5 Life Insurance Tips for Women

Getting the right life insurance isn’t always easy. There are so many insurance providers to choose from, so many policies, so many add-on features, it’s enough to make your head spin. However, getting life insurance does provide valuable protection – for you and for your family. Getting it right, while it can be time-consuming, is worth it in the long-run.

Don’t Undervalue Yourself

Many women are under-insured, and often the reason for that is because they undervalue themselves. For stay-at-home moms, or even for those who work part-time, there is a tendency to undervalue the work that takes place within the household. Just because work done at home doesn’t bring in an actual paycheck, does not mean it doesn’t have a value.

Ask yourself how much it would cost to get an outside party to do all the work you do at home. This can include cleaning, cooking, laundry, ironing, driving the kids around, gardening, childcare and so on. It would really add up! This is why it is so important that you have the right level of cover.

Compare What’s On Offer

This is where comparison sites come in handy. Once you have done some research about the type of policy and the level of cover you need, then you can start narrowing down your choices. You may find that the 30 year term life insurance cost is a good fit for you and your finances, so you go with that, whilst a friend may opt for whole life. Always go with what fits your needs, not follow other people’s paths. Try to use a comparison site to find the best deal on your policy. Make sure you do a thorough comparison, and read through the terms and conditions in full. If you’re unsure where to begin, this site is a great place to start.

Protect Your Child

While life insurance in general is not something we all like to dwell on, thinking about life insurance for our children can be even tougher. Many insurers offer riders (extra features that can be added on to a policy) that offer cover for children as well. Often this will be offered as a free feature, that can simply be added on to your policy when you purchase it.

We know, no one likes to think of the unthinkable happening, but this type of cover can offer financial assistance when money burdens should be the least of your worries.

Don’t Let Someone Else Do the Paperwork

When filling in the paperwork for your life insurance application, you should always make sure you are the one to answer any questions about yourself. There is often one person in the household that deals with the paperwork, however, when it comes to life insurance, both partners involved in the policy need to be responsible for answering their own questions.

Even if you think you know everything about your partner, or your partner knows everything about you, it is still important that each person completes their own paperwork. If mistakes are made, it could lead to a claim being denied, or the policy being made void.

Don’t Assume You Have Sufficient Cover

If your employer offers life insurance, then it could be a good idea to check what level of cover it offers. You may find that the cover is not sufficient for your needs, which may mean you will need to get life insurance from another insurer. To find out how much cover you need, use an online calculator, or speak to a financial adviser. This can help to prevent you from being under-insured or over-insured.