As South Africa prepares to celebrate Women’s month this August, it’s a timely opportunity to reflect on the evolving role of women in society–particularly as financial leaders and caregivers
According to a 2019 Statistics South Africa (StatsSA) report, 44% of households are female headed, highlighting the vital role women play in sustaining families and communities. Despite their growing economic influence, many women remain significantly underinsured, leaving their families vulnerable to financial hardship in the face of unexpected life events. Opening conversations about insurance and empowering women to protect their lives, livelihoods, and legacies is essential to building resilient households and communities.
Women: The Backbone of South African Households
Women make up 51% of South Africa’s population and they live longer than men – 67.7 years compared to 61.5. This longevity, combined with their increasing role as breadwinners, means women often shoulder long-term financial responsibilities. However, many overlook the importance of adequate insurance cover.
Households and individuals that rely heavily on women’s income and stability need financial protection against life-altering events. Insurance is not a luxury—iit’s a necessity that helps safeguard families and protect acquired assets.
This is a necessity that women often overlook and that is one of the reasons that inspired Nedbank Insurance through its Money Matters series to create a platform that demystifies insurance and assists the public to discern between luxury cover and necessities.
The Cost of Losing a Woman’s Income or Life
The loss of a woman’s income—whether through death or disability—can be devastating. Without insurance, the financial fallout can destabilise families, forcing them to cut essential expenses, sell assets, or incur debt. While funeral cover is common, it’s not enough.
The 2022 ASISA Life and Disability Insurance Gap Study revealed that South African income earners face an average life insurance shortfall of R1 million and a disability cover gap of R1.4 million. These gaps are especially concerning for women juggling multiple roles.
Women are encouraged to assess their responsibilities and ensure their dependents are protected. This includes covering assets like homes, vehicles, and household contents.
Nedbank Insurance is encouraging women, especially this upcoming Women’s Month to evaluate their roles, take stock of those who are dependent on them and ensure that they are adequately taken care of should something happen.
The Underinsurance Crisis
Despite their critical role, women remain alarmingly underinsured. The Financial Sector Conduct Authority’s (FSCA) 2022 Financial Sector Outlook Study found that only 10% of South Africans have life insurance (excluding funeral cover), down from 12% in 2019. The Association for Saving and Investment South Africa (ASISA) report reports that women under 30 years face an average life insurance shortfall of R1.6 million and a disability shortfall of R1.7-million.
Insurance for Insurance for Every Life Stage
Investing in comprehensive insurance including life cover, disability, and critical illness will go a long way in securing their evolving needs. Insurance policies that span all life stages of a woman’s life provide long-term financial security, ultimately saving families from costly crises. A prime example of this is a woman choosing a Nedbank Insurance MyLife policy that pays up to R2 million which will ensure that her dependents maintain their standard of living should something happen to her
Short-term cover, such as car and appliance insurance, is also essential for emergencies that demand immediate cash. While funeral cover addresses short-term needs, holistic cover ensures long-term protection.
Starting early maximises affordability, and policies with flexible terms allow women to tailor cover to their budget and life stage—from starting a family to retirement. Regular reviews with financial advisors help women stay adequately covered.
The cost of insurance may seem daunting especially as women juggle numerous roles in an unforgiving economic climate, however the cost of being uninsured is far greater. For women, securing cover early, when premiums are lower due to younger age and better health will maximise affordability. Policies with flexible terms, such as those offered by Nedbank Insurance, allow women to tailor cover to their budget and life stage, whether they’re starting a family, building a career, or nearing retirement. Regular reviews with financial advisors ensure that cover adapts to changing circumstances, preventing over or underinsurance. Moreover, Nedbank Insurance’s commitment to simplifying claims processes ensures that women receive support when they need it most, reducing the emotional and financial burden of life-changing events. Accessibility and inclusion are key when coming to women and securing their lives.
Women Deserve Protection That Reflects Their Value
Women are building careers, acquiring assets, and supporting extended families—often without a safety net. The statistics reveal a system that undervalues their contributions.
Recognising this imbalance is the first step. Creating platforms where insurance conversations take place is another step toward ensuring that women are adequately considered and catered for. Because women are too valuable not to be properly insured.
Dr Darlene Kalonji Mbukula is the Executive Head of Client Experience at Nedbank Insurance
