The right life cover for every stage of a woman’s life

‘When money flows into the hands of women who have the authority to use it, everything changes – for women, their families, and their communities,’ – Melinda Gates, philanthropist

During Women’s Month we celebrate the incredible value women bring to every life you touch. We celebrate you as the backbone of society. But you know that, as a woman, you wear many hats in your lifetime, from the dutiful daughter to the mighty matriarch. Your status in society is ever-changing in a world that doesn’t stay the same. We get the unique needs of South African women across their different life stages.

Take a step for yourself this Women’s Day: be empowered by the understanding that you can take care of yourself and your loved ones. Nedbank is committed to supporting you with cover that you and your family can bank on – not just on Women’s Day, but every day. 

Part of closing the gender equality gap is giving each woman financial independence and helping her get into the right mindset to achieve that. In this fast-paced environment, you need to protect yourself and your loved ones financially. Sometimes, life insurance seems like a grudge purchase that can be hard to understand. But on the positive side, life insurance is one product that the pink tax does not apply to. Women generally pay lower premiums than men – but more about that later.

First, what do you need to know about life insurance, and why do you need it at every age?  
  

The importance of life cover 

Life insurance is a financial product that you buy, designed to pay out a lump sum or regular payments to your loved ones in the unfortunate event of your death. It allows you to take care of your family when you are no longer around. As caregivers and nurturers, women often play a pivotal role in their family’s well-being. Life insurance can protect your loved ones against unforeseen expenses, and make sure that they are financially provided for. Life cover will allow your family the space and time to grieve without fear of financial burdens. 

Life insurance matters at every stage of your journey

The dutiful daughter

As a loving, caring daughter, you see the love and kindness in your family’s eyes. You know how much they depend on you, from reinstalling WhatsApp on their phones to carrying the financial responsibilities of your household. Your elders see you as a beacon of hope for them and the next generation. You might be the one responsible for your family’s financial security, which is more than just buying bread and milk. What would happen to them if you passed away suddenly? When choosing life insurance, you can choose additional funeral cover for yourself and up to 10 relatives.

 

Find a plan and an insurer that suits your budget. The process of getting covered is quick and easy.

 

The loving mother

You’re more than a mum. You’re a superwoman. You take care of your children with pride and know their every need instinctively. You dread the day when you may no longer be there to patch up scraped knees and tuck them into bed. While life cover can’t prolong your life, it lets you rest assured that their dreams will become a reality. From ensuring they have sufficient supplies, to school fees and even tertiary education, you can provide all that they need from your life cover payout. Your life has so much value, and so does the life you created. Protect it. 
 

The revered matriarch 

You’re the head of your family, and no moves are made without your say-so. You know each child by their laugh and have been a shoulder to cry on for every member of the family. Your role is vital to the survival of your tribe. The idea of your passing brings tears to their eyes, but you understand the need to continue your legacy. Choosing life insurance and funeral cover allows you to have a funeral worthy of your stature. Life cover gives you a chance to protect your family and continue your legacy. Live well. Rest easy. Know that you are all taken care of. 
 

Why get life insurance?

Women are more likely to pay a lower premium – not because of gender bias, but based on cold, hard mathematics. Insurers assess risk (and set appropriate premiums) by referring to statistical actuarial tables. Women, on average, have a longer life expectancy than men So, you get peace of mind and financial security at a lower cost. 

Don’t assume that you need life insurance only if you are a breadwinner, or that the life cover you receive at work will be enough. Be educated and informed when shopping for cover that meets your needs. Find a plan and an insurer that suits your budget. The process of getting covered is quick and easy. 

 

Apply for MyCover Life online or through the Nedbank Money app this Women’s Month and give yourself peace of mind. With MyCover Life you can get comprehensive insurance that gives you the freedom to live well and rest easy. You could qualify for life cover up to R2 million and nominate up to 10 family members as beneficiaries, with 5% off your premiums if you’re a Nedbank client. You can also add optional funeral cover for you and your family that will enable you to bid a decent farewell to your loved ones.