Women’s life insurance and income protection is generally something that is left aside in the overall wealth protection plans. As women tend to change their career and duties more than men, it’s important to identify when is the appropriate time for a women to enquire about life insurance, income protection. Keyperson insurance for women is equally important for those with business partners.
Here are 5 stages of our society where women need to consider personal protection.
1. Working women
More than ever before, families are now functioning with two working parents. Both their incomes contribute significantly to the financial security of the family and it’s equally important that both their lives are insured; whether it’s to avoid their families’ futures being derailed in case of premature death or disability, or to ensure quality education for their kids when they’re gone.
In addition, if you’re one of the plethora of women who now run their own businesses or hold important positions in private businesses, having a life insurance plan would ensure its continued existence by way of keyman insurance or keyperson insurance, even in your absence.
2. Single women
Sometimes, women, like men, believe that it’s not necessary to get their lives insured because they don’t have any dependants. However, what’s often overlooked is that life insurance can provide the necessary funds needed to pay off car loans, educations loans, taxes and all other debts, which otherwise might be the responsibility of other family members. If you do have dependents, life insurance can help them stand on their own two feet in your absence.
Income Protection for single women is more important than most, as you are solely responsible for your ongoing income. Ask yourself ‘If I were to go off work, how long can I afford to do this before I run out of money?’ Income Protection will ensure the continuation of your income.
Related: 5 things to know before you buy life insurance
3. Stay at home moms
Running a household is a full time job that would cost your family even more money than it does if you weren’t the one doing it. In the unfortunate event of your untimely demise or disability, your spouse would have the added burden of taking care of the house. This would mean that they’d have to work shorter hours, so they could take care of the house and kids, or, even worse, be forced to hire help. Both of these would simultaneously reduce their income and increase their expenditure. A lump sum life insurance pay out would offset that.
4. Retirement planning
If you are planning for retirement through property investment as your superannuation, you need to consider the risk of becoming disabled for a period of time and being able to continue the ongoing expenses associated with your investments. You’ve worked hard for your retirement. But if you do not have the necessary protection in place of a ‘speed hump’ during that journey, the cards could potentially fall.
For more information on quotes and how to structure the cover to grab the tax advantages of income protection and life insurance, speak to a life insurance broker today on 1800 674 435 or
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