By Zuko Komisa
A new survey has revealed that the gender pay gap in South Africa is contributing to the underinsurance of women.
According to Sanlam’s Individual Life survey which was taken by over 900 South Africans, 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.
The survey discovered that women earn up to 35% less than men for work of equal value, impacting their ability to guard against life’s curveballs.
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Kaya Biz with Gugulehu Mfuphi spoke to Karen Bongers, Product Actuary at Sanlam Individual Life, about how the gender pay gap is contributing to the underinsurance of SA women.
LISTEN TO THE FULL CONVERSATION HERE:
Bongers spoke about some findings in the survey which showed how the pay gap in South Africa contributed to many women being unable to have adequate insurance.
“The pay gap contributes to women struggling, more than men, to protect themselves against the unexpected, through adequate cover and savings,” said Bongers.
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Here are some of the findings in Sanlam’s Individual Life survey
- 66% of severe illness claims from women were for cancer. It is therefore important for women to consider whether their policies have comprehensive cover for cancer, including cover for early cancer and mastectomies.
- Most women (44%) without income protection perceive the product as too expensive, which may point to the earning gap between the genders.
- 26% of women had sufficient risk cover in place to continue paying their bond/ rent long-term and 29% would not be able to pay it at all. The picture is quite different for men, however, with 39% having sufficient cover to pay their bond/ rent long-term and only 14% completely unable to cover it



