Women: Take ownership of your life insurance

The idea that women may be the weaker sex is a concept that, fortunately, no longer gets thrown around nearly as much as it did 20 years ago. And yet, despite all the financial strides women have made, they still lag when it comes to preparing themselves and their families financially for the future.

A recent study in the US has found that there is a relative lack of knowledge among women about financial products and services. When rating their own knowledge about financial products and services, 29% of men said they were knowledgeable compared to just 14% of women.

“When you consider that there are almost as many women as men in the global workforce, it makes no sense for women not to be insured,” says Robyn Farrell, managing director of 1st for Women Insurance Brokers.

It therefore stands to reason that now is the time to start securing your financial stability and that of your family, by making sure that you have the best possible short and long-term insurance policies in place.

By taking note of the following three tips, insuring yourself will be a breeze:

Cover yourself - are you and your partner covered for accident, illness or death? "Life insurance is one thing you shouldn't skimp on. Even if you are a homemaker, adequate life insurance will provide for your family financially should you pass away," advises Farrell.

Get the right policy - the correct policy will help ensure that in a time of crisis, such as a car accident or a geyser malfunction, you can claim quickly and not have to worry about running out of money.

Review your policy regularly - personal financial changes, such as an increase or decrease in your income or expenses, mean you may need to reassess your coverage and options. Review your policies annually to make sure you always remain on top of these changes so that your insurance cover remains appropriate.

1st for Women Insurance offers comprehensive life insurance products tailored specifically to the needs of today’s multifaceted woman. Products include:

• Credit Life cover - with this policy, your family will not have to pay out money to settle debts you may leave behind.
• Pure Life cover - this policy offers two options, both of which will be of major financial benefit when you are no longer around to help your family cope financially.
• Expo-Sure - in the event of accidental exposure to HIV/Aids, this policy ensures that you will receive the correct treatment within the critical 72-hour period post-exposure, reducing your chances of infection.

“Because we understand that your time is precious, we’ve made sure getting insurance is as straightforward and uncomplicated as you’d like your life to be,” says Farrell.

Accidents and illnesses do not discriminate, and with women making more money and comprising a larger portion of the working public, we need to have the coverage and protection that men do.

Farrell concludes: “It is ultimately up to you to take responsibility for your insurance in order to be able to recover well, or leave your family able to carry on as easily as possible, should you become ill, disabled or pass away.”

Arming yourself with as much knowledge as possible and taking action when required means a better life for you and your family.