Life Insurance: Not Defined by Gender

Earlier approaches to life insurance were developed around a limited view of financial contribution, primarily focused on paid employment. As workforce participation, caregiving arrangements, and household finances have evolved, that approach has become increasingly misaligned with how financial risk is distributed in modern households.

Today, women are decisionmakers, income contributors, business owners, single parents, community leaders, and the backbone of many households. Yet, the way we talk about life insurance hasn’t always evolved with them. Women carry invisible responsibility for families emotionally, physically, and financially, yet rarely see themselves as the person who needs protecting.

Life insurance is not defined by gender. It is about people and the financial impact their absence would have on those who rely on them. It matters for partners who share responsibilities, for parents raising children, for single parents building long term security, and for anyone whose income, care, or support contributes to a household’s stability. At its core, life insurance is about protecting the people you care about, regardless of role or circumstance. That’s why Stella and Zurich are focused on reshaping the conversation — to make protection feel relevant, accessible, and more reflective of the lives people lead today.
 

Women carry as much financial responsibility  

Australian women today carry substantial financial responsibility, both directly and indirectly, yet this is often underestimated. Women are active income earners across all life stages and are increasingly the primary or joint financial decisionmakers in households. According to the Australian Bureau of Statistics (ABS), women contribute roughly one third of total household income even in couples with children⁵, and are overrepresented among single parent households, which are predominantly headed by women. In addition, women’s unpaid economic contribution—through child-rearing, elder care, and domestic labour—has been valued at hundreds of billions of dollars annually, forming an essential but often invisible pillar of household financial stability. ^{1, 2}

Despite this responsibility, many women continue to underestimate the financial impact their absence would have on their families. Research from the Council of Australian Life Insurers (CALI) shows that women frequently prioritise insuring their partner over themselves, even when their own income and unpaid labour are critical to household functioning.³
 

Women’s careers are more exposed to interruption

Women’s working lives in Australia are significantly more likely to be interrupted, nonlinear, or part time, largely due to caring responsibilities. ABS data consistently shows that caring for children is the leading reason women are unavailable for work, with women over ten times more likely than men to cite childcare as a barrier to workforce participation.⁴ Beyond parenting, women also undertake the majority of unpaid elder care and disability support, compounding career disruption across midlife and later years. ²

These interruptions heighten financial vulnerability. Career breaks reduce income continuity, limit superannuation accumulation, and narrow the buffer available in the event of illness or death. CALI research highlights that women in part time or caregiving roles are less likely to believe life insurance is “for them,” despite having greater exposure to financial shocks due to reduced earning resilience. ³ This makes accessible, flexible protection more, not less, important for women whose careers do not follow a traditional linear model.
 

The protection gap is real for women

Despite women’s growing financial responsibility, a clear protection gap persists. Australian data shows women are far more likely to experience interrupted careers and lower lifetime earnings — retiring with around 30–40% less superannuation than men on average⁸ — while also living longer and spending a greater proportion of later life managing chronic, nonfatal health conditions. With more than 60% of Australian women living with at least one long term health condition⁷ and women expected to live around four years longer than men⁶, this imbalance between risk and protection means many remain underinsured, reinforcing life insurance as being essential protection for anyone whose absence would leave a financial gap — especially women.

Recognising this protection gap is not about elevating one group over another — it is about aligning protection with reality. As women’s financial roles, health experiences and life expectancy continue to evolve, so too must the way protection is designed and delivered. That is why Zurich, Stella and Anya have come together: to reach out and connect with the women of today – showing them the importance of having financial protection alongside practical, everyday health support.

This doesn’t replace traditional protection; it strengthens it. By addressing both the financial impact of loss and the health-related realities that shape women’s lives, we can support resilience across life stages.  Protection is most powerful when it recognises that women’s health, energy, and capacity are directly linked to the stability of the households and communities they hold together.
 

References

¹ Department of the Prime Minister and Cabinet, Women bear the burden of care | National Strategy to Achieve Gender Equality - Discussion Paper, https://www.pmc.gov.au/resources/national-strategy-achieve-gender-equality-discussion-paper/current-state/burden-care

² Department of the Prime Minister and Cabinet, Priority area 2: Unpaid and paid care, https://genderequality.gov.au/working-for-women/priority-area-2-unpaid-and-paid-care

³ CALI, March 2025, The Gender Gap in Life Insurance, https://cali.org.au/wp-content/uploads/2025/10/CALI-Gender-Gap-report_final-1.pdf

⁴ Australian Bureau of Statistics, November 2024, Caring for children and health still the main reasons women and men are unavailable for work, https://www.abs.gov.au/media-centre/media-releases/caring-children-and-health-still-main-reasons-women-and-men-are-unavailable-work

⁵ Australian Bureau of Statistics, November 2025, Gender indicators, https://www.abs.gov.au/statistics/people/people-and-communities/gender-indicators

⁶Australian Institute of Health and Welfare, April 2025, Deaths in Australia, https://www.aihw.gov.au/reports/life-expectancy-deaths/deaths-in-australia/contents/life-expectancy

⁷Australian Institute of Health and Welfare, November 2025, The health of women in Australia, https://www.aihw.gov.au/reports/women/the-health-of-women-in-australia

⁸ The University of Melbourne, September 2025, There’s still a gender gap in retirement, https://pursuit.unimelb.edu.au/articles/theres-still-a-gender-gap-in-retirement