Women and Insurance Coverage
Women are often the primary caregivers—to parents as well as children. And not many women include the cost of outsourcing these caregiving tasks when calculating their coverage amounts.
More women should consider insurance coverage.
Sydney Pigeon, CPAIPW Director of Operations, has worked in insurance for over a decade. During her career, she’s seen many women undervalue themselves when purchasing insurance—that is, if they even consider purchasing it.
Men are typically the ones who explore insurance. But with women’s work becoming more valuable and visible, Pigeon says insurance for women is becoming increasingly important.
“Women are often the primary caregivers—to parents as well as children,” Pigeon explains. “And not many women have the appropriate insurance to outsource caregiving tasks after they pass. Women should calculate their coverage amounts by including familial contributions. This will provide their families with accurate financial security.”
Insurance Options to Consider
According to Pigeon, Term Life Insurance is an excellent place for women to start.
Critical Illness Insurance and Long-Term Disability Insurance are also helpful in protecting your family during those “expensive years” where a mortgage, marriage and munchkins come into play.
“Term Life Insurance can pay off debts, offset the loss to household income, pay final expenses and contribute to your kids’ education,” Pigeon explains.
“But Critical Illness and Long-Term Disability are important living benefits, too,” she continues. “They pay out while you are still alive. When you’re unable to work due to illness, you should be focusing on getting better—not on how you’ll pay your bills.”
Women are often the primary caregivers—to parents as well as children. And not many women have the appropriate insurance to outsource caregiving tasks after they pass.
Women Don’t Let Other Women Go Without Insurance
Insurance isn’t just for those with kids or a spouse. Many women have other loved ones financially dependent upon them. Pigeon says more women should recognize their roles and the cost of their efforts.
“If your sister passes, for example, what does that mean for you and your family? If you don’t have a spouse or kids, but take care of your dad, what happens when you’re gone?
“It’s a difficult discussion to have, but it’s necessary.”
Navigating Insurance Starts with Education
Have questions about insurance, why you should have it, or what amount is right for you? We’re just a click or call away. You can reach a Licensed Advisor by calling 1-800-661-6430, emailing info@cpaipw.ca or booking an appointment.
You can also get started by visiting our website and using our handy 5-minute Needs Assessment. We look forward to helping you!