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How To Get The Best Out Of Life Insurance As A Woman

Life Insurance for Mums

Here it is, in basic terms, the lesson that women reading this article need to know about life insurance; insuring your life is not a luxury. We're not talking about a Dior bag here, or a holiday in the Seychelles. For most women, 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 women in the UK don't seem to take this view. 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.

Why don't women take out life insurance?

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 in place. This doesn't let women off the hook though. At a time when equality is finally starting to be really embraced, 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 all the more, safe in the knowledge that you're not going to leave any worries behind should the worst happen.

So, if women really have this opportunity, why don't they take it? One of the main reasons is that there are so many competing priorities in life. In a world that lauds celebrity culture, kids can be especially demanding. 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.

Life insurance can also seem like money that is lost if the policyholder survives the term of the policy. Many women see putting money towards critical illness cover or home insurance as a better investment.

A change in attitude

It's time to reiterate the lesson about life insurance; it isn't 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. Put simply, 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 £5 a month on a level term insurance policy means that the mortgage is paid if a woman dies and her kids get a cash payment to help them through university and into the great adventure of life. It's 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 life insurance policy

Actually committing time to choose a life good policy can also be a significant barrier. For many women, there never seems to be enough time 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 don't even ask for a medical if there are no obvious risk factors.

The most popular type of cover is level term insurance which provides a cash sum for beneficiaries if a woman dies before the end of the term that's covered.

Decreasing life 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.

It's also possible to buy whole life insurance which is exactly as it sounds. It lasts for the entire life of a policyholder. This isn't the best way for a mum to protect her children financially. A level term life insurance policy is usually the best option.

Critical illness cover can 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.

There's no getting away from the fact that learning lessons isn't always a fun experience. Like when the Santa myth is exposed or when first love is not the fairytale it's supposed to be. Adulthood brings many more lessons and they tend to be even less welcome than those of childhood.

However, the lesson is a good one. It helps women to realise just how important it is to protect their families for the future in case they are not around to do it themselves.

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FF Bequest Limited, trading as Bequest, is authorised and regulated by the Financial Conduct Authority with firm reference number 923791. You can check our authorisation on the FCA Financial Services Register by visiting the following website: register.fca.org.uk . We are registered in England and Wales, Registered office address: Founders Factory, Northcliffe House, London, United Kingdom, W8 5EH. Company Number 12367897.

Regulated by the Information Commissioner's Office (ICO) [ZA662891]. “Bequest" is trademark protected by FF Bequest Limited (UK00003452648). FF Bequest Limited is registered in England and Wales, No 12367897.