Prime Super Update
Women are not to be underestimated
With double the number of men taking the time to enquire about life insurance as a part of their financial wellbeingit’s about time that women started to fully value their financial contribution and reduce the underinsurance risk to themselves and their families.
Insurance is not just for the main bread winner
There is a long-held perception that insurance cover is only necessary for the main bread winner in a family—the problem is, this couldn’t be further from the truth. As the most likely to take time off work for home duties, women do not realise the impact on their family if they were to pass away, become terminally ill or be unable to work.
It is estimated that paying someone to do the work of a stay at home parent would be approximately $122,000 per year, and for mothers who are working full-time, $73,000! That is not pocket change so having the right level of insurance is essential.
Reducing risky behaviour in singles
It has been estimated that a quarter of Australian females will never marry but this does not mean underinsurance is any less risky for singles. Many single women earn significant incomes, they have mortgages and are caregivers for members of their family and these commitments put them at risk in terms of insurance.
Insurance through super
Prime Super offers a default level of Death and Total and Permanent Disablement (TPD) insurance, which provides cover should you die, or suffer an injury or illness and are unable to return to work. Additionally, income protection insurance is offered by Prime Super. Income protection insurance may provide you with you a steady source of income in case you get injured or sick and cannot work.
Don’t underestimate yourself
While your super account may provide a good general level of cover, it is worth giving some thought to the amount of cover you have to ensure it is enough. Give your insurance the once over and make sure you haven’t underestimated yourself!
Find out more
Call Prime Super on 1800 675 839 to exploreinsurance cover specially designed for those employed in farming and rural industries and for those working in the health sector.
DISCLAIMER-This article contains general information only and does not take account of your personal circumstances. You should obtain personal advice where appropriate. This article is current as at the date of publication and subject to change. Prime Super (ABN 60 562 335 823) is issued by Prime Super Pty Ltd (ABN 81 067 241 016, AFSL 219723). A Product Disclosure Statement is available from the issuer by calling 1800 675 839.
These amounts are an approximation based on a US study: https://www.mybudget.com.au/blog/2013/10/what-is-a-stay-at-home-parent-worth/
Australian Social Trends, 2007 – Australian Bureau of Statistics.
Cover may be subject to underwriting and certain limits may apply.