Last updated on Jan 19th, 2021 at 02:41 pm

Many women leave life insurance details to their spouses but with changing family structures, it is crucial that women need life insurance for themselves…..

Women are doing it for themselves, but not when it comes to life insurance

Whether out of will or necessity, South African sisters are â??doing itâ? for themselves â?? but, not when it comes to life insurance. Thatâ??s according to Robyn Farrell, director of 1st for Women Insurance Brokers and spokesperson for 1st for Women life insurance.

â??Women are less inclined to carry life cover than men. This is despite the fact that they make up 45% of the countryâ??s workforce,â? says Farrell. Around 24% of all households in South Africa are headed up by women while the figure for the black population is 40%. And, only half of mothers aged 50 or less are married or living with a partner.

â??At one time in our history, women got married, stayed home and tended to the children and family home. Nowadays, many families are reliant, if not solely dependent, on the income generated by the lady of the house.

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Women underestimate the importance of life cover

â??Whether they work because they have to or because they want to, women are out there, earning a living for themselves and their families. Women add value at home and in the workplace. But, few realise the value of the contribution they make or acknowledge the void that would be left if they were no longer around. If they did, more women would have their own life policy,â? says Farrell.

She says that itâ??s not only South African women who underestimate the importance of having their own life cover. In America, only 59% of women carry life insurance policies compared with 64% of men and, women are listed as the insured party on only 29% of all life policies purchased. Of those who have their own life policy, most are grossly underinsured.

Women neglect their own needs, including insurance needs

â??We expect that the SA scenario is even more skewed. Women tend to neglect their own needs, including their insurance needs. In South Africa, women who do have a life policy take cover for around 30% less than what men do.

â??Clearly, women undervalue the contribution they make. As providers, breadwinners and contributors to the economy, women need to start taking themselves seriously,â? comments Farrell.

Women need to take their financial security into their own hands

She concludes: â??In todayâ??s world, where many women have to, and successfully, fend for themselves financially, it is surprising that so many donâ??t take their financial security into their own hands. All women, whether they are married, single, divorced or widowed and regardless of whether or not they have children, should consider their own insurance needs.

â??The start of the new year is a prime opportunity to investigate or review life cover. If you think you are worth it, do it for yourself.â?

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