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Must have insurance for women

Women make huge contributions to a household, and it’s often much more than just a pay cheque. This contribution should be recognised when it comes to your life insurance.

Many women today are contributing equally to the household finances, if not holding the position of primary breadwinner.

On top of our day jobs, we’re often the primary carers for children and other relatives. So for many of us, our households rely on us not just for our emotional strength and multi-tasking prowess, but also our financial contributions.

While women tend to be great savers and often have a pot of money accessible for emergencies, this money is unlikely to last over extended periods of time.

In these cases, the financial support provided by insurance can be really valuable for women. It can help you make the best decisions for your health and your family’s wellbeing – without having to worry about money. 

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What types of life insurance are there?

The most common types of life insurance most women should consider are:

  • Life Cover. This cover helps provide financial assistance to your family in the event of your death or if you are diagnosed as terminally ill.
  • Total Temporary Disability Cover. This optional cover can help pay for your living expenses after a serious accident or illness.
  • Critical Illness Cover. This optional cover can help provide financial security for you and your family if you are diagnosed with a specified serious condition.
  • Redundancy/Bankruptcy Cover. Another optional benefit that can help to cover your living expenses if you're made redundant or declared bankrupt, leaving you free to focus on your next career step.

How many of these do you need?

Each of these insurance policies cover you in different ways, so it’s common for one person to have all four types of cover (often packaged into one policy).

It’s also possible to claim on multiple cover types at once. For example:

  • if you are diagnosed with cancer, you could be eligible to receive a lump sum benefit under Critical Illness Cover
  • if you’re unable to work for an extended period because you’re undergoing treatment, you may also be eligible to claim to receive a monthly benefit (usually a percentage of your income) under Total Temporary Disability Cover.

Having these policies in place can help you and your partner take care of the financial side of things so you can focus on getting better.

If you want a hand working out how much cover you need, or weighing up your cover options, you may want to talk to an expert.

Find out how ANZ can help protect you and your family.

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