Why You Should Get Life Insurance as a Woman
“All the women, who are independent
Throw your hands up at me
All the honeys, who making money
Throw your hands up at me. All the mommas, who profit dollars. Throw your hands up at me. All the ladies, who truly feel me. Throw your hands up at me”
Let’s be honest, the days are long gone that a man of the house (if there is one at all) is the main breadwinner. More and more women are working to support themselves and/or their families.
So, let’s take a look at some of the reasons why we women need life insurance 💪
Pay off a mortgage
You are a single, successful woman paying off a mortgage. You are a single mum and paying off your mortgage. You and your partner have a joint mortgage. Whatever the situation, it’s vital to have life insurance.
You can arrange some life cover sufficient to clear your mortgage, meaning that when the property is sold, the sale proceeds would be a part of your estate for your beneficiaries. With children, life insurance can help pay off the mortgage and provide some financial stability for them as well.
Life insurance and estate planning are not on the top of everyone's conversation lists. It can be daunting, but it’s such an important conversation to have.
What would happen if you were a stay-at-home mum who passed? Would your partner want to give up work and look after them? If so, your partner would lose their income and receive state benefits? If your partner wanted to carry on working, who would look after the children?
Unless you have a significant amount of money in savings and investments, or your partner is on a large enough income, something needs to be sorted out. One solution is to take out a life insurance policy that would pay out enough to help support your children and/or partner financially for a while.
Pay for school fees
If you were fortunate enough to have been educated privately, it is quite possible that you will want to do the same thing for your children. This is another area of financial planning that would benefit from life cover. Thinking about who would be taking this on after you pass, should give you some encouragement to make the decision.
You may wish to take out a level term life insurance policy for a sufficient sum, to cover the estimated cost of the school fees that would be payable over a number of years. This is also a complex area of financial planning so you may want to get some professional advice.
Pay for your funeral
The cost of a funeral runs into the thousands of pounds these days. This expense would have to be paid by your family if you haven’t planned in advance for this cost. Yes, you could sort out a funeral plan but another option is to take out some life cover that can be used to pay for your funeral.
Clear other debts
Besides the above payments, there are other liabilities that could come into play. For instance, you may have a £30,000 car loan for a BMW 5 series, you may have two or three credit cards, or the financing of a £500 dishwasher.
What would happen to those liabilities in the event of your untimely death? The car could be sold but it might not clear the outstanding amount on your car loan due to depreciating value.
Well, if you can relate to one or more of the above situations, then you will be pleased to know that it can be a quick and easy process to arrange some life cover 🎉.
There are many providers of life insurance here in the UK. You can obtain a quote through an independent financial adviser, or, you may wish to join us online and arrange your life insurance on our platform, made just for you and your family. Here, you can know that your family is protected, no matter what.
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