Life Insurance For Women– It’s Not Just About A Stay At Home Spouse
Women Need Life Insurance Just As Much As Men
Both men and women need life insurance, but traditionally, far more men have gotten policies than women. That said, now that more women are breadwinners and most families in general need both parents to work just to get by, it is more important than ever that women get life insurance policies. Even those who do work primarily as homemakers should look into getting a policy to ensure the future of their loved ones.
Don’t Have to Be the Sole/Primary Breadwinner
A 2013 Pew Research survey showed that four in 10 American households with (children 18 or younger) have a woman who is either the family’s sole or primary breadwinner. That said, you could be the secondary earner in your household and still need a life insurance policy. All you need to ask yourself is, “If I died tomorrow, would my family still be able to maintain their standard of living?” For most, the answer is “no”. Furthermore, keep in mind that even if your family can live on one income, they will still have to deal with funeral and burial costs.
Single Parents Need Coverage More Than Anyone
More than one out of every three single mothers is without life insurance, but parents—especially single parents— are arguably the most in need of it. Remember, insurance is really for your loved ones, not you. If something should happen to you while you are the only parent in your child’s life, you need to make sure that they will still have a secure future.
Just Because You Don't Work Outside The Home Doesn't Mean They Don't Provide Value To The Family
If you’re a stay-at-home mother or even a non-working spouse with no children, that doesn’t mean your daily activities don’t amount to a financial contribution for your family. Think of the costs of a house-cleaner, cook, childcare provider, etc. By providing those services for your family, you are saving that money and “earning your keep”, so to speak. Should something happen to you, those outside services may be needed, or your spouse may have to spend less hours at work to perform them, therefore earning less money. Life insurance policy amounts are largely based on personal income (or in your case, the equivalent), so getting one means your family can maintain their standard of living should something happen to you.
inexpensive Term Insurance Is All You Need To Start
What some people fail to realize is that there are actually different types of insurance policies. You may be most familiar with permanent life insurance, which involves you paying regular premiums throughout your lifetime. However, there are also term life policies, which are only for a specific period of time, usually between 10 and 30 years. You can save more money by going with a term life policy, which provides you with coverage during the years your family needs the most (i.e. when you still have dependent children), instead of keeping you insured when it is no longer as important.
Policies Are much Less Expensive for Women
Obviously, this is good news, and it is just one more reason to get an insurance plan.Women, on average, have a longer life expectancy than men, which means insurance providers see you as being a less risky client. This means lower premiums. On this note, you should also know that in general, the younger you apply for insurance, the cheaper it will be (but only if you’re healthy).