The gender pay gap contributes to underinsurance in women.
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South Africa, 1 August 2022: More than a third of women (35%) cite income as their greatest asset (versus 22% of men), yet only 16% have income protection compared to 20% of men. This comes from Sanlam Individual Life’s recent survey of over 900 South Africans, which highlighted the insurance gap between the genders. Women earn up to 35% less than men for work of equal value, impacting their ability to guard against life’s curveballs.
Karen Bongers, Product Actuary at Sanlam Individual Life, says, “According to the United Association of SA (UASA), following the pandemic, the projected time to close the gender gap has gone from 99.5 to 135.6 years. In a country where 38% of households are headed by women, this has major ramifications. The pay gap contributes to women struggling, more than men, to protect themselves against the unexpected, through adequate cover and savings.”
Karen Bongers, Product Actuary at Sanlam Individual Life, says, “According to the United Association of SA (UASA), following the pandemic, the projected time to close the gender gap has gone from 99.5 to 135.6 years. In a country where 38% of households are headed by women, this has major ramifications. The pay gap contributes to women struggling, more than men, to protect themselves against the unexpected, through adequate cover and savings.”
