March is International Women’s History Month and organisations and people all over are in the throes of exploring the theme “Inspiring Inclusion” from the many angles that deserve to be placed at the fore.

One that is close to me is the fact that women continue to face the brunt of the financial burden of providing care for themselves and their families — whether it involves children or a spouse dealing with illness or, at worse, death. It then begs the question: Are women adequately preparing themselves for these inevitabilities? Are effective financial structures in place to assist women in preparing for these circumstances?

I had a Q & A with Christopher Vendryes, head – Individual Line, NCB Insurance Agency and Fund Managers Limited (NCBIA), to discuss these critical matters:

Should women be prioritising insurance policies as part of their financial planning?

The short answer is, absolutely yes. The long answer is, in today’s fast-paced and unpredictable world, the importance of life and critical insurance cannot be overstated. Women are being positioned as cornerstones of the business world, education systems, political positions, and leaders in the labour and job market. They do this all while also contributing to the home and the family. As someone who has navigated the complexities of financial planning and risk management, I have come to understand that insurance policies are not just safety nets but essential investments in women’s future well-being and peace of mind.

When you think about the responsibilities that women carry as the primary caregivers for not just their children, and sometimes ageing parents, the question of protecting their financial standing against eventualities is non-negotiable. The pressures on mothers to balance professional and personal life can be so immense and make them more vulnerable to stress, anxiety, and other mental health issues. Therefore, it is very important for women to consider sound life insurance plans that cover them and their children and/or spouse in time of need.

Why is this so?

Historically, women have typically shown a tendency to be financially cautious, especially when compared to men. In matters of finance, the majority of women tend to focus on long-term considerations and express concern about saving for their future requirements. This prudent approach should also extend to their careful consideration of life insurance. Life insurance, at its core, is about protection. It ensures that in the event of an untimely demise, our loved ones remain financially secure, and are able to cover living expenses, pay debts, and maintain their standard of living without undue hardship. This aspect of life insurance is very important for anyone with financial dependents. It is not merely a financial decision, but a moral one, ensuring that our responsibilities to those we care about are honoured, even in our absence. Additionally, the peace of mind these policies provide can have intangible benefits on our overall well-being, reducing stress and anxiety about the future.

You will admit though that the cost of insurance simply cannot be ignored especially when so many households are female-led. So, how has the insurance industry sought to “Inspire Inclusion” for women in this regard?

Critics may argue that the cost of premiums can be burdensome, and indeed, this is a significant consideration for many. However, the cost of life insurance must be weighed against the potential financial impact of not having coverage when it is needed. Furthermore, the insurance industry has evolved, offering a range of products to suit diverse needs and budgets, making it more accessible than ever before. Recognising the unique challenges and financial considerations that women often face, the industry is making efforts to be more inclusive. They have begun tailoring insurance products and policies to better align with the specific needs and preferences of women. Additionally, financial advisors are also equipped to craft and customise plans for every pocket and circumstance. There are even plans that are designed for children, something that is relatively new to the industry, but again responsive to the needs of the whole family.

Why is this an important conversation to be having at this time?

The argument for life and critical insurance transcends individual circumstances. It is about building a resilient society. Whether we want to admit it or not, women are the backbone of the current structure of society. If safety nets are not in place to protect them and their interests, society will suffer significant challenges. By protecting women and their families against financial devastation due to death or severe illness, we reduce the potential strain on social welfare systems and the broader economy.

Life and critical insurance are not merely optional extras, but foundational elements of a sound financial plan. They provide security and stability in an uncertain world, allowing us to live our lives with more confidence, knowing we have taken steps to protect ourselves and those we love against unforeseen events.

Chris Vendryes or an insurance advisor can be contacted at ncbja@jncb.com