Johannesburg – South Africa, 09 September 2025: Sanlam’s 2025 research reveals that, on average, 45% of South African women surveyed don’t have life insurance. According to Lee Hancox, Head of Channel and Segment Marketing at Sanlam, this statistic points to a silent crisis.
“To understand the reality behind this number, we asked our female financial advisers for their on-the-ground perspective. Their feedback, gathered from thousands of consultations each year, confirms that women often serve as the primary caregivers and protectors of their families, leaving many with critically exposed and underinsured financial futures. As a result, these women are usually just one unforeseen event away from severe financial strain.”
This isn’t just a financial oversight; it’s a deep-seated behavioural pattern. Prodence Tshabalala, a financial adviser at Sanlam, says, “We see it every day. Women frequently put the needs of their children, partners, and other family members above their own, leaving themselves vulnerable.” Senior financial adviser Adele Barnard agrees, noting that this instinct to provide for others can create a dangerous blind spot when it comes to personal security.
Why women fall into the protection gap
Barnard says understanding the barriers preventing women from securing their financial future requires self-awareness. It’s not just about affordability; it’s about deeply ingrained psychological and structural hurdles. “You can’t build a secure future for your loved ones if the foundation – your own financial stability – is weak. This awareness is the first step toward turning vulnerability into strength.”
She explains that the advisers within Sanlam see the same common barriers emerge time and again:
- A Provider’s Instinct: “Women will insure their children or partners, but neglect to protect their own most valuable asset – their ability to earn,” says Barnard. “We tend to focus on permanent disabilities, but the real risks are often the events unique to a woman’s journey. Income protection is critical for temporary setbacks like recovering from a C-section, pregnancy complications, or a hysterectomy. Beyond that, severe illness cover provides a lump sum for diagnoses like breast cancer, which gives you financial breathing room to focus on recovery without worrying about bills.”
- The Caregiver’s Financial Bind: “As primary caregivers, the financial impact of a child’s illness is a major source of anxiety for women,” says adviser Thabisa Mkosi. “If you don’t have paid leave, taking time off to care for a sick child means a direct loss of income, which highlights the necessity of a robust emergency fund. For more serious events, like a major injury or a critical diagnosis, the costs can become overwhelming. That’s why it’s crucial to have a safety net that provides a payment to help manage unforeseen medical bills or other expenses, giving a parent the financial freedom to focus on their child’s recovery.”
- A Confidence Deficit: Tshabalala points to a confidence deficit in financial decision-making, which can lead to “analysis paralysis”. She says, “Our upbringing, relationship with money, and societal cues shape how we approach financial planning. Many women still don’t feel comfortable asking the questions they need to, so they may second-guess their choices or delay seeking advice.”
- An Affordability Crisis: For many, it’s simply a matter of survival. Thabisa Mkosi confirms this on-the-ground reality, saying, “Affordability is a huge factor. For many families, especially those run by single mothers, there isn’t enough left to make provision for protection.”
- A Battle Against the System: The gender pay gap and ‘pink tax’ mean women have less disposable income. Adviser Buhle Mabhena sees this daily. “With access to modern financial tools and resources, women could be in a better position, but affordability and systemic inequalities keep that gap wide.”
Building a framework for financial security
To navigate this complexity, Sanlam encourages women to:
- Build confidence through education: The advisers stress the importance of financial literacy. Understanding credit, debt, budgeting, and investment basics can boost confidence and empower women to make decisions without hesitation.
- Start the conversation early: Barnard urges women to engage with a professional financial adviser sooner rather than later. “There’s no such thing as bad weather, only bad planning. Some form of cover is better than none at all. The earlier you start, the more affordable it is.”
- Value your contribution – and protect it: Whether employed, self-employed, or managing a household, women contribute significant value – financial and otherwise. Income protection safeguards that value.
- Take small, consistent steps: You don’t have to overhaul your finances overnight. Start with what you can afford and increase your cover as your circumstances improve. As Anastasia Mettler says, “Even small policies can prevent big financial crises.”
- Recognise insurance as a necessity, not a luxury: In a volatile economy, life and income protection can be the difference between stability and financial disaster. Char-Denise Nel reminds women that “insurance is a safety net, not an indulgence.”
Hancox concludes, “The insights from our advisers are a powerful call to action. By understanding their value, communicating their needs openly, and seeking expert advice, women are not just building a financial plan – they are building a more resilient and secure foundation for themselves and their families. This is a crucial step in closing the protection gap.”