Women make more financial decisions in Australian homes, but 30% have admitted they do not know enough about life insurance, according to the latest BT Australian Financial Health Index.

Only 20% of men who were part of the national survey of 4486 Australians in November last year admitted to a lack of life insurance knowledge.

The survey also finds only 37% of women own any type of life insurance, compared to 46% of men.

Women are also less likely to have cover for life, trauma, income protection and total and permanent disability insurance than their male counterparts.

BT Senior Product Technical Manager Life Insurance Katherine Ashby says life insurance is as essential for women as it is for men, “especially as women go through different life stages – from when they enter the workforce through to when they take career breaks to raise children”.

The survey finds women’s attitudes about the importance of life insurance are similar to those of men, with women scoring 38% and men 39%.

Ms Ashby says there are ways for advisers to encourage women to take out life insurance when discussing their financial future.

“Many insurers offer insurance policies that are tailor-made for graduates or newly qualified professionals,” she said.

“These policies often allow higher benefit limits on both lump sum and income protection without the need for a financial assessment, meaning cover can be put in force to insure the income the individual is expected to earn in [the future].”

Other important life insurance issues include specific cover for stay-at-home parents, and policy options if the client has ceased work temporarily.