What Women Need to Know about Insurance
Today is International Women's Day, so we're taking this opportunity to empower women when it comes to money, especially on the matter of what to know about insurance.
If this occasion has you thinking about getting all financial aspects of your life organized, it's time to start looking at your insurance coverage. Think about your policies and ask yourself: Do you know how much coverage you have? And how do you know if you have enough to cover your circumstances?
Here are a few things women need to know about buying insurance:
Women’s car insurance premiums are cheaper than men’s
If you think you can't afford car insurance, think again. Auto insurance is more affordable for women because by nature they tend to be more cautious and responsible when it comes to the road rules – at least according to accident reports and research.
According to the Huffington Post: "male drivers are more likely to speed, not wear their seat belts, and engage in risky driving behavior such as drinking and driving. In addition, men also tend to buy more expensive cars and drive more often than females. This is why, on average, women pay as much as 12% less than men."
Consider bundling your insurance for discounts
Who doesn't love a good deal? One of the best ways to save money is to buy in bulk, this rule also works for financial products. Buying your life, home and auto insurance from the same provider can help save big bucks. When shopping around for new insurance coverage be sure to call your current provider to see if they offer discounts for having multiple products and watch your savings add up.
You can buy life insurance for your kids
Parents probably don't want to think about losing their children, but the reality is it can happen. Funerals are expensive (the average cost in Canada is over $6000) and if you don't have savings on hand you could find yourself in debt after paying for final expenses. Life insurance can help cover these costs.
The amount of life insurance you need to buy on a person can be used to pay off final debts, pay taxes and provide loss of income for the survivors. As none of these circumstances usually apply to children the amount of coverage you need to purchase (and therefore the premiums) won't be too expensive.
Even if you don't have an income you still need life insurance
Often, people think you only need to buy life insurance on the person who brings home the bacon, but that's just not true. If you are a stay at home mom, you may not bring in a paycheque from an employer but it doesn't mean you don't contribute to the family household in a way that has a financial impact.
If you're a stay at home mom think about all the costs you're saving by being at home with your family. How much would it cost to pay for childcare if you were no longer around to take care of your children? This is definitely something to consider when deciding how much life insurance to buy.
Don’t think that you are completely covered. Re-evaluate all of your insurance needs as a woman and look for the best possible insurance rates.