Women and life insurance
Why should a man buy life insurance? To protect his family,
replace lost income if he dies, provide for his own retirement security and so
on. The decision to purchase insurance typically reflects a loving commitment
to family and recognition of the need to meet other financial responsibilities.
Why should a woman buy life insurance?
For the very same reasons.
Some facts:
- Just 40 percent
of women own individual life insurance. (Source: “MarketTrends — LIMRA’s
Factbook: 2010 Trends in United States”)
- Women of all
ages average smaller amounts of individual life coverage than men of
similar ages. On average, women have $129,800 of individual life
insurance, while men have $187,100 of individual life insurance coverage.
(Source: “Facts About Life 2011” LIMRA, 2011)
- The time mothers
spend performing the 10 primary “mom job functions” would equate to an
annual cash compensation of $117,856 for a stay-at-home mom. Working moms
would earn $71,860 above their regular salary. (Source: salary.com, 2010
survey)
What about you?
What does your life insurance coverage look like? Is it adequate to help your loved ones, meet your objectives and fulfill your responsibilities?
What does your life insurance coverage look like? Is it adequate to help your loved ones, meet your objectives and fulfill your responsibilities?
- If you’re part
of a two-income family — Today in many families, husbands
and wives are economic partners and those two-income families typically
depend on both paychecks to make ends meet.
- If you’re a
single woman heading a household — If you’re the sole breadwinner
responsible for the support and care of your children, your need for life
insurance may be more crucial than in a dual-parent household.
- If you’re a
full-time homemaker — How would your husband and
children manage without you? While much of what you do as a mom is beyond
value, replacing some of the services you perform could cost tens of
thousands of dollars a year.
- If you’re a single woman — You may be single but you’re probably not without responsibility. You may have a mortgage or outstanding credit card debt. Perhaps you help provide support for aging parents or grandparents. Should anything happen to you, there will be final expenses that could cost tens of thousands of dollars. Without life insurance, these obligations could fall on parents and other loved ones.
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