Who’s bringing home the bread? In 1950, only about 23 percent of women were in the workforce. Today, 61 percent of women bring home a paycheck. We’re talking about women who are single, married, single-parenting or widowed. How does life insurance speak to the working woman of today?
Historically, women tend to undervalue themselves and their contribution at work and at home. Statistics show that only 1 in 3 women have life insurance and even if they do, insurance coverage is usually not adequate. In fact, 56 percent of working women believe that do not have enough coverage, or are not sure whether it is enough. Many women find jobs that allow them to have adjustable work hours so that they can take care of their husbands, their kids and the home in addition to their work outside the home. But while working outside the home has a dollar value, most women don’t put a price on their contribution as a home-maker.
If you are a homemaker, never underestimate the value of your role. Transporting your children, home-schooling, house-keeping, cooking, running errands, as well as the nurturing and caring that goes into making a home run efficiently and smoothly are beyond value. A partnership in which the husband works and the wife works at home should not be considered less valuable than a family who has a dual income.
While 2 out of 5 women enjoy their status as home-makers, dual-income families are becoming the common picture of the modern family. Both husbands and wives work outside the home to make ends meet. Statistics show that while 80 percent of women understand life insurance products well or somewhat well, about 44 percent have never discussed the issue with their spouse. A woman who works outside the home should have enough coverage that would compensate for any financial loss that would be incurred by her premature death. Many couples use the husband’s salary as a home expense account and put a major portion of the wife’s earnings into savings for retirement, college education for the kids, a new home, etc. Losing a wife’s income would mean losing those savings and having to hire a housekeeper or putting your kids in a daycare center.
If you’re single-parenting you may not even have time to think about life insurance. It is vital for women who are divorced or widowed, particularly with children, to take the time out from a busy schedule to understand and purchase a life insurance product that suits your needs. Since you solely bear the major financial responsibilities at home, your need for life insurance becomes even more critical. Think about what would happen to your family if you were to die or suffer a disability. If your children are young, you can create a trust and designate someone you can trust as the executor so that your children are well cared for.
If you’re a single woman with no kids, divorced or widowed your needs for life insurance may not be as great but you should still consider life insurance as a means to pay off loans or funeral expenses, which may become the burden of your parents if you died. You may also want to consider purchasing a life insurance policy now while you are young and healthy and chances of getting preferred rates are higher. Should you decide to get married, have children, you’ll have an inexpensive policy which is already in effect to financially protect your loved ones.
Life insurance for women is a cheaper proposition than it is for men. Because statistics show women live longer than men, you’ll find life insurance premiums for say a 30-year old woman, cheaper than the premiums for a man of the same age, assuming both are in good health.
Where to find cheap life insurance?
Search online for free life insurance quotes. Look for online life insurance quote providers that are associated with top-rated life insurance companies. Many of these providers also offer valuable information to help you fully understand the various life insurance products available to you and how you can make an informed decision. Should you have any questions related to life insurance, you can get online help or call the company to get free personal customer service from unbiased life insurance professionals.
By understanding life insurance products, assessing your personal needs and comparing multiple life insurance quotes from reputed life insurance companies, you are in a better position to get the best and most affordable term life insurance.
Today’s guest post was contributed by Denise Mancini of Accuquote.com.