Why Women Should Consider Life Insurance
If you have people depending on you, it’s important to consider getting life insurance. However, fewer women own life insurance compared to men due to some misconceptions. One common misconception is that you need to be the main breadwinner or married with children to need it.
If You’re Married
In today’s society, many families rely on two incomes to make ends meet. Regardless of whether you are the primary breadwinner or not, if something were to happen to you, could your family maintain their standard of living on your spouse’s income alone? Life insurance ensures that your family’s plans don’t fall apart if you’re no longer there.
If You’re a Single Parent
As a single parent, you play multiple roles – caregiver, breadwinner, and more. Yet, only two in five single moms have life insurance, and many feel they need more coverage. If you are the sole provider for your children, it’s crucial to consider getting life insurance to protect their financial future, including their education.
If You’re Single
Even if you’re single, chances are you have family members who depend on you in some way. Whether it’s a special-needs sibling or aging parents, they may rely on you financially at some point. Additionally, a permanent life insurance policy can provide living benefits, such as growing cash value, to support your retirement income and more.
If You’re a Stay-at-Home Mom
Your contributions to the family, such as childcare, cleaning, and household management, are valuable, even if you don’t earn a salary. Consider how your spouse or partner would manage these tasks if something happened to you. Life insurance can provide financial support and choices for your family in such situations.
Starting Your Life Insurance Journey
Getting life insurance doesn’t have to be complicated. You can use a Life Insurance Needs Calculator to determine how much coverage you might need. It’s also beneficial to consult with a life insurance professional to find a policy that suits your needs and budget. Remember, coverage through your job may not be sufficient, as it typically ends if you leave the job. Having an individual policy ensures you have the necessary coverage.
Source: 2023 Insurance Barometer Study, Life Happens and LIMRA
