Historically, life insurance was considered to be important for men only largely because men were the breadwinners of the family. Recent years have however seen women assume the role of sole family providers or working with their spouses to provide for the family.
This has led to the increase in need for life insurance for women. Here are some of the reasons as to why women’s life insurance is becoming more popular.
- Single parents
The fact that some families are fully supported by women means that the dependents have to be taken care of financially should the woman die. In the event of their death, the children will suffer because there is no alternative source of income. They may end up in a children’s home because relatives will not be able to adopt them due to the financial cost involved. If there was a cover taken and all the children’s expenses are taken care of, it will be a lot easier for them to carry on with life. Life insurance for women ensures that the family will be supported should a single mother die.
- Families that depend on two incomes
In many cases, families are supported by both parents meaning that should anything happen to one of them, it could spell financial ruin for the family. If a mother dies for example, her husband’s income may not be enough to sustain the family. Life insurance for women however ensures that the family will not suffer should anything bad happen to the mother. It will also assist in offsetting funeral expenses hence reducing the financial burden that the family will have to bear. It is therefore important for women who care about the future of their children and spouses to take up a life insurance cover.
- Home makers
Some people may assume that there is no need for home makers to take up life insurance policies. The fact is the work that homemakers do around the house will cost a lot of money should they die. If a mother takes care of her children, cooks for them and drops and picks them up from school every day, someone will have to be hired to carry out all these activities and this will be an extra expense to the family. A life insurance policy for women however eases the burden of paying for these services.
Life insurance for women ensures that the holder of the policy will have a secure future even after retirement. Some women are single and do not have any children hence they simply want to secure their future and ensure that they lead comfortable lives no matter what happens. Some women take care of their elderly parents and so want to invest in their security should they die. Rather than their houses being sold off, their parents can continue living in them and lead comfortable lives. There is also the issue of funeral costs, which will have to be taken care of, and so by taking on a life insurance policy, all these costs are taken care of.