Life Insurance for British Female Breadwinners- Rules and Concerns

December 12th, 2019

There are a huge number of British ladies that are the main breadwinners of their family. With the rise in single motherhood, more and more females are making it to the work front. Statistics suggest that one third of British working mothers contribute to the important task of breadwinning for the family. In 2014, it was found that percentage of employment due to single parents, mainly ladies has risen over two decades from 47.1% to 65.7%.

Another reason is dual earning couples where the woman of the family performs the duty of work and care. Traditionally it was the male who contributed more in the dual earning couple model, but that is being considerably replaced by women who take the role of the main breadwinner of the family. Decades ago, women used to work part time and during school hours, but now they work on a full time basis and become as a complete financial support for the family. According to statistics, 2013 recorded 33% of women as maternal breadwinners as opposed to 23% in 1996. Also, the total number equates to 12 million women who are the breadwinners of their family in the UK.

Even though women earn for their family, they are still showing complacency towards getting their life insured. According to reports, only 38% of the female main earners have a life insurance policy. This means nearly two third of women have no life cover and their dependents are at the risk of a financial crisis in the event of any unfortunate incident or death of the person. Stats suggest that one in every 29 children faces the loss of his parent’s life before growing up. To avoid keeping the child helpless or at the mercy of relatives, it’s better to buy a life insurance cover. Rules of buying a life insurance policy for working women are same as that of men. Check them out here.

Rules of buying a life insurance for women:

Compare the various insurance providers across the UK. Find the one that offers comprehensive policy at affordable rates. You can ask your friends and relatives about their experience with a particular provider.

  • Make sure you remain honest about your health condition. No need to hide any underlying disease as it may result in disqualification of the policy. Do not hide your smoking status or alcohol intake too.
  • Inform your insurer about your hobbies, job type and any risk associated with it, if any. The premiums would be arranged knowing all these details.

  • The amount of cover will depend on your income, debts, mortgage and number of dependents.

  • Once you buy it regular payment of premiums is a must, else the policy may get lapsed resulting in no pay-out at all.

Concerns of not having a life insurance:

  • Financial burden on the family in the event of death or permanent disability of the bread earner.

  • Difficulty in managing the expenses for the funeral, education and other activities of the lifestyle.

  • Unable to make pending mortgage payments.

  • Basically, all financial burdens would lie on the shoulders of the dependents which typically are the children. This may prove too heavy for the kids and so, if there is an insurance cover then they get monetary support.

  • Having an insurance cover is the best form of peace of mind you get as you feel you have arranged for the finances of the family. The lump sum amount received as a pay-out will be a big support for your partner who might be dependent on your income. With the money they can manage the rest of their lives as they have finances for medical bills, children’s education and more. Essentially, all working women should opt for a life insurance to arrange security for their family and dependents.

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