Women’s Life Insurance – You’re Kidding Right?
Surely in these tough times women’s life insurance is the last thing we should be thinking about -or is it?
I don’t know about you, but whenever I get a call from a bored-sounding insurance sales consultant trying to sell me life insurance (generally in scripted monotone) I take my first chance to interrupt with a blunt: “No thanks, my husband has a policy for us”, and promptly put down the phone, feeling vaguely guilty for this poor sod who has to earn a living selling the equivalent of ice to Eskimos. Women’s life insurance is not on my mind.
Half of me knows I’d rather just indulge in a “life is fine now, let’s not think about the future” attitude, when the instant gratification of a new handbag far outweighs the supposed “peace of mind” value of a monthly insurance premium.
So maybe it’s the effect of the recession that’s made me seriously consider how much things actually cost. And I’ve realised that there’s no way that my husband could actually support our family without my income.
Women’s Life Insurance
The fact that this is the case while it’s just the two of us, renting an apartment, is even more unnerving. What about adding a mortgage, a couple of kids and their associated costs, not to mention saving for their education? Even if I didn’t work, it’s estimated that a non-working spouse contributes at least, but usually more, the equivalent of a full-time job – if you consider the costs of childcare, housekeeping, food preparation and school transportation.
It’s all very responsible sounding, but in the wise words of the acclaimed Suzie Orman (who else?): ˜Buying life insurance depends on your personal situation. If you have no dependents, you probably don’t need life insurance. If you don’t generate a significant percentage of your family’s income, you may not need life insurance”.
But if your salary is important to meeting financial obligations, then life insurance is important to ensure they are covered in the event of your death.
More Views on Women’s Life Insurance
A highly astute friend of mine responded to my question of when to take out life insurance with the comeback, ˜Well, when are you going to die?” (And no, there was nothing in it for her!). On black and white it does make sense to not delay, lest something happen and you are not yet covered.
It’s worthwhile doing it while you’re healthy and of a healthy age – some insurance companies are hesitant to insure those who have passed “an unpredictable point” and represent a certain risk. The bonus of being a woman: due to our statistical longer lifespan, we qualify we lower premiums than men! Of course the earlier you take it out, the earlier your premium will be too.
So, while it kills me to sacrifice a monthly chunk of income for a debit order that disappears into an insurance abyss, especially in these tough times, my decision to take out a policy has definitely eased any background apprehensions. It’s a good feeling to know that our affairs are all in order for all eventualities, so we can get on with the business of just enjoying life.
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All info was correct at time of publishing