What Women Need to Know About Life Insurance
If someone depends on you, chances are you need life insurance. Why, then, do fewer women own life insurance than men?* There are some misconceptions that prevent women from getting the coverage they need. For instance, you don’t need to be the primary breadwinner in your household or married with kids to need it. Read on to see if any of these scenarios speak to you:
If you’re married
The majority of today’s families depend on two incomes to make ends meet. If you died suddenly—whether you are the primary breadwinner or not—could your family maintain their standard of living on your spouse’s income alone? Probably not. Life insurance makes sure that your plans for your family don’t die if you do.
If you’re a single parent
As a single mom, you are the primary caregiver, breadwinner and so much more. Yet just two in five single moms have life insurance, and many with coverage say they need more.* And if you are your children’s one-and-only, it’s critical that you consider it. It not only covers your funeral costs but can safeguard your children’s financial future, including the dreams you have for them, like college.
If you’re single
Our lives are so interconnected that it’s likely you have family who depends on you. You may have a special-needs sibling or aging parents that you know will rely on you financially at some point. And many people don’t know that the living benefits of a permanent life insurance policy—the cash value that grows over time—can help “future you” by supplementing your retirement income, and more.
If you’re a stay-at-home mom
Just because you don’t earn a salary doesn’t mean you don’t make a financial contribution to your family. Childcare, cleaning, cooking and household management are all important tasks, the replacement value of which is often severely underestimated. Could your spouse or partner afford to pay someone for these services or take them on and still work full-time? With life insurance, your family has choices.
And don’t forget to make this a conversation if you do have a spouse or partner so that you both have adequate amounts of life insurance. While you may have some as a benefit through your job, remember that your coverage typically goes away if your job does. Having an individual policy that you own is the best way to ensure you have the coverage you need.
Getting started doesn’t have to be hard. You can calculate how much coverage you might need using our Life Insurance Needs Calculator. It’s also helpful to speak with a life insurance professional, who can help you get a policy that fits you and your budget. If you don’t have one to work with, you can use our Agent Locator.
*2023 Insurance Barometer Study, Life Happens and LIMRA
