Insuring Women's Futures - Day 4

This week is National Money Week, and your local Institute are further supporting the CII's campaign "Insuring Women's Futures".

We will be releasing blogs on the website related to the six key points in a woman's life that are financially important, as well as the potential pitfalls women may face.

All the information contained in these articles and more, is taken from the dedicated website - insuringwomensfutures.co.uk

6. Ill-health, infirmity and dying

We never know what may befall us or our partners and families, and being financially resilient can change the life course if the worst happens. Whether it’s your health, that of a partner or loved one, the financial consequences of having to take time off work and forego pay can be a worry.

There is a strong link between financial wellbeing, mental and physical health and wellbeing. Keeping abreast of your money can really help in times of stress or if you need time out of the workplace. Perhaps you may have a mental health issue, and worry about money too? Finding out about money and finance and improving your financial capability will support your wider wellbeing. There are many useful financial guidance resources online, check out if your employer runs any financial wellness programmes too!

Have you thought about protecting yourself, for example with accident, sickness or critical illness insurance? If so, make sure you think carefully about cover levels, who is protected and who benefits.

Make a will, discuss with your partner (if you have one), and make sure you have specificed beneficiaries for any pensions, savings and investments you may have.

Arrange powers of attorney so that finances are accessible in the event that you or your partner were to fall severely unwell and/ or deemed unable to manage financial matters.