Six benefits of life insurance for women

1. You’ll benefit from the peace of mind that life insurance can offer at every life stage

At Chubb Life, we regularly talk to customers who are going through periods of change in their lives. Big events like changing careers or buying a house often prompt people to get in touch. We also love speaking with people who are getting married or starting a family too. There are lots of exciting milestones and life stages that Kiwi’s encounter, but should also make us consider if we require insurance and why.

Life insurance for families

Women who are in long-term relationships, who are parents or who have other family members that rely on their income, can have some peace of mind knowing that their family’s financial obligations will be taken care of. Whether you’re a breadwinner, stay at home parent or primary caregiver, your life can - and should - be insured.

Life insurance for individuals

It’s not just for mothers and wives, though. Women without kids might benefit from life insurance too. If you are single, life insurance can help your family pay off debt, help pay a mortgage or bills and cover medical expenses if you were unable to. If you are running your own business either part time or full, a life insurance policy could help any business partners by providing a contingency plan in your absence.

For women who are contributing an income into their household, the Equal Pay Amendment Bill was passed here in Aotearoa in 2020. The bill ensures workers are not paid less because of their gender. That may mean that insurance policies like life insurance become more important for households with female employees.

2. You’ll have some reassurance that your family’s future is protected

Among Kiwi families there can be a misconception that only the primary breadwinner in a family needs to hold a life insurance policy, as the family unit may rely heavily on their income. No matter how your family finance structure works, it’s important to consider life insurance policies for both working parents and stay- at-home parents (who are arguably doing the toughest job of them all). You may want to consider what your partner could manage, both in terms of money, time, and childcare if something were to happened to you.
 

While it’s hard to come up with a dollar figure that a caregiver or stay-at-home parent is worth, putting a life insurance policy in place in case the worst happens could provide some peace of mind when it comes to your family’s future. If a life insurance policy needs to be used, it could cover situations like taking time away from work to establish new family routines and help grieving children. It could also be used to pay for your children’s schooling, childcare and more.

3. Your mortgage could be looked after should anything happen to you

Your family home should be a source of pride, and you should feel confident that it will stay with the people you love if something were to happen to you.
 

When you applied for your mortgage, it was likely calculated on your household income at the time. If your income was to change or if something were to happen to you or your partner, those mortgage payments may become hard to manage. In the worst case scenario, this could mean your family loses their home. Downsizing or moving may be an option, but if this were to happen due to unfortunate circumstances, that is one additional stress and cost at an already hard time.

If your mortgage couldn’t be paid on a single income, or if you don’t have a backup option in case of accident or injury, a Chubb Life Adviser can talk to you about Mortgage repayment cover and other options that suit your situation.

4. You could get financial support if diagnosed with illness or injury

While you make an effort to avoid some apparent dangers in your life, there are some things, like injury or illness, that you sometimes can’t avoid and don’t expect. For many women and their families, it is important to know that loved ones can maintain their current lifestyle even if they end up unable to work due to sickness or injury.
 

With Assurance Extra, you have the option to add critical illness cover or income protection cover to your life insurance policy, so that if you need to spend time recovering from an injury or fighting a severe illness, then you can remain financially independent during your recovery.

5. Your debts don’t have to add extra stress and strain on your family at an already hard time

The most suitable life insurance policy should be intended to give your loved ones and dependents some financial security in the event of your death. It’s not a nice thing to think about, but by investing in some protection now, they’ll have one less thing to worry about when the day comes.
 

Depending on your life stage, a life insurance policy or a funeral cover policy may help protect your loved ones from any end of life costs, including a funeral. Medical bills, any other expenses can just add stress to an already hard time. Your insurance policy may also offer your partner, parents or children the peace of mind of not needing to go back to work straight away if something was to happen to you.

6. Your dependents in the older generation could still be supported and cared for

While many women consider their partners and children (and fur babies) to be their main dependents, in some cases elderly parents also rely on their adult children for help and support in their day to day living.
 

In the unlikely event that you were to pass away before them, your parents can receive support from your Assurance Extra life insurance policy, so that they also receive continued support in the case of your death. This is especially useful in situations where you have been contributing to aged care costs and should let you rest easy that if they needed additional support in their old age, they would be able to access the care they require.