How to Get the Most Out of Life Insurance as a Woman
Here it is.
The lesson that every woman reading this article needs to learn.
Life insurance is not a luxury.
We’re not talking about a Dior bag 👜 or a holiday in Seychelles 🗺️. For most of us, life cover should be viewed in the same way as petrol for the car or childcare. It’s a necessity that provides peace of mind.
The problem is that most women in the UK don’t seem to know or understand this. The results of a survey conducted by Scottish Widows suggest that around 60% of women who have at least one dependent child do not have any life insurance.
Now's the time
To be fair, it isn’t just women who are reluctant to invest in cover; only around one-third of households in the UK have any life insurance in place. And these days, women have as much responsibility for safeguarding the future of dependents as men.
This isn’t a burden, it’s an opportunity to appreciate life. Safe in the knowledge that we're not going to leave any financial burdens behind for our family should the worst happen.
So, if women can take out life insurance, why don’t we take it?
One of the main reasons is that there are so many competing priorities in life. When a woman is trying to juggle a career, a home, and the demands of a wannabe Fortnite champion, the latest game console can seem like a much higher priority than a comprehensive policy.
It can also seem that money spent on life insurance is lost if the policyholder survives the term of the policy. Not true people! Life cover is so important.
A change in attitude
It’s time to reiterate the lesson about life insurance.
Life insurance is not a luxury.
It also isn’t lost money that could have been used for something else.
Understanding how important adequate cover is, requires a change in attitude and perspective. Simply put, taking kids to Pizza Express or buying them designer running shoes may make them happy now but it isn’t going to protect them if they are left on their own, now or in the future.
Spending as little as £10 a month on a level term insurance policy means that the mortgage would be paid if you were to pass away. Leaving your kids with finances to help them with university or childcare payments is arguably one of the best gifts that can ever be given. (Even better than a PS4 Pro, although probably not as much of an immediate hit 😆)
Choosing a policy
Actually setting time aside to choose a good life policy can also be a significant barrier. For many of us, there never seems to be enough time in a day, and this doesn’t seem likely to change anytime soon. Unless days suddenly expand by a couple of hours.
The application process isn’t actually that lengthy though. A lot of companies won’t even ask for a medical if there are no obvious risk factors. Or check out our website where no medical is even required 👏. Below are 3 of the many types of life insurance you can choose from.
Term insurance (or level-term insurance) is the most popular type which provides a cash sum for beneficiaries if you die within a specific time period.
Decreasing-term insurance is similar. However, the cover decreases in line with mortgage repayments. This type of cover is intended to protect the payment of a mortgage.
Whole-of-life insurance (https://www.investopedia.com/terms/w/wholelife.asp) is exactly as it sounds. It lasts for the entire life of a policyholder but isn’t normally the cheapest option.
Critical illness cover can also be added to a policy, at extra cost. Often, women see this as a good investment because they can get a cash payout if they are diagnosed with a recognised critical illness. This is important for anyone who is looking after a family and isn’t able to work any longer.
A valuable lesson
There’s no getting away from the fact that learning lessons aren’t always fun, like when you found out Santa wasn’t real. However, you don’t want to learn this lesson the hard way. Let us help you find cover that fits your family and lifestyle before it’s too late.
Take time out of your day to be prepared and learn this valuable lesson. Join our waitlist to learn more about your options.
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