There are many reasons why life insurance should play an
important part in every person’s financial planning. Yet women often overlook
this key asset protection strategy and are far more likely than men to be
underinsured or have no coverage at all.
Whether you’re a single woman, half of a couple or a member
of a more extended family network; whether you work at home, in the workforce
or as the leader of your own business; life insurance is essential to protect
the transfer of your wealth and, more importantly, to protect your loved ones
in the future.
Single Women
As an individual, it’s easy to think you don’t need life
insurance because you have no dependents. What’s often overlooked is that life
insurance can be used to pay off your debts, final taxes, and other estate
expenses—costs that might otherwise prove a financial burden to surviving
relatives.
Working
Women
Modern families increasingly depend upon dual incomes to
cover ordinary living expenses, to provide for extras like travel or leisure
pursuits and to fund longer-term financial goals, such as education costs or
retirement. If you’re a working woman, a life insurance payout can help
mitigate the effects of your lost income on your partner or family’s lifestyle,
and their future financial objectives.
Business
Owners
If you’re one of the increasing number of women business
owners, life insurance can provide interim cash to maintain your company
expenses such as payroll or other operating costs, while your business is being
sold or transitioned, and while your estate is being settled. It can also be a
useful tool when structuring buy-sell arrangements, and to cover the potential
loss of other key members of your company.
Single Moms
As a single parent, you may have primary responsibility for
your child’s support and wellbeing. If so, life insurance can provide you with
much-needed peace of mind by ensuring ongoing income to support your child’s
future to grow and succeed.
Stay-at-Home
Moms
Maintaining a household is a full-time job. More precisely,
it’s many full-time jobs rolled into one! If your family had to hire
professionals to cover the duties you provide as a stay-at-home mom, the costs
would be significant. Alternatively, shouldering these responsibilities
themselves may limit the hours that family members could work, resulting in
reduced family income. A life insurance policy can help pay for services to
keep the household running, and allow your surviving spouse or family members
to keep working.
Family
Caregivers
Many women also provide care for aging family members, as
well as children. Caring for an elderly relative may include costs for
out-of-pocket medical expenses, adult day care, specialized transportation, and
more. Life insurance coverage can provide the necessary funds if these
financial responsibilities are likely to continue after your death.