In today’s rapidly evolving world, women are leading the charge in shaping financial decisions. As trailblazers within their households, workplaces, and businesses, women play a pivotal role in driving economic growth and prosperity. This rings true not only in South Africa but across the globe. Recent statistics have shed light on the true extent of the female economy, showcasing the remarkable influence women wield as primary decision-makers.
According to a 2022 report by the World Bank, the female labour force participation rate in South Africa was 48,2% in 2020, up from 38,5% in 1994. With this steadily increasing level of labour force participation and income, women are projected to control an estimated 75% of discretionary spending worldwide by 2028. This shift in financial dynamics underscores the need to address the unique financial challenges that women typically face and provide them with tailored solutions to meet their specific needs.
There is a compelling business case for insurance companies and banks to offer tailored insurance solutions to meet women’s specific needs. By recognising the changing roles and challenges faced by women in South Africa, financial institutions can, and should, develop comprehensive life insurance solutions that address their unique circumstances and provide them with the necessary financial security.
Nedbank Insurance offers a life insurance solution that can be tailored to cater to the unique needs of women at different stages of their lives. At its core, the Nedbank MyCover Life solution acknowledges that women have distinct financial needs and motivations at each phase of their lives, requiring meaningful solutions to address these needs effectively to empower them to protect their loved ones, preserve their legacies, and navigate their financial journeys with confidence.
Based on this understanding, the Nedbank MyCover Life solution caters for women in the following 3 key life stages that most will experience at some point during their lifetime:
1. Single adult with no kids. As a single woman without dependants, this woman enjoys freedom and independence. While she may not have children, she still has important responsibilities, such as caring for ageing parents or supporting loved ones. With an appropriate life insurance policy, she can ensure financial support for her loved ones, preserving her legacy and their well-being.
2. Single mom. Being a single mother is a significant responsibility with unique challenges for any woman. She is both the primary caregiver and often the sole financial provider for her children. Protecting her children’s future is her priority. A comprehensive life insurance policy, tailored to cover their education, daily needs, and future expenses can provide her with peace of mind. It ensures that her children can continue to thrive even without her, with financial support and stability.
3. Married with kids. As the matriarch of her family, this woman holds the key to a well-functioning household. Managing day-to-day activities, planning family outings, and nurturing her children’s growth are all part of her role. Ensuring the financial security of her family is paramount. A reliable life insurance policy from a trusted provider is an integral part of her comprehensive financial plan. It safeguards the well-being of her loved ones, providing stability and the means to pursue their aspirations.
By catering to the unique roles and challenges faced by women in each of these 3 life stages, Nedbank’s MyCover Life offers a range of features and benefits that cater specifically to the unique needs of women. The core offering includes up to R2 million in life cover and policyholders can also name up to 10 beneficiaries.
Adding even more value is the complimentary Value for Life Programme, which unlocks an array of additional benefits, services and support, including trauma, assault, and HIV benefits, legal services and a personal health advisor. These additional benefits are aimed at providing comprehensive support during challenging times, ensuring that policyholders and their loved ones have access to the assistance they need.
To find out more about the MyCover Life solution from Nedbank Insurance, go to nedbank.co.za.