Why Women Need Life Insurance

Women are often overlooked in the life insurance space. And yet there are compelling reasons why women need life insurance today.

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.

Or they are supporting a family by themselves.

Or becoming the main breadwinner in a marriage with a stay-at-home Dad.

Still, women remain under-insured across all age groups. Here are reasons why it’s both necessary and smart for women to start taking out life insurance..

Why women need 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 dependents Why Women Need Life Insurancecould still carry on without suffering financial hardship or loss.

Why women need life insurance: Stay at home moms need insurance too

Don’t undervalue your contribution as a stay at home Mom. People traditionally think that only those bringing in an official income need to take out life cover. But 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, including shopping for groceries.

Why women need life insurance: 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.

Why women need life insurance: 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 much older. It’s easy to think that if you’re single, you don’t need life insurance because you don’t have a family who depend on you. Life insurance can help pay off debts like your car, student loan, credit cards or bond that otherwise might be left to your parents or siblings to deal with. If you have debt, you should have life insurance.

Why women need 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.

Why women need life insurance: You want to leave a legacy

Done correctly, life insurance payouts can build generational wealth by ensuring that your 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 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.



All info was correct at time of publishing