What women need to know about Life Insurance
If someone relies on your support, it’s likely that you should consider life insurance. Yet, fewer women than men have life insurance, raising the question: why? There are several misconceptions that might be hindering women from obtaining the necessary coverage. For example, being the main earner in your family or having a spouse and children isn’t the only criteria for requiring it. Keep reading to find out if any of these situations resonate with you:
If you’re married
In today’s world, most households rely on two incomes to manage their expenses. If you were to pass away unexpectedly, whether you’re the main financial provider or not, could your family uphold their current lifestyle solely on your spouse’s earnings? It’s likely not feasible. Life insurance guarantees that your aspirations for your family remain intact even in the event of your demise.
If you’re a single parent
Being a single mother means shouldering the responsibilities of the primary caregiver, the main earner, and much more. Surprisingly, only two out of five single mothers possess life insurance, and a significant number of those who are covered admit to requiring additional coverage. Moreover, if you’re the sole provider for your children, it’s imperative to contemplate this option. Life insurance doesn’t just handle funeral expenses; it also acts as a shield for your children’s financial wellbeing, encompassing the aspirations you hold for their future endeavors, such as pursuing higher education.
If you’re single
Our lives are intricately woven together, making it highly probable that you have family members who count on your support. Perhaps you have a sibling with special needs or elderly parents who you anticipate will require financial assistance in the future. Additionally, a significant number of individuals are unaware that permanent life insurance policies offer living benefits, including the accumulation of cash value over time. This cash value can serve as a valuable resource for your future self, augmenting your retirement income and providing further advantages.
If you’re a stay-at-home mom
Even if you’re not earning a traditional salary, your contributions to the family’s finances are still significant. Tasks such as childcare, cleaning, cooking, and managing the household hold substantial value, often underestimated. Consider whether your spouse or partner could manage to hire someone for these services or take them on while maintaining full-time work. Life insurance provides your family with options and flexibility.
