Behind every organised woman is an insurance policy that she probably arranged herself 😉
It's International Women's Day, and I've been thinking about women and insurance all day.
Did you know, one recent claims report showed that 67% of life insurance claims paid out were for men, and 33% for women? This is not because men are more likely to die. This is because men are more likely to have life insurance!
It can be hard to decide how much insurance you should have. How can anyone possibly place a value on their life or their health?
People - especially women - underestimate the monetary value of their own earnings. If you earn £32,000 a year, then during your working life you'll earn £1.6million. That is money which would be lost to you if you were too sick to work - too sick to earn it - and that is money which would be lost to your family if you died. Money that you would have brought in, that would have supported you and them, that would have uplifted their lifestyles; money that, if you had died unexpectedly, suddenly vanishes in a puff of smoke. A lifetime of value, that would have been generated by you, and now won’t be.
People - especially women - also underestimate the monetary value of their unpaid labour. If you fell sick and were suddenly unable to do the almost 24/7 business cooking cleaning childcare shopping planning listening coaching nursing driving and organising that you do, the cost of paying other people to do those same things would be astronomical.
Thankfully insurance can cushion you and your family, and a good adviser can help you pick the right amount. ❤️🦆