May 05, 2017  | Tags: Life Insurance, financial planning

With Mother's Day on our minds, it's important to highlight the the widely unknown fact that women are significantly underinsured compared to men.

In particular, women who are homemakers are often undervalued and consequently are also more likely to have little or no life insurance in place.

A Westpac Women Insurance Survey revealed that 60% of women do not have life insurance, and many did not plan to buy life insurance before starting a family.

And as we celebrate our mothers, let’s also have a think about what it would cost to pay someone to do all the things that mums are often in charge of. 

From sleepless nights, staying home during the pre-school years, to school drop offs and pickups, sports training, music lessons and helping with homework. And we can't forget of course the shopping, the laundry, the cooking, cleaning the house and much more! 

Having been both a stay-at-home mum and now a working mum, I know my family could not afford to replace me even for just some of my jobs, and this would be the case in most Australian households.

So while it absolutely makes sense that the breadwinner is covered by life insurance, it’s also important to remember that the homemaker’s duties would still need to be taken care of if something happened to them, and that comes at a cost. 

What can you do?

At Calder Wealth Management, our financial advisers will conduct an insurance needs analysis and work with you to help you understand the risks. We will then put a contingency plan in place for your family in the event that the unthinkable happens. Start now, give us a call on 08 373 3333 and book an appointment with one of our financial advisers today.

Written by Marisa Maiolo, Life Insurance Specialist at Calder Wealth Management.