Life insurance is one of the best ways for a person to protect their loved ones. Traditionally, it was usually men who purchased life insurance. According to the American Council of Life Insurance, “as recently as 1977, coverage on women amounted to just 10 percent of the total insurance. In 1998, the average death benefit on men was nearly double that for women:” More women are now realizing the importance of having life insurance. Today, 59 percent of women have at least some type of life insurance.
More women are now becoming financially independent because their lives are full of unique challenges such as raising children, managing the household, caring for elderly parents, and balancing a career and home life. The reasons why women should have life insurance include:
Single Mother: Families are now becoming more diverse. A single mother with life insurance ensures that her children are protected in the event of an accident, serious illness, or death. Whether you are a single or divorced mother, life insurance can make certain that expenses such as loans and mortgages are paid off. Life insurance can also build up cash value to help provide a secure retirement.
Two Income Families: Because of the increase in the cost of living, both parents are now working in order to provide for their families. Working moms with life insurance will help make sure that their children’s futures are protected. It is an added piece of comfort knowing that the family is protected if one parent dies.
Stay at Home Mothers: The value of a stay at home mom does not have to be priceless. The care of the children and home is very expensive. Obtaining life insurance will allow mothers to make sure the costs of running a home and caring for the children will continue in the event of death. The financial burden will not fall on other family members. Money can be used for the children’s current and future education expenses. If the spouse needs to hire support, they will have the money to do so.
Self Employed Women: Many women who are self employed do not have the same insurance benefits as women who are employed in a business. Life insurance provides that added bit of protection for a self employed woman and her family.
It is more important than ever for a woman to acquire life insurance. It gives a woman peace of mind knowing that her family is protected.