Are you a woman exploring your insurance options, or simply would like to make the most of your financial protection? Here are some key things that women need to know about it. But first, some sobering stats…
Women are less likely to take out cover
Local and international data shows that, on average, women are less likely than men to take out personal insurance.
For example, worldwide research association LIMRA(1) found that only 47% of US women have life cover, compared to 58% of men. And here in New Zealand, statistics from figure.nz(2) consistently confirm that a lower proportion of women have health cover than do men.
Why is that? Maybe it has something to do with the gender pay gap, or the fact that traditionally women are more likely to be stay-at-home parents. But the reality is, protecting your financial future is not a matter of gender – and there are many key reasons for women to get covered.
Insurance is also for stay-at-home parents
While in this day and age, more dads are staying at home and tending to childcare than ever before, in many cases mothers are still the main caregivers. And contrary to popular belief, stay-at-home parents often need life insurance too.
They might not earn a salary, but they’re multi-tasking extraordinaires juggling a myriad of roles: from kids’ entertainers through to household janitors, executive chefs and gardening wizards. What would happen if all that stopped?
Of course, life insurance can’t replace a loved one, but it can provide financial support to pay for things like childcare, housekeeping, and more. Plus, depending on the level of cove you get, your family may be able to settle debts, boost savings, or create a fund for children’s future education.
Women’s premiums tend to be lower on average
Personal insurance is all about risk, and because women tend to live longer than men on average, their premiums also tend to be lower.
That said, age isn’t the only factor that insurers look at: they will consider your health, medical history, and lifestyle (for example, whether you smoke or not). If you have (or have had) a medical issue, the insurer may choose to either exclude it from cover (permanently or temporarily), or cover it but raise your insurance premiums. Click here to learn more about pre-existing conditions.
So, don’t let health issues prevent you from applying. Coverage is based on a variety of factors, and depending on your condition, cover may still be possible.
Financial resilience always matters
Everyone’s insurance needs are different, but at its core, personal insurance is about financial resilience in the long term. And we want more and more Kiwi women to achieve that.
Of course, no one likes to think about the what-ifs in life, but there’s invaluable peace of mind in knowing that – should something bad happen – your loved ones will be financially taken care of.
The key thing is to understand your needs and research your options. If you own a home, for example, you may want to explore solutions like income protection or life insurance (click here to learn more). If you’d like to get affordable access to private healthcare or cover for non-Pharmac funded medications, then health insurance is also worth considering. Plus, trauma insurance could step in if you were diagnosed with one of the serious medical conditions listed in the policy, including cancer, strokes, and heart attacks.
Not quite sure what you may need? Get in touch: our friendly insurance advisers at LifeDirect can talk you through the ins and outs of each insurance type, and how it may help you protect your financial future.
We’re in your corner
Here at LifeDirect, we’re all about helping people protect their personal and financial health. Looking for the right insurance for your needs? Our quote compare tool is a great place to start, and if you have any questions, you can talk to our friendly insurance advisers. Give us a call on?0800 800 400, start a Live Chat or?fill in our contact form?to contact us.
LIFA (lifehappens.org) – 2020 Insurance Barometer Study
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.