Female financial empowerment is happening ladies!
It’s not just in pop culture, it’s real and it’s a ‘thing’!
At Expat Insurance, we notice market trends and we certainly support all the movement toward female financial empowerment. More women than ever before at taking charge of their financial futures – and we don’t just mean having gainful employment. We mean that women are leading the conversations around money at home and creating a financial foundation that accounts for risks not only to themselves but to loved ones.
One of the most interesting trends that we have noticed is the number of young women who are, out of necessity or choice, supporting younger siblings, nieces, nephews or dependent parents in some way financially.
Inevitably a financially aware person asks the question, “What Happens If I am Not Here?” Or an even better question, “What Happens if I am Here but I am Sick? Who Takes Care of Me?”
The conversations we are having around younger siblings tend to be about how to help them through college or how to establish funding to meet some educational need.
Separately women are often involved in some way in terms of supporting an older family member who is either trying to make ends meet or who is grappling with an illness.
The single simplest way to answer both these questions are to look at pure life and critical illness cover.
It rocks to be young and to think of these things because the benefit is that coverage is cheap as chips. Kinda.
A 30 year old single woman can get S$500K of term life insurance AND $250K of income protection for critical illness for only S$62 a month – that’s a few after-work Proseccos, frankly.
This is why being smarter about your finances while you are younger pays off; a 25 year old can get the same coverage for S$43 and these prices don’t change the older that you get.
These two policies are sold together and it’s simply the most efficient way to leave a legacy for dependent family members, as well as making sure your income is protected if you have a protracted illness.
We’ve made this article Single and Female: Do I Need Life Insurance in Singapore? into a downloadable PDF for those of you who would like to keep a copy for future reference.
Forget about the man, forget about the rock, lock THIS stuff down!
You may also find our previously published article Top Five Tips on Womens Health in Singapore helpful.