Where gender matters
It’s bad enough that women face a gender pay gap approaching 14%. But the $255 average weekly pay difference between women and men can be eaten up by the so-called pink tax. It refers to the higher prices women can pay for some products and services, especially personal care items.
However, gender-based price discrepancy isn’t limited to toiletries. When it comes to insurance, women can face higher premiums. But on some types of cover, it is women who pocket the savings rather than men.
Life cover
Life insurance is one area where women can pay lower premiums. And there’s a simple reason: women generally live longer.
According to the Australian Bureau of Statistics, women have a life expectancy of 85.3 years, while the average for men is 81.2. A difference in premiums isn’t just about longevity, though. Super industry body ASFA says men on average have higher death rates than women across a broad range of ages. For life insurance companies, that matters. And it can translate
