Women Pay Less For Insurance

Happy International Women’s Day, ladies!

We all know that some things are more expensive for women just because we’re women – like haircuts and clothes. On top of that we typically earn a great deal less in superannuation, and it can seem like women still have to fight for the basic right to be treated the same as men.

But it’s not all bleak by any means! Today we’re celebrating International Women’s Day (8 March 2017) by taking inventory of the financial products that are actually cheaper for women.

Car Insurance

We know that there are many insurance providers who offer a safer driver discount – but did you know that if you’re a woman, your car insurance is probably automatically around $85 cheaper per year? Our research shows if you’re under 25 years old, your insurance could be as much as $297/yr cheaper on average (in NSW).

This is because statistically, women are safer drivers anyway, making fewer claims on average than male drivers and incurring far fewer traffic offence violations. When a female driver is involved in an accident, the damage caused is also statistically not as bad as when a male driver is involved.

Insurance providers have taken this into account and because we’re less of an insurance risk, our annual premiums are cheaper. Great driving, ladies!

Life Insurance

Taking into account all other factors (e.g. non-smoking status, age, pre-existing conditions, etc.), women typically pay less for life insurance, according to our research. This is because our life expectancy is statistically higher than men’s, with women in Australia living to 84 years old, four years longer than the average man (AIHW).

We also have a higher statistical probability of going to the doctor earlier with a health concern, meaning that our rates of early cancer diagnosis and treatment are much higher than men’s. Men often have to be dragged to the doctor’s surgery, when it may already be too late for prevention or treatment.

But we women pay more for direct income protection insurance – on average, around 32% more than males in 2017. According to claims records from insurance providers, the reasons for this are that females are more likely to take time off work because of gender-specific health problems such as pregnancy complications, and health issues that target women during their working years. Male gender-specific health problems such as prostate cancer, on the other hand, often happen later in life during retirement, when income protection is not an issue.

Females doing the same job as men are also more prone to muscular, skeletal, joint injuries, and disability. Because we have more complex health issues, women also tend to continue claiming income protection benefits for a longer period of time on average than male claimants.

Funeral Insurance

Taking into account all other factors such as non-smoking status, our research shows funeral insurance premiums are typically cheaper for women. The reasons for this are largely the same as for life insurance – that women live longer on average and take more care to treat health issues before it is too late.


So sit back, relax, and enjoy the benefits to your budget of your feminine status. Just make sure that when it comes to the things that are more expensive for women, you use our website to compare your options and find the product that offers outstanding value!

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