In this modern age, many women are the breadwinners in the family. This why life insurance for women is essential, ensuring your family is financially taken care of in the event of your death or should you lose your income due to illness or injury. Even stay-at-home moms should consider the value of their role in the family and consider taking out life insurance.
Why Life Insurance for Women is Cheaper
Men are considered higher risk. In the UK, a man’s average life expectancy is 77.2 years and for women 81.6 years. This means insurance companies are less likely to have to pay out on claims made by female clients, which translates into cheaper life insurance for women. As of December 2012, insurers will no longer be able to set premiums based on gender. It seems life insurance for women may remain slightly cheaper, but it’ll depend on numerous factors such as occupation and lifestyle as determined by the insurance company.
Differences Between Cover for Men and Women
There shouldn’t be any difference in the type of cover available to men and women. Life insurance for women should include all the same policies as life insurance for men does. This includes term insurance packages or full life cover with the standard range of extras including funeral benefits, critical or terminal illness cover, income protection cover and mortgage repayment insurance. For self-reliant women, critical illness and income protection cover is essential.
Joint Life Insurance for Spouses
Life insurance for women can also be taken as joint cover, insuring both the man and woman of the household. This type of policy is generally cheaper than taking out two separate policies can is usually paid out at first death, providing financial aid to the family and remaining spouse at an already difficult time that doesn’t need to be complicated by financial problems. Joint life insurance policies can also include extras such as critical illness or income protection cover.
Life Insurance for Pregnant Women
Life insurance for women shouldn’t be any different for pregnant women. However, be aware that how you answer some of the questions while pregnant may not hold true for your non-pregnant lifestyle. Failing to disclose details may result in a claim being dismissed.
Here are a few questions with answers that may differ during pregnancy in regards to life insurance for women:
Weight – answer with the weight you were prior to falling pregnant (the weight you anticipate returning to after your pregnancy)
Alcohol consumption – you probably aren’t drinking any alcohol during your pregnancy, but this may not to be true for the time before and after your pregnancy.
Smoking – again, most women don’t smoke during their pregnancy, but might have been smoker prior to falling pregnant. This is important to admit when filling out the insurance forms.
Cheaper Life Insurance for Women
Just as it is for men, so the price of life insurance for women depends on your lifestyle. The healthier you are, the cheaper your monthly premiums. Here are few ways of making life insurance for women a little cheaper:
Lose weight – obesity is one of the most common problems related to a range of health issues. By losing some weight, you will improve your health and reduce your risk potential resulting in cheaper life insurance for women.
Kick bad habits – reduce alcohol consumption and quit smoking. These two common habits lead to a variety of health problems that can increase the cost of life insurance for women. By kicking these bad habits you’ll improve your overall health and increase your life expectancy.
Lead a healthy lifestyle – get plenty of exercise and eat right. Leading a healthy lifestyle will help you pass the insurance medical with flying colours, which will result in cheaper life insurance premiums.
Buying Life Insurance for Women
Life insurance for women and men is currently the cheapest it has been in the past 10 years and the best time to buy life insurance for women is right now before the new law comes into effect, which my result in raised monthly premiums. Taking out life insurance now with fixed monthly premiums, guarantees that you won’t be paying more for your insurance in a year’s time. Even if you only save £2 per month, that’s an annual saving of almost £500.
Life insurance for women is just as important as it is for men. Whether you’re a stay-at-home mom or a corporate CEO, life insurance is essential, safeguarding you and your family from financial stress.