Today, women are more concerned than ever about their financial vulnerabilities. Financial advisor Meredith Moore, CLTC, LUTCF, explains how life insurance and related products can help women offset financial risk, maximize opportunity, and plan for the future.
First the good news:
Women are making more money than ever. But we still face stubborn challenges in managing it effectively. Factors can include fewer working years, a narrowing but still-present pay gap, and social conditioning.
Financial Concerns Across all Ages:
Women across all ages and financial brackets — even high income earners — are worried about their financial future, says Meredith Moore, founder of Artisan Financial Strategies in Atlanta, Georgia, and a nationally recognized speaker on women’s financial planning issues. A recent study even revealed underlying retirement risks to married women in their 50s over their single counterparts.
New pandemic pressures:
“The pandemic has only magnified this situation,” says Moore. “Women are opting out of the workplace due to household pressures, and they’re losing their place in the pecking order,” sacrificing both current income and lifetime earning potential.
Shore up your defense:
Life insurance and related products aren’t a cure-all to these complex issues, but they can serve as effective tools in stabilizing finances, offsetting risk, and planning for the future in uncertain times.
What am I overlooking?
Your risks change depending on your current life circumstances. At every stage, honest communication and a willingness to find out where the gaps are can help you create a financial future that’s more certain.
All the single ladies:
While you’re young and single, Moore advises focusing on your emergency fund and buying a small disability insurance policy that you can increase later without additional underwriting. If anyone is financially dependent on you — this could include parents — life insurance can provide for them if you were to die unexpectedly.
Women with families:
It’s important for couples to set up regular household financial meetings and become comfortable engaging with money together. Power dynamics can change with the arrival of children. When it comes to financial protection, the stakes are typically higher at this point in life: a mortgage, young kids, and fewer assets. Moore recommends additional disability insurance for any breadwinner, and life insurance is a must.
Women over 50 and high-net-worth women:
As women reach the half-century mark, they face any number of realities. At this stage, Moore emphasizes managing costs for extended periods of care and taking a strong look at financial security. High-net-worth women are especially likely to take on the cost of providing for their care. Stress testing your retirement plan and considering permanent life insurance and annuity products can help assets last longer and enable wealth transfer to loved ones.
Get started now by calculating your coverage needs. When you’re ready to speak with a licensed agent, use our Agent Locator to find someone in your area.
