Why Every Woman Needs Life Insurance

By Gloria Musau;

The month of March is celebrated world over as Women’s History Month. Throughout the month, we acknowledge the contributions of women towards modern society while advocating for further empowerment of young girls. This continued empowerment over time has seen more females being educated, employed and even become breadwinners in their families.

Data from the World Bank show that as at 2020, about 31 per cent of households in Kenya were headed by women who were the main breadwinners. Since life insurance often sparks thoughts of breadwinners and financial protection for families, this topic is close to many women’s hearts. But it’s not just for the breadwinners. Every woman who wishes to secure her own future and empower her loved ones, regardless of her role in the household, needs to have life insurance in place and here is why.

Life is unpredictable and can throw unexpected curveballs. Life insurance provides a financial safety net for women, ensuring their loved ones’ financial stability and independence even in the face of unforeseen circumstances. In case of death or terminal illness, the benefit payout can help cover various expenses. Firstly, it can be used to cover outstanding debts and mortgages and protects your loved ones from inheriting financial burdens.

In addition, the benefits provide financial support for your dependents, ensuring they can maintain their standard of living even in your absence. Take mortgage, for example, your family will still have a roof over their heads even after you are gone.

Most importantly, life insurance helps you secure the educational aspirations of your children or grandchildren by leaving behind funds for their future education.

Although they are not intended to be investment vehicles, life covers can help in building long-term savings and wealth. Many modern life insurance options offer investment components and cash value accumulation, allowing you to build wealth and create a nest egg for retirement or achieving personal life goals.These plans combine life insurance protection with the potential for financial growth, empowering women to build a secure future for themselves.

Besides, life insurance offers invaluable peace of mind, knowing that your loved ones will be financially protected regardless of what happens. This peace of mind allows you to focus on living life to the fullest, and pursue your goals with confidence. Additionally, leaving a financial legacy through life insurance allows you to contribute to the well-being of your family and fulfill your future wishes.

Women face unique financial considerations throughout their lives. Life insurance companies offer a diverse range of life insurance products specifically designed to address the unique needs and circumstances of women. For example, one may take up a term cover to protect a young family or up until her children are financially independent. These options provide flexibility and customization, allowing you to find a plan that fits your budget, risk tolerance, and life goals.

Traditionally, women have often faced financial disadvantages compared to men. By taking control of their financial security through life insurance, women can empower themselves and bridge the existing financial gap. Owning and managing your own life insurance policy fosters a sense of financial independence and control, allowing you to make informed financial decisions and secure your future on your terms.

Investing in life insurance is a proactive and empowering step toward securing your future and protecting the well-being of your loved ones. It’s crucial to seek professional guidance from a financial advisor to understand your individual needs, risk tolerance, and financial goals. They can help you compare different life insurance options and choose a plan that provides the right coverage and benefits for your unique situation. Remember, by prioritizing your financial security, you create a foundation for a brighter and more secure future for yourself and those you care about.