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Wednesday, 23 January 2013 14:51

Income Protection for Women

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Some Insurance companies offer income protection for those working 20 hours per week and above. And with women making up nearly half of the entire Australian workforce, and over half of those being part-time, this is great news.

In 2011, women made up 45 per cent of the Australian workforce with 80 per cent aged 20 to 54. Over half (52 per cent) of those work part-time, usually returning to work after having children or time spent studying.

Today there is an increasing number of dual income households, due to the high living costs associated with servicing debt, meeting childcare fees and maintaining a reasonable lifestyle. In many cases, both partners do not have income protection, with females often foregoing this cover, due to affordability issues.

In such cases, there are various options on offer to help make income protection more affordable, such as:
• waiver of premium when on maternity leave
• options for longer waiting period
• shorter benefit options
• essential Cover - accident-only income protection option - an inexpensive way to insure your income.

Part-time female workers are a major part of Australian society and income protection insurance should be a key part of their financial plan, just as it is for a household’s full-time breadwinner.

This material has been provided for general information purposes and must not be construed as investment advice. This material has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Investors should consider obtaining professional insurance advice tailored to their specific circumstances prior to making any insurance decisions and should read the relevant Product Disclosure Statement.

Important information: This information was prepared by The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (CMLA).

 

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