Zurich has launched what it says is the first dedicated corporate income protection benefit designed specifically to cover female health conditions and events.
The company says that as a first for Australia, this new benefit is an important step in the journey to improving support and recognition of women’s health.
The Women’s Health Benefit forms part of Zurich’s refreshed Corporate Care Income Protection product and is payable to women on behalf of their employer.
…three-quarters of working females have suffered negative career impacts due to conditions such as menopause and endometriosis..
The company says the benefit seeks to address the needs and experiences of Australian women and follows research that finds that three-quarters of working females have suffered negative career impacts due to conditions such as menopause and endometriosis.
It notes the research, based on a survey of close to 800 women, sought to uncover experiences related to female health conditions, including menopause; pregnancy-related conditions such as Hyperemesis Gravidarum (HG); early pregnancy loss or still birth; endometriosis; and menstrual disorders such as Premenstrual Dysphoric Disorder (PMDD).
Zurich says for the approximately two-thirds of women experiencing these conditions, the research finds:
- 80% had decreased productivity at work and/or home
- 60% required significant time off work to manage symptoms
- 30% had incurred financial loss
“In addition, almost 70% of women reported not informing their employer of their health condition(s) due to concerns relating to discrimination or lack of support. Of those who did disclose their condition, one in three women indicated they had experienced discrimination or bias, particularly those working in healthcare, social welfare or education sectors.”
Darren Wickham, Head of Group Insurance at Zurich Australia & New Zealand, says it’s widely acknowledged that women’s health conditions are under-researched and misunderstood.
“This gap extends to many workplaces, where women experiencing these conditions are facing productivity and career impacts, and in some cases, discrimination and isolation.”
…women experiencing these conditions also often do not meet the definition of total or partial ‘disability’ under traditional income protection products…
He adds that women experiencing these conditions “…also often do not meet the definition of total or partial ‘disability’ under traditional income protection products given the typically intermittent nature of these health events. This has created a significant protection gap for women in the workplace.”
Wickham says that as “…a first for Australia, this new benefit is an important step in the journey to improving support and recognition of women’s health and ensuring those experiencing these health issues receive the protection they need.”
The ‘Women’s Health Benefit’ forms part of Zurich’s refreshed Corporate Care Income Protection product and is payable to women on behalf of their employer if they experience:
- Ectopic pregnancy
- HG
- Pre-term birth, still-birth or neonatal mortality
- Endometriosis
- PMDD
- Menopause
Zurich told Riskinfo that an employer could elect to take out this option for the whole of the plan or for a specific category of employees within the plan. It is not available to members individually.
…if the benefit is taken out by an employer, employees will receive cover under automatic acceptance if they are eligible…
The company says if the benefit is taken out by an employer, employees will receive cover under automatic acceptance if they are eligible.
Asked whether Zurich was considering opening this option to individual retail insurance product offerings, the company says at this time, it is focussing on launching the Women’s Health Benefit for corporate income protection.
As part of the benefit eligible women will also have access to free resources including educational content, masterclasses and digital health programs to support their return to health.
Click here for more information.
Everything old, is new again. La la la la
I do appreciate that this Zürich plan appears to be a corporate plan and it may or may not ever be issued on an individual female basis.
But a few of us with long memories will remember Legal & General, eventually subsumed into the morass that became Colonial Mutual Life, a.k.a. Comminsure.
Somewhere in the 90s, Trevor Matthews, then head of L&G, decided it was a good idea to market income protection targeted to females, with specific female rates.In those days female IP rates for professionals were considerably more expensive than for the equivalent male professional
The new female premiums were very competitive, and the business flooded in. No surprise!
But what was also not a surprise is that within 12 months, female IP claim rates went through the roof at L&G. Whoops!
The experiment ended after about 18 months.
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