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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
Life cover can pay a nominated beneficiary a lump sum if you’re diagnosed with a terminal illness or pass away. This type of insurance can provide your immediate family or another loved one some financial assistance to cover funerals, medical costs and day-to-day expenses.
If you’re injured or too sick to work for an extended period, income protection insurance is designed to help you focus on your recovery. You can be covered for up to 70% of your usual wage for a chosen period, such as five years or up to age 65, depending on the level of coverage you buy.
This type of insurance is designed to offer cover to those who are permanently disabled by injury or illness and are no longer able to work. You can choose to take out cover for an inability to work in your current job or in any role suited to your qualifications.
Trauma insurance is a type of policy which provides you with a lump sum payment in the event of a critical illness or major accident. The conditions eligible for claims will be outlined in your insurer's PDS, but can include cancer, heart disease, severe head trauma and cardiovascular disorders.
Why compare life insurance through Savvy?
Common questions about life insurance for women
Helpful life insurance guides
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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.
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