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Life is passing women by, TAL warns

Women rate a good job as the key to financial security, but life insurance is way down their list of priorities, according to a new TAL study.

Only 2% consider life cover as important, the online survey of 1266 Australians shows.

About 52% say a good job is important and 32% rate owning a home.

Only 3% cite super with a balance of at least $100,000 and 5% are unsure what is important.

TAL Life CEO Brett Clark says the result is worrying.

“There are many broader studies pointing to low consumer awareness of insurance and financial protection,” he said. “It is also well recognised that the ability to earn an ongoing income is often an individual’s single-largest asset.

“It is comforting to know women see their ability to earn an income as their most important asset, but protecting that asset is the vital next step.”

Mr Clark says raising awareness of advice for women has prompted TAL to sponsor the Association of Financial Advisers’ female excellence in advice award.

Nominations for this year’s award have now closed.