Why more men are concerned about death than women
- Almost three-quarters of life insurance enquiries on lifeinsurancefinder.com.au are men
- Those aged 35-54 most actively looking for life insurance
- Australians urged to compare life insurance cover earlier or face higher costs later!
March 21 2014, Sydney – Australian men are more than twice as likely as women to search for life insurance, according to research by one of Australia’s biggest comparison websites lifeinsurancefinder.com.au.
The investigation trawled through over 15,000 enquiries to the lifeinsurancefinder.com.au site for different life insurance product types over the past two years and found the majority of enquiries were from men.
Despite a slight shift from 2012 to 2013, more than two in every three enquiries (70 percent) were by men in 2013 while less than one-third (30 percent) we by women.
In 2012, there were over 71 percent of life insurance enquiries we from men.
Of the almost 11,000 men who searched for life insurance cover, more than half were Generation X (aged 35-54), making it the largest age group overall.
A total of 4,683 women enquired about life insurance over the past two years, with half (2,384) also aged 35-54.
Money expert at lifeinsurancefinder.com.au Michelle Hutchison said she’s concerned to see the disinterest in life insurance by women.
“Men often become concerned about providing for their family as they start having children and have more financial commitments like a mortgage.
“However, with many women also providing financially for their families, it’s a real concern that they are ignoring the risk of losing that income if something was to happen to them.”
Australian Bureau of Statistics (ABS) figures showed the labour force participation rate is notably lower for females with dependent children than for their male counterparts. But the overall numbers of women in the workforce is close to that of men.
The difference in the participation rate between males and females whose youngest child was aged five years or under was 39 percent, according to ABS and drops to a 14 percentage point difference when the youngest dependent child is aged six-14 years.
But the total number of females in the workforce is almost the same level as men, with 46 percent while total males employed is 54 percent.
“There probably always will be a trough in the proportion of women who are employed during the prime childbearing years, however, it doesn’t mean life insurance cover should be ignored,” said Mrs Hutchison.
“Life insurance can take a small chunk out of your budget and some families might decide it’s only necessary for the main money-earner. But in reality, life insurance is to enable a family to maintain their current lifestyle if you’re no longer around to do so, regardless of income.”
Mrs Hutchison said it was promising to see some young Australians investigating life insurance policies on lifeinsurancefinder.com.au.
“The financial cost of premature death can be very high so it’s great to see younger Australians taking action and comparing cover.
“Standard life insurance premiums are calculated based on your age so it’s a good idea to take out a policy sooner rather than later. For instance, if you apply for life insurance at 35, the premium quoted will be higher than if you had purchased 24 months earlier.”
However, there were more men comparing life insurance than women in the Gen Y age group, with 17 percent men compared to 11 percent women.
The elderly were not deterred by higher premiums with 85 women and 111 men aged 75-plus researching life insurance on the site.
One in five men hunting for life insurance was aged 55-74.
“Many people like to stick their head in the sand and think ‘this will never happen to me’ but no one can predict when their time is up and a life insurance policy is a simple safeguard for loved ones,” said Mrs Hutchison.
For further information
The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com.au's review pages for the current correct values.
finder.com.au is Australia's most visited comparison website and has helped over 4.8 million Australians find better credit cards, home loans, life insurance, shopping deals and more since 2006. finder.com.au compares 250 credit and debit cards from 31 providers, over 300 home loan products, and information from 13 life insurance providers as well as online shopping promo codes, mobile phone plans, travel insurance and more. One Australian every five minutes is using finder.com.au to find better (Source: Google Analytics).