As we continue to celebrate women throughout the month of March, it seemed only fitting to talk about what insurance can to do help solidify their finances. More than ever, women are finding that their finances can be vulnerable. They are making more money than they ever have in the history of the world, but they are still finding it can be somewhat challenging to make sure that they are financially stable moving forward. This is where insurance can help. InsureWise is here to talk about what insurance can do to ensure women are empowered financially.
Impact of Covid-19 Pandemic on Women
Over the last couple of years as we have dealt with a global pandemic, women have found that their financial stability isn’t quite as stable as they once thought it was. They have found themselves stepping back to care for their families in this time of crisis. It has them leaving the workplace at times and losing their place in the business world. On the flip side, there are some women that are making far more than their spouse and so their spouse has chosen to stay home instead. It differs for every family and there is no right or wrong answer here.
Life Insurance Provides Financial Stability
Of course, life insurance isn’t going to be the only way to make sure you’re financially taken care of, but it can be a helpful tool in helping you plan for the future and offsetting risks. It helps to protect your family in the event that you pass away unexpectedly or prematurely. When you experience difficult times, it can help give your family the aid that is needed.
Risks Depend on Life Circumstances
The insurance needed by women is going to depend on their life circumstances. Just like those circumstances are constantly evolving, so should your view about your insurance policies. Here are some examples:
– Single Women: If you are a young, single woman, your focus should be on your emergency fund. As far as insurance goes, you should consider a disability insurance policy that would give you coverage in the case that you weren’t able to work for some reason.
– Women with Families: When you have a family and your stakes are much higher, you need to think about your finances a bit more seriously. You will want to consider a permanent life insurance policy that covers the expenses that naturally come with life including mortgages, childcare, assets and more. The discussion as a family should be an open one that can be altered when necessary.
– Women over 50 or High-Net Worth Females: You will be thinking about longevity at this point in your life. You want permanent life insurance that can pass wealth on to your loved ones when you pass.