Why Women Should Seriously Consider Life Insurance

A lot of people – especially women – still don’t understand the importance and the need for life insurance; here are a few reasons why you should:

Life insurance has always been a ‘man’s thing’; throughout history it has been the men that have provided for the family while women stayed at home to look after their children. However, times have changed and more and more women are becoming the main breadwinner which means that women seriously need to be thinking about protecting their loved ones with a life insurance policy.

The majority of people don’t like talking about death as it’s depressing and not something that you want to anticipate, but it’s something that’s inevitable and something that you have to accept which means that you need to be prepared for it. Statistics show that two out of three people die without leaving a will, which means their loved ones are not provided for at all. When you die you leave behind debts, property and loved ones and if you don’t leave them with anything then you’ll also be leaving them in financial hardship.

Life insurance is something that has to be taken seriously and one of the great benefits of taking out a mortgage is that it is usually a condition that you have to have some form of life insurance. When you are considering whether taking out a policy is right for you, you should think about the reality of today as a working parent. Most households live off two incomes and wouldn’t be able to survive on anything less, so if a one partner dies and there’s no insurance then there’s no way that the other can carry on living in the same way that they’re used to. An online life insurance policy would mean that you pay minimal monthly payments – a lot of the time it’s under £10 a month – and this would mean that your family would be protected should the worst happen. At the moment women pay less too and a healthy 30 year old woman can get £100,000 worth of cover for 25 years for a mere £5 per month.

An individual life insurance policy could mean that when you’re no longer here your family will be handed a lump sum that can be used to pay off the mortgage and any other debts, it can also be used to help with funeral costs and to replace the lost income to allow them to live as comfortably and normally as possible.

When you decide that a life insurance policy is right for you then you should also think about how much cover you need. The amount of life insurance you need and the cost of you premium all depends on you and your lifestyle and needs. You can choose a mix of benefits such as releasing a lump sum so that your family can pay off any debts; you could also choose to support them with family income benefit which means that your family would be paid an amount which is equal to your wage until the end of the term whether that is three or thirty years.

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