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Life Insurance Basics for Women

– Posted in: Everything Home, family, Finance For Women, Insurance 101, Insurance and Risk Management, kids, life, Life and Health Insurance, Managing Your Finances

Life insurance is one of those subjects that is very easy to overlook while we are young and healthy. We go through life without a care in the world, never considering how fragile life is. At some point, we generally will see someone else pass away far too early or have a close call ourselves, and we will then start to think…what if I did not have life insurance? What if my children were left without me? My husband?

These are all legitimate questions and are at the heart of why all women need life insurance. Women that are raising children alone are particularly in need of life insurance, but the principle applies to all adults. Here are some life insurance basics for women to consider:

Life Insurance Basics for Women

Life Insurance Basics for Women

Get it while you are young

Life insurance is much cheaper when you are young and healthy and you will benefit for years to come with lower rates. Even term life insurance is cheaper when you get it at a young age. Term life insurance is when you get insurance for a specific period of time. This is ideal for young mothers that want to be sure their kids are protected until they are of legal earning age. You can get these policies much cheaper and that is important if you have only one income coming in. The whole life policies are much cheaper when you are young as well.

Get educated

Before you buy life insurance, you should learn about the various ins and outs of the process. The best way to do this is to hire an independent professional. That is…someone that is not affiliated or selling life insurance but has tons of experience in the field. These folks are out there if you look and a good place to start is your local community college. You can often find people there that are no longer in the field but teaching instead. Take a class!

Shop around…and then shop around again

Life insurance is a big deal and should never be done on a snap decision. Shop around when you are ready to get serious about life insurance and find out where the best deals are. Life insurance policies have a wide range of options and choices, so play with these and find the one that fits you best. Life insurance does not have to be terribly expensive and you don’t need to have life changing money as a payoff.

Be wary of employer policies

While some employer policies are fantastic, a large majority of them are going to be bare bones. You should never go cheap on life insurance or simply take the minimum when you have no idea what that means. There are so many ways you can actually better your policy with a few small tweaks, it is almost always a better situation to get your policy away from your job. Consider it, but be sure to check elsewhere no matter how good your medical insurance might be.

Follow up regularly

The last thing you want to do is get your policy and then throw it in a drawer some place. Follow up with your insurance company on a regular basis and make sure you are maximizing your return. Life insurance costs too much money to not get the most you can from your policy. If you can make tweaks or adjustments along the way, be sure you do.

Hopefully, these life insurance basics help you understand the concept better. Life insurance is important for everyone and women in particular are starting to take it more seriously. No matter how young you are, if you have a family and kids that love you, it is a good idea to protect yourself and them in the process.

As your Advisor, I am here to help and answer any questions you may have pertaining to securing your family’s future.

As per LIMRA, 7 in 10 households have some sort of Life insurance, which is a great #! That being said, average insured Canadian has much less coverage than they actually need. And it is not good! Talking to an licensed advisor like me does not cost a thing for you as I do not charge for consultation. But it could be the first step you may very well take to secure your financial future.

Let’s talk today and get this very important task out of the way!


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