lower than for men. This is because women statistically have a longer life expectancy than men and are often considered an overall lesser risk to insure. For instance, a quote from one life insurance company for a 25-year-old non-smoker in New South Wales indicates that life cover for a male would cost $26.21 per month, but only $17.92 for a female (correct as of April 2023 and subject to other qualification criteria).

However, it’s important to note that the cost of life insurance will still vary depending on a range of other factors, such as age, health, occupation, personal and family medical history and the type and amount of coverage you choose. It's important to shop around and compare policy quotes to help you find the most suitable coverage at a price which suits your budget.

Types of life insurance

Why compare life insurance through Savvy?

Common questions about life insurance for women

Can I buy life insurance while I’m pregnant?

Whether your life insurance application can be approved will depend on several factors, such as the type of insurance you’re purchasing, how far along in your gestational cycle you are and your insurer’s terms and conditions. For instance, some insurers consider applications up to your due date, while there may be some restrictions on income protection cover (such as requiring approval at least one month prior to your due date). Check with your insurer if you aren’t sure whether you can be approved for coverage.

What are the advantages of life insurance for women?

The advantages of life insurance for women include providing financial protection for their loved ones in the event of a death or illness covered by their insurance, as well as potentially lower premiums, tax-deductible costs (for income protection) and greater overall peace of mind.

Should I still buy a life insurance policy if I’m a stay-at-home mum?

Whether you should take out life insurance will ultimately depend on your individual and family circumstances. However, stay-at-home mums may still consider a life insurance policy to cover costs associated with their caregiving duties, such as childcare and household management and medical treatment in case of their death, illness or disability.

How should I compare life insurance policies as a woman?

To compare life insurance policies as a woman, it’s worth considering factors such as coverage amount, premiums, exclusions, waiting periods and further benefits such as cover suspension and advance payments, as well as finding out about the claims process. Comparing policies and getting a quote through Savvy can help simplify the process of finding the most suitable policy for your needs from our panel of insurers.

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Disclaimer:

Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.

Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.