4 Reasons Why Women Need Life Insurance
Time's have changed and women are redefining their roles at work and at home with more options than ever before. Women are achieving unprecedented levels of work-life balance and financial independence, and from a fellow woman, it's about time! But there's one glaring piece that is missing in many financial plans.
When thinking about what we need to do to protect ourselves financially, there are certain things that immediately come to mind that we all think of like health, car, or homeowners insurance. But there is an often overlooked, but powerhouse of a product out there that according to LIMRA 48% of women are without. It's life insurance. It's an essential tool that can pull double, triple, or quadruple duty for you, depending on what you need.
Here are four important reasons why now more than ever, women need life insurance:
REASON #1 - Life Insurance Protects Your Interests
If you have children, a mortgage, or own a business, the need for life insurance is obvious. But what if you're single, or don't have any children? Is this still needed? In many cases yes. You're still building a life and an estate which needs to be shielded. You still have goals and aspirations for your life and life insurance can help you facilitate that. This is something that health, car, and homeowners insurance can never give you.
If you carry a high amount of debt, or have co-signers for any of your loans, that person will be responsible for repaying it if something should happen to you. Life insurance can cover those debts. If you are now, or if you find yourself in the future taking care of an aging or ill parent or family member, life insurance can ensure they'll continue to be well taken care of.
REASON #2 - You'll Gain Financial Value, Regardless of Employment or Marital Status
Today, many women make more money than their spouses or they find themselves working as a single parent and are the head of their household. Then there are the stay-at-home moms, who have the hardest jobs of all, being "on-call" 24/7. Recent estimates have valued their contribution at approximately $120,000 a year (which is taken from the duties performed in the household on a regular basis such as childcare, housekeeping, cooking, and MUCH more.)
REASON #3 - Life Insurance Replaces Income
What you do brings value to the table, and that value needs to be protected. If a stay-at-home spouse dies, the family would suddenly need someone to take care of the children, and handle all of the household duties. That's no small task, and the costs to have someone do all of this could be substantial. Life insurance would help to cover these expenses.
What if you work and your income is essential to your household? How will the mortgage and rent be paid? Utilities? Food? Gas for the car? What if you have small children and you will not be there to save for their college education? Not preparing for these risks can have potentially devastating consequences for the family that's left behind that we work so hard to care for. But being prepared for these risks can be one of the biggest gifts we can give our loved ones.
REASON #4 - Life Insurance Is Less Expensive for Women
When it comes to life insurance, women pay less in premiums than men do for the same coverage, so take advantage of it! The reason for the cheaper premiums is because women tend to live longer than men. One of the biggest factors (other than sex) in the premiums that you pay is your age. So bottom line? You will never be younger than you are today. Get your coverage in place now and lock those savings in for life.
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Life insurance is an essential part of your financial success and security. Call Tenaya Insurance Services today at (925) 322-8073.