Because there is more than one life-changing thing that can happen to you, there's more than one life insurance type out there. These include:
Life insurance (or, death cover) pays your beneficiaries – often your family – a lump sum when you die or become terminally ill. It's usually used to pay off the big things: your mortgage, car loan, and school fees. It also acts like an income you can no longer provide to pay for household bills such as utilities, food and petrol.
This pays you a lump sum if you become totally and permanently disabled and can't work again. It's essentially like getting your retirement payment early so you can continue to pay off debts, loans and daily expenses.
This pays you a lump sum if you're diagnosed with a critical illness or injury. It's helpful to pay for immediate medical expenses, home modifications, rehab and more.
If you become sick or injured and need to take some time off work, this pays you a monthly income, usually up to 70%-75% of your current salary for a period of up to 2 or 5 years.
You pay the same price as buying directly from the life insurer.
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Women tend to pay less than men for life insurance, as they have a longer life expectancy. This means they are seen as less of a risk to insurers. However, the cost of life insurance varies a lot depending on personal factors including your age, health and smoking status.
These quotes show the average monthly cost of cover, based on 4 age groups we researched for the 2023 Finder Awards:
| Brand | 30 years old | 40 years old | 50 years old | 60 years old | Apply |
|---|---|---|---|---|---|
 | $15 | $22 | $67 | $236 | Get quote |
 | $19 | $28 | $82 | $293 | More info |
 | $19 | $24 | $51 | $165 | Get quote |
 | $29 | $42 | $103 | $307 | More info |
 | $29 | $57 | $126 | 361 | Get quote |
 | $29 | $57 | $126 | 361 | More info |
 | $29 | $57 | $126 | 361 | Get quote |
 | $35 | $49 | $116 | $205 | Get quote |
 | $36 | $56 | $128 | $406 | More info |
 | $37 | $52 | $122 | $357 | Get quote |
The quotes above were based on a white-collar worker, non-smoker, living in NSW, with an income of $80,000 per annum and a $500,000 policy.
Some of the pros of life insurance for women include:
Here are some of the cons of a life insurance policy for women.
| Response | Female | Male |
|---|---|---|
| I don't have any of the above insurance | 64.85% | 56.22% |
| Life insurance | 29% | 35.99% |
| Income protection insurance | 15.47% | 21.34% |
| TPD insurance | 12.3% | 16.51% |
On average, women pay less for death cover due to the difference in life expectancy – which is 85.4 years for females and 81.3 for males. This means that men are seen as an added risk of making a claim, and this is passed on in the form of higher premiums.
However, women tend to pay more for both income protection insurance and trauma cover due to their higher likelihood of making a claim for these insurances. Women are on the whole more susceptible to some working-age based illnesses, such as breast cancer, that can lead to more claims.
Phil Thompson, Director of Skye Wealth, told Finder: "There are no anti-discrimination laws for insurance companies. That's what insurance is all about: pricing based on risk. It's a discrimination."
Pascale Helyar-Moray, a financial literacy expert, told Finder the inequality in pricing is also due to cultural factors – with women being generally more inclined to go to a doctor when they suspect they're ill.
Insurers know that women are more likely to take action. Therefore, there's going to be a higher degree of medical treatment and a cost outlay required. And that's why women are charged more.
Pascale Helyar-Moray
Founder and CEO of Super Rewards
Life insurance can provide financial security and peace of mind in case the worst happens. You can begin comparing policies here.
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