Family Safeguards Still Hampered by Traditional Financial Roles

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Traditional gender roles are still driving key insurance decisions for many families in Australia, despite the changing roles of Australian parents.

Bill Savellis advising a young couple

...women with dependents have significantly less life insurance than their male counterparts.

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There is an old saying in the life insurance industry that life insurance is not bought, it's sold. Not surprisingly, it's not until you sit in front of a professional advisor that you begin to appreciate what you and your family stand to lose if the unthinkable occurs.

"Traditionally, families would only insure the main breadwinner, which was typically the male parent" said Bill Savellis, founder of The Financial Advisor Website.

"In my experience families are continuing to insure only one parent and leave the other parent uninsured or underinsured. This is usually a joint decision made by both parents with 'cost' cited as the main reason for leaving the family financially exposed."

Unfortunately, the statistics seem to support this point of view with women with dependents have significantly less life insurance than their male counterparts and only one in five full-time working mums having enough insurance to cover their income for three years or more, well short of recommended guidelines. (1)

However, according to Bill Savellis, there are opportunities that now exist that allow you to limit the cost and cash-flow impact of insurance provided you get in early and get professional advice.

"Insurance is about peace of mind for both parents, especially given the changing roles of Australian parents, and we specialize in providing that advice whether that be face to face or over the phone".

To register for a free consultation on what should be considered when insuring your family visit http://www.thefinancialadvisor.com.au or call Bill Savellis on 02-8226-3310.

Reference
1 “Australian Mothers – Undervalued and underinsured”, IFSA Media Release, 5/10/2005.

Bill Savellis is an Authorised Representative No. 327717 of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL/ACL No 236523 trading as Infocus Money Management

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