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Life insurance isn’t just for working women. All women can benefit from the peace of mind that a policy can provide. That’s why you need to consider life insurance. It can help pay off the mortgage and other debts, cover funeral costs and provide your family with enough money to continue enjoying the standard of life you’ve created for them.
Yes. Women should consider taking out life insurance. Whether you’re the main breadwinner or a stay at home parent, you have a lot of financial responsibilities and people relying on you; something life insurance can take care of when you die. You might consider life insurance if you are:
Life insurance can function as income replacement if you die while you’re still working. If you work and have people depending on your income, even if it’s not full-time, it’s particularly important. A policy can pay off debts like your mortgage and car loan, as well as ensure that your family can enjoy the same standard of living if you’re no longer there to pay for things like tuition fees, utilities and food.
If you’re a single mum, life insurance can ensure you’re still able to support your child financially. You can even tailor your policy so that your child is able to receive payments in increments over a number of years, rather than as one lump sum payment.
If you’re a stay at home parent and you die, your partner would need to hire someone to do all the essential day to day duties you currently do, including child care, housekeeping and transportation. So that they don’t need to reduce their working hours, impacting their income, you need to think about getting a life insurance policy to cover the costs of all these essential household duties.
Even if you don’t have others depending on you, if you die, any debt you leave behind will be passed on to your family. To avoid burdening them with your finances during a particularly difficult time, you can take out a life insurance policy. It’s also a good idea to take it out when you’re younger as you can take advantage of cheap premiums.
If you own your own business, a life insurance policy can be used to pay for payroll, operating costs and more while your estate is being settled and ensure your business stays afloat.
Women tend to pay less than men for life insurance, largely because they have a longer life expectancy and are less of a risk to insurers. The cost of life insurance depends on factors including age, sex, health, smoking status and your job. The table below gives you an idea of how much you’re likely to pay.
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Some of the pros of life insurance for women include:
Here are some of the cons of a life insurance policy for women.
Because there is more than one life-changing thing that can happen to you, there's more than one life insurance type out there. These include:
Whether you're the main breadwinner or a stay at home parent, life insurance can provide financial security and peace of mind. You can begin comparing policies here.
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