Wednesday, May 14, 2008

Canada Life Insurance for Women

Life Insurance for Women

Why Do So Many Women Lack Life Insurance?

Most modern Canadian households are dual-income households. These days it often takes two incomes to live comfortably. And while most men may have decent life insurance coverage, many women still lack it. If you are married, especially if you have children, would your husband be able to afford his and the children's accustomed style of living if you were to pass away? If you are single, who would assume the burden of paying for your final costs if you were to pass away? This may fall to your parents, who have hopefully planned well for their retirement but are also likely to be living on a fixed income, one, which does not take into account the possibility of you passing away before them. Many single women, especially those with children, may be on a tighter budget than dual-income couples, and as such, feel they can't afford life insurance. However, they may be surprised to know that a 25 year old healthy woman can purchase a $200,000 10-year term life insurance policy for under $12.00 a month (even lower than their male counterparts, as women are more likely to live longer, which lowers their life insurance costs). If you are a healthy 45 year old, that does not mean it is too late to buy affordable life insurance; your cost for the same policy as above would only be about $25.00 a month. If you have kids, it is especially important to make sure they will be taken care of if anything were to happen to you. Especially since life insurance is so affordable.

Also, as noted above, women tend to outlive men. Studies show that nearly six out of ten women in Canada are living on their own by the time they are 85. In addition, women generally outlive men by an average of six years. Consider the costs that will be incurred if you are living alone and your health begins to fail, as you get older. If your children need to take care of you in your senior years, many of them will not have provided for this eventuality in their budgets. If you have adequate life insurance coverage, those dependents will be reimbursed for your final expenses by your life insurance policy. That way they only have to deal with the grief of your passing, without the addition of any financial burdens incurred by it.

Women need life insurance protection for the same reasons men do, to ensure that whoever survives them will be provided with financial protection. Life insurance has always been one of the most cost-effective ways for both men and women to protect their loved ones. So why is it that women across the nation are so underinsured? It's time to change these statistics. Compare life insurance rates and policies today and see how affordable peace of mind can be.

1 comment:

Tee Chess said...

Is life insurance for women cheaper as compared to men ? And even no one suggest a life insurance policy for women but after reading this article I have understood that women do also need life insurance protection. Thanks.
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