Why Women Need Life Insurance
Whether a woman is single, single with child or married, we all know how women have always been in charge of the financial responsibilities in the household. And in the recent years, women in the workforce is at an all time high rate of over 49%. But why is it that recent studies shows that 43% of these working women have no life insurance and those who have only have an average policy of about $129,800 coverage, that’s 31 percent less than the average male policy?
It is alarming to know that even if women have been contributing financially to their home, only a few takes time to protect the financial value they provide and have a safety net in times of need. What if one day you can no longer provide for your family?
Whether you are the family’s breadwinner or not, women needs to have life insurance and here are some reasons why.
What Women Need to Know About Life Insurance:
1. As long as you are supporting another person, it is a must to have a safety net and life insurance will help you with that. It’s protecting the people you care about.
2. Single women needs insurance too, especially those who have debt load and with aging parents. And did you know that being young and single, you have the advantage of getting affordable life insurance policy? Yes, that’s one of the perks of getting life insurance while you are still young. You can purchase life insurance policy at reduced premiums by locking in a low rate for certain period of time.
3. Single women with child must have life insurance. Being the sole breadwinner, make sure to safeguard your child’s financial future. What if something happens to you? Who will take care of your debts? Who will provide for your child or children’s needs?
4. Married working moms think ahead and ensure the income that supports your family. Don’t let loss of income or tragedy make your family suffer. When in times of need, life insurance can help with the family budget and in times of loss it can cover funeral expenses and other costs.
5. Married stay-at-home moms should not only rely on their husband’s coverage. Not many realize how big the responsibility of a stay-at-home mom is. In case of tragedy and something happens to you your partner may end up hiring people to do the chores and take care of the kids and these will cost them a lot.
It is important to know your options when it comes to life insurance. Genworth Financial offers simplified explanation on the three types of life insurance. They helped me understand more about flexible premium life insurance policy, so before you make your choice check them out to know more about your options.
Topic: Life Insurance