There is good news in the financial services industry. More and more woman are leveraging life insurance ownership and securing their financial future. Traditionally, women have lagged behind men in life insurance ownership, but the gender gap is quickly closing in. According to a study done by LIMRA, almost 6 out of 10 women owned some sort of life insurance in 2010, about the same percentage as men.
Life insurance is a cost effective way for both men and women to protect their loved ones in the event of a death. In addition, Life Insurance can also provide the owner of the policy many benefits. Here are some benefits of Life Insurance:
1. Protects your love ones in the event of lost income due to death,;
2. Can provide retirement security for the owner of the policy;
3. Can fund college educations.
4. Can be used to fund charitable bequests, . . .
Today more than ever, it is critical than woman own and leverage their own life insurance policies. First, many U.S. households are dual-income households. Both incomes should be protected with income replacement life insurance. If the family were to loose one of the income earners, the family could suffer a severe financial loss. Adequate life insurance can replace your income, remove uncertainty and help guarantee your family’s financial security. *
Life insurance is even more critical for a single woman with children. If a single mother with children were to die, there is no second income for the family to meet even the most basic of needs. Thus, single mothers’ need for life insurance is even more crucial than in a dual-income household.
Full-time home makers should also consider their need for life insurance. The fulltime homemaker and the spouse employed outside of the home are in a partnership just as the two-income family. It takes the efforts of both to make the household function. The homemaker’s services are priceless beyond value. The Spouse working outside of the home and the children would have great difficulty managing without the fulltime homemaker’s skills and contributions to the family.
Even single woman have a need for life insurance. Life insurance proceeds can be used to pay debts and any other final expenses thereby greatly simplifying the many duties that would fall on parents or other loved ones. Furthermore, life insurance purchased today can protect your future insurability as you age, thereby providing you coverage both today and tomorrow.
As times change and women’s economic roles evolve within their family and our society, it is imperative for women to consider the role life insurance policies in achieving financial peace of mind.
Women need to seek advisors who will listen to their concerns and assist them in making the critical decisions about life insurance. Whether you’re single, married or leading a household on your own, it is imperative to understand how life insurance can help protect against unexpected financial loss and provide confidence for your future.