As we celebrate Women’s History Month this March, let’s consider the importance of life insurance. Regardless of their standing and/or job status, women statistically are less insured than men to this day.
According to LIMRA and Life Happens, 47% of women own life insurance policies compared to 58% of men. Men don’t need life insurance more than women. It’s just that policies are often owned by the primary financial provider of the household, which historically has been the male. As we will discuss below, this trend is changing.
How Different Life Statuses Benefit From Life Insurance
Many women are either underinsured or just don’t have life insurance at all. The reality is, no matter your current standing or whether or not that is bound to change, life insurance is an added benefit that more women should consider along with their other long-term finances.
Provider Of The Household
While men have historically been the breadwinners, there are plenty of households where that narrative has been flipped. Around 4 in 10 women are now the primary financial providers of their family units.
The reasons for life insurance in this case are clear: cover significant loss of income, pay for day-to-day expenses, funeral costs, college tuition coverage for your kids, etc.
Even if you’re not the primary earner, dual-income households benefit from having life insurance to cover the loss of one income in the case of death. Whether or not it’s the higher of the two salaries, that money adds up quickly, especially if kids and/or a mortgage is involved.
Life insurance is a must-have for anyone with dependent children.
Single parents bear a heavy weight of raising children on their own. While you may have a great network of friends and family to help, the legalities of it all fall back on the guardian.
Should something happen to the single mother, an insurance policy is designed to provide financial security for the children.
The most recent survey from Salary.com estimates that stay-at-home-mothers should earn $184,820 for their work around the household.
That’s no number to scoff at, and that value should be protected with an appropriate life insurance policy.
Celebrating Women, Protecting Their Future
There are plenty of life insurance options available for women of all walks of life. We want to empower women to choose life insurance for protection, for their loved ones, dependents, and themselves.
It’s our goal to help you understand life insurance. As it’s already a complicated process, we understand that can be a deterrent.
But by talking with a trusted agent, LCLI makes it their goal to reverse the trend of underinsured and uninsured women in the U.S.
For a better idea of your options, give us a call today: (877) 794-8376 (TERM)