Women have often been overlooked in the life insurance space. In recent years, the role of women in providing for the family has been constantly developing, hence the increasing need for life insurance.
Times are changing with more women contributing to household income, supporting a family by themselves or becoming the main breadwinner in a marriage with a stay-at-home Dad. Still, women remain undernourished across all age groups. Here are reasons why it’s both necessary and smart for women to start taking out life insurance..
You’re the breadwinner
More women are becoming providers in this day and age than ever before. With your salary being the family’s biggest asset, it makes sense that you would need life insurance to ensure that if anything were to happen to you, your dependants could still carry on without suffering financial hardship or loss.
Stay at home moms need insurance too
Don’t undervalue your contribution as a stay at home Mom. Though people traditionally think that only those bringing in an official income need to take out life cover, that couldn’t be further from the truth. If you think about the services you provide and how much they would cost if you were to pay someone to handle them, you might understand why you need insurance! Imagine having to pay someone to drive the kids around, make breakfast and dinner, do all the admin that running a household requires, shop for groceries and so on.
Life insurance for women is generally cheaper
Women tend to get cheaper insurance premiums or more cover for the same amount as their male counterparts. Seems to us that insurance which can be a third cheaper for a woman than a man is something worth taking advantage of, chances are, insuring yourself adequately will give you some peace of mind and probably cost far less than you think.
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Women are staying single for longer
Generations ago, most women were married by their early 20s. Nowadays, it’s becoming more common for women to stay single until they are older. It’s easy to think that if you’re single, you don’t need life insurance as you don’t have a family who depend on you. Life insurance can help pay off debts like your car, student debt, credit cards or house that otherwise might be left to your parents or siblings to deal with. If you have debt, you should have life insurance.
You may have dependents you don’t consider
Are you responsible for taking care of younger siblings, cousins or nieces and nephews? Do you take care of your retired parents? Is there a chance that in the future, you’ll be financially responsible for family members in any way? If so, then life insurance is a necessity. If something happens to you and your parents would no longer be able to retire comfortably because of it, or your sick aunt would no longer be able to afford her medical care, then life insurance is the responsible choice.
You want to leave a legacy
Done correctly, life insurance payouts can build generational wealth by ensuring that kids or grandkids can receive an education, pay off a house in a better area and make smart decisions without being financially tied down.
Whether you want to leave a sizeable donation to a charity you care about, or you want to ensure that your kids have the opportunities in life that you never did, life insurance can help. It’s one of very few insurance policies that is guaranteed to pay out, and though the thought is morbid, it’s guaranteed that we will all pass at one time or another. You can never be replaced, but having life cover in place can ensure that you leave a legacy that will never be forgotten.
