According to a new study by Aegon, a woman’s top priority is to have secure financial stability for her family despite women now playing a much more active role in the work place, the economy and in public life. 71% of the mothers questioned placed the financial security of their children as among the top priorities in their life and ¾ of all mothers are currently in work, a drastic change from the 50% in work forty years ago.
The report worryingly stated that although there is general concern for the wellbeing of dependent families, mothers (for the majority) still have no financial safety net to support them. Around half of the women questioned by Aegon had not even discussed with their life partner or close family what would happen in the event of their death, or a critical illness that prevents them from bringing in an income for a prolonged period of time. Aegon are encouraging mothers to discuss the worst possible future with their families: talking about it won’t make it any more likely to happen.
The risks of not having a financial security net are high: there’s no guarantee that your family will be financially secure if you haven’t laid down a plan for what’s to happen once you are gone. The future result for your kids is vital, not being financially secure in the event of your inability to work will take away many opportunities from their young lives, and may even force you to relocate your entire family to cut costs – disrupting the stability of their lives in more than just a financial way.
In considering the worst; your death will have a major rippling effect on your entire family, your partner especially as they are pushed to become the sole bearer for your family if they do not have access to any savings or finances you had available at the time you were alive. Don’t be afraid to get a will drawn up, without a will your property, savings and investments may not be passed onto the people who you’d like to inherit them.
The types of insurance available to women and mothers are summarised in the direct extract from the Aegon report:
These types of insurance are vital for the somewhat inevitable future, no matter how far away death may seem.
Active Brokers will be able to find the most suitable quote for you to help support your family from many of the top insurers, including Aegon.