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The Importance of Life Insurance for Women

| April 03, 2019
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Today, women are providing more financial value to their household than ever before. Studies show 51% of women are responsible for household finances while 37% reported to be the primary breadwinner of their family (compared to 31% in a 2013 study).1 Whether you are single, married, working, or a stay-at-home mom, if you have people who depend on you financially or will suffer financially in the event of your death, you may want consider securing life insurance to protect your loved ones.

  1. Single women. Many single women think that life insurance is unnecessary because they have no dependents. However, it can pay off debts and cover funeral expenses that might fall on the shoulders of family members.
  2. Single mothers. If you’re a single mother, it becomes a more pressing need for life insurance since you’re most likely your children’s primary support. If you pass away, life insurance can help cover outstanding debts you may leave behind in addition to your children’s future financial needs.
  3. Working mothers. Your earnings make a significant impact on your family’s lifestyle. Your loss can drastically affect the stability of your family. With coverage, it can help reduce the financial stress by mitigating the effects of your lost income.
  4. Stay-at-home mothers. Even if you’re not bringing home the “bacon”, your passing can still be financially devastating to your family. Without you, your surviving spouse takes over your responsibilities in addition to the possibility of covering for services such as childcare, housekeeping, education, and much more.

The bottom line–life insurance is just as important for women as it is for men. You need life insurance if you have people who depend on you financially or will have the chance of suffering financially in the event of your death. Protect the ones you love by gifting the financial peace of mind and security that comes with a life insurance policy. Connect with us today and let us help you put a plan in place.

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This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results.  Death benefit payouts are based upon the claims paying ability of the issuing insurance company.

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[1] https://solutions.naifa.org/majority-of-women-now-responsible-for-household-finances

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