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Women show up for their families every single day. They make school lunches, manage finances, work long hours and care for loved ones. But when it comes to protecting their family’s future with life insurance, too many South African women are left without the cover they need. This Women’s Month, it’s time to change that. Ensuring you have life cover isn’t a luxury. It’s a necessity. Let’s talk about how you can protect the future you worked so hard to build.
The numbers say it all: Women are in charge
Women head over 40% of all South African households. That’s around 8.3 million homes! Many are single mothers who also pay for their children’s education so they can get a head start in life and become financially independent.
Women make another significant, meaningful, but usually underpaid contribution to families and society. They work in their homes, taking care of children, cooking and cleaning, and playing mom’s taxi. Usually for no pay and in addition to contributing to the household finances.
The contribution of women to the 20 million households in the country cannot be underestimated. The love and care women provide cannot be replaced if they are no longer around. But ensuring families have financial stability with life insurance can go a long way towards protecting children and other dependants against the loss of their income and the care they provide.
The life cover gap women can’t afford
Insurance claims statistics show that more men than women have life insurance, despite being heads of households, income earners and contributors. And, where women do have insurance, many are underinsured.
On average, a South African woman needs R1.67 million life cover, but has only R671 000, leaving a gap of R1 million. This means that a family would have to reduce their expenses by around 30%, or find an extra R5 614 a month to maintain the standard of living they enjoyed when the main income earner was providing for them. Without these funds, important bills such as education costs may not be paid. Did you know that Statistics South Africa’s stats show 20% of learners say they don’t attend school because there is no money?
Life cover may be cheaper than you think!
If you are like most women in SA, you’re probably asking how you can afford more life cover. Women earn around 30% less than men and tend to do a lot more “unpaid” work at home. And, of course, there’s that ever-increasing cost of living. However, getting the life cover you need could well be within your reach!
Women can do more with less
Juggling life and budgets and high prices makes women resilient, adaptable and very good at managing budgets. With their money management skills, women can build the cost of life cover into budgets so that families are not left without if they are no longer around.
Did you know: our statistics show us that when women commit to taking out life cover for their families they commit to paying premiums and are less likely to lapse their policy than men!
Women pay less for life cover
Women have a big advantage when it comes to life cover. They pay less than men. The monthly premium for life cover is lower for women because they tend to live longer. For example, a 30-year-old woman would pay R433.45 a month for R1 million cover compared to R599 for a 30-year-old man*.
Take note!
The amount of life cover you need will depend on your individual circumstances, including the size of your family and earnings. You can use the 1Life Insurance Life cover calculator to guide you or ask a financial adviser for assistance in working out the most appropriate sum assured. Always remember to take into account the unpaid work you do in the home. Add this to your sum assured.
Top tip: get a quote online or ask your financial adviser or a skilled 1Life Insurance consultant for assistance with your life cover questions.
Take the next step to protect what matters
You show up for your family every day. Now make sure their future is secure, no matter what. Review your life cover, close the gap and give your loved ones the financial protection they deserve.
*Ts&Cs apply. Quotes are for illustrative purposes and assume a standard, healthy, non-smoker life, age rated premium