New income protection for women's health conditions

New income protection for women’s health conditions | Insurance Business Australia

Insurance News

New income protection for women’s health conditions

Insurance specialist highlights importance of addressing coverage gaps

Insurance News

By
Jonalyn Cueto

Zurich Financial Services Australia has announced the launch of Australia’s first corporate income protection benefit specifically designed to cover women’s health conditions. This new initiative, known as the Women’s Health Benefit, aims to address the challenges many women face in balancing their health with their careers.

The move comes in response to research revealing that three-quarters of Australian women have experienced negative career impacts due to health conditions, such as menopause and endometriosis.

Zurich’s survey, which involved nearly 800 women nationwide, sought to understand the experiences of women dealing with a range of health issues, including menopause, pregnancy-related conditions, endometriosis, and menstrual disorders such as premenstrual dysphoric disorder (PMDD).

The survey found that approximately two-thirds of women suffer from these conditions. Among those women:

• 80% reported decreased productivity both at work and at home

• 60% required significant time off work to manage their symptoms

• 30% faced financial losses

Despite these challenges, nearly 70% of the women surveyed said they did not inform their employers about their health conditions. Zurich noted that many feared potential discrimination or a lack of understanding. Of those who did disclose their condition, one in three reported facing bias or discrimination in the workplace, particularly in sectors such as healthcare, social welfare, and education.

Darren Wickham, head of group insurance at Zurich Australia & New Zealand, highlighted the lack of understanding surrounding women’s health in both medical research and the workplace. “It is widely acknowledged that women’s health conditions are under-researched and misunderstood,” he said.

“This gap extends to many workplaces, where women experiencing these conditions are facing productivity and career impacts, and in some cases, discrimination and isolation.”

Gaps in traditional income protection benefits

Wickham noted that traditional income protection products often fail to cover women’s health conditions. This is due to the intermittent nature of these conditions, which means they do not typically meet the criteria for total or partial disability.

He said that the new benefit aims to close this protection gap by offering support for women in the workplace experiencing these conditions.

The Women’s Health Benefit is part of Zurich’s revamped Corporate Care Income Protection product. The benefit is payable to women on behalf of their employer if they experience conditions such as ectopic pregnancy, hyperemesis gravidarum, pre-term birth, stillbirth, neonatal mortality, endometriosis, PMDD, or menopause.

In addition to financial support, eligible women will have access to free resources, including educational content, masterclasses, and digital health programs, designed to support their recovery and return to work.

“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,” Wickham said.

Do you have any thoughts on the newly launched benefit? Let us know in the comments below.