Top 7 Life Insurance Tips for Women

This is a guest post.

As Tammy Wynette famously said – or at least, sang – sometimes it’s hard to be a woman. And we’re not just talking about giving all your love to just one man. Being a woman can mean a lot of different things. Ignoring the stereotypes, instead we will focus on financial affairs, where, often, it seems we get the short end of the stick.

While there are some aspects we can do little about (such as the glass ceiling, if you believe in that sort of thing), some improvements can be made simply by being better informed. One example of this is life insurance. In many cases, women are either under-insured or not insured at all.

Perhaps this is because we prefer to leave the financial stuff to our partners. Perhaps it is because we don’t like to think of ugly things like death and injury. Or, perhaps it is because we just don’t know that much about it.

However, getting life insurance is not something to keep putting off. If you work, then you may have life insurance from your job. If this is the case, you should be certain that your policy gives you an appropriate level of cover. If not, then it could be time to look for a life insurance provider that can give you what you need.The AAMI site is a good place to start for a free quote.

Get more info

There is no point launching yourself into the world of insurance if you have no clue what any of it means. Do some research, find out the different types of insurance that are out there, and read up on some reputable insurers.

Decide How Much Coverage You Need

Think about any debts you are currently paying off. This could include a home loan, personal loan, car loan, student loan, credit cards, store cards, anything. How much money would it take to pay these off? Or how much would your partner or family need to pay off at least some of the debt, to allow them to carry on living comfortably?

Online calculators can be a great tool to help with this. Or, if you are still unsure, you could speak to an independent expert to get some more advice.

Choose the Right Policy

As previously mentioned, there is a whole range of different types of life insurance, so it’s important to find the right one to suit your needs.

A standard life insurance policy could pay out a lump sum if you become terminally ill, or if you die. An accidental injury policy can pay out a lump sum if you are injured. Income protection insurance can offer monthly payments if you should have an accident or become too ill to work. These are just some of types of insurance on offer.

Shop Around

Just as you would with any other type of insurance, you should shop around to get the best deal on life insurance. You can use a comparison site to narrow the field a bit, and then find out more information by visiting the insurers’ websites. Be sure to read all the small print to ensure it is the right cover for you.

Protect your Family

If you have kids, then it could be a good idea to cover them with life insurance as well. Some insurers offer premium-free child cover when you buy life insurance for yourself. This can help to offer financial assistance if there is an accident, an injury, or if the worst should happen to your child.

Make Sure YOU are Covered

Even if are a homemaker, you should still be covered with life insurance. Think about how much it would cost to have an outside party doing everything you do for your family. This can include childcare, cooking, cleaning, gardening, laundry, driving the kids about and so on.

If your partner normally deals with the financial stuff in your house, make sure you speak with him about life insurance and whether you are sufficiently insured. And, when life insurance application forms are being filled out, it should always be you that answers all questions that relate to you.

Review Regularly

Life changes and so should your life insurance. If your life insurance does not reflect your current lifestyle you may be under-insured or over-insured. Try to review your policy each year, especially if your lifestyle changes, such as you get a new job or you have a baby.


3 thoughts on “Top 7 Life Insurance Tips for Women”

  1. Thanks for providing the great tips on purchasing life insurance. In my view doing plenty of homework and preparation, which the 7 tips help facilitate, is the best way to find the proper insurance coverage.

  2. Reviewing your needs on a regular basis is so important. I think a lot of people set themselves up with life insurance – and then forget about it. It’s so important to re-evaluate your needs after EVERY big life event – getting married, buying a house, having children etc.

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