We have a long way to go to support women to improve their engagement with insurance inside super. MetLife research* found that only half of women are aware how much insurance inside super they have, and only half know that they can modify their level of cover.

The research found that women are:

  • Less likely to be aware they can modify their cover (57% of women are unaware compared to 63% of men).
  • Much less likely than men to know the insurance amount they are covered for
  • Less likely to be aware they are being charged a premium for their insurance inside super (66% of women aware charged premium compared to 76% of men).
  • More likely to have modified and increased their cover if they are either married, separated or divorced.
  • Less confident about calculating the insurance cover they need. 79% of women who were not aware they can modify insurance inside super said they don’t know how to calculate the amount of life insurance cover they should have (compared to 62% of men).

What can be done?

There are 4 key steps that Super funds can take to help lift engagement with Insurance Inside Super:

  • Create regular reminders to ‘check’ what insurance cover they have
  • Promote the availability for people to ‘choose’ what cover amount and products might suit their needs
  • Provide a calculator link within emails and social media to enable easy calculation of their needs
  • Include links to apply for cover

To find out how we can help you lift engagement with Insurance Inside Super, contact your Relationship Manager.