Financial planning is a necessary aspect of life, especially for women. A good life plan will require a suite of financial and insurance solutions tailored to each woman’s unique situation. Whether you are single and self-employed, or a working mother juggling her career whilst raising a family, you need a plan that offers you ample coverage, protects you from the uncertainties of life, and gives you peace of mind when you enter your golden years.
For the single ladies:
If financial independence and the freedom to make important decisions without financial constraints are high on your wish list, you will need to make a plan NOW. It is especially so if you hope to have a place you can call your own, as that would come with heftier financial considerations.
One issue that single women may have to contend with is the possibility that they may become desolate in their old age, without children or kin to take care of them. This is where there must be a strong focus on retirement planning and health insurance coverage for women who are or intend to stay single.
For the mummies:
Mothers make monthly provisions in their household budgets for family expenses such as dining out, holidays and tuition classes for their children. Yet when it comes to their personal financial planning, many are not setting aside funds for their own retirement. Protecting your family’s financial future includes addressing your own finances too.
Insurance planning for women should be tailored with additional coverage for female-related cancers, such as breast/cervical cancer and/or pregnancy complications, and looking at long-term insurance care due to a longer life expectancy.
For the widowed:
The statistics from many countries all over the world show that women tend to outlive men. This means that women cannot rely on their husbands as a “financial plan”; at the very least you should be aware of the financial plans that are in place to secure your family’s future. Estate planning should be considered early on in your marriage and definitely essential if you have children or dependants to take care of.
By planning well, you can enjoy life to the fullest; as a wife, mother or grandmother, and most importantly as a woman!
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