It’s not a question that is posed in your everyday agenda of self-asking questions. But I’ve come across an interesting article relating to the average amounts insured for people in Australia. Why are women so underinsured?

This report states that the breakup of those who have personal life insurance is 72% male and 28% female. Now that’s a pretty big gap! Isn’t the general consensus that males are equal to females? (feminists, feel free to hollar AMEN!)

The other interesting point to come from this report is that the average insured amount is $525,000. Now, according to Residex, the average house price in Sydney is $565,000. This not only leaves a gap of $40K, but also a gap where the income needs to be supplemented somehow. Just think what is needed when one of the parents dies. The other partner generally has to take on the running of the household by themselves, and even take time off work to deal with the enourmity of the loss. This can lead to unemployment, bills falling behind, etc. It’s all well and good to pay off the mortgage, but what about everything else?

If you’re unsure of how much you need to insure yourself for, or ‘your worth’. See our other post at “How Much Insurance Do You Need” to help you.

So, if you’re thinking about insurance for yourself, also consider your partner aswell. There are many different ways to fund it if affordability is an issue. Look through this site for other solutions. Just don’t think that the main breadwinner is ‘worth’ it.

PD