There is a common misconception among married couples that the female half of the equation doesn't need a life insurance policy. Considering their significant contribution to the financial stability of the home and family, nothing could be further from the truth. Whether or not they are working outside the home, are a stay-at-home parent, or are nearing retirement age, there is a strong argument for purchasing protection and peace of mind with a life insurance policy.
Two-Incomes or Stay-at-Home Mom According to recent figures from the Department of Labor, 57 percent of women in the U.S. participate in the labor force. Also, 70 percent of women with minor children are working outside the home. Yet, these contributions to the family welfare aren't being adequately insured against a tragic loss. The Insurance Information Institute reports that 43 percent of adult women have no life insurance at all and those that do are carrying 31 percent less coverage than their male counterparts. If your family loses that income, it's important that there be a source of financial security in place.
The same logic applies to women who remain at home to raise children. Too many women don't place enough value on the services that they provide in the home. In fact, one survey showed that women underestimated the value of those services by as much as 55 percent. A life insurance policy can cover those services and provide for both children's daily needs as well as their long-term goals, such as a college education.
Life Insurance for Women Over 50 Even women over the age of 50 and nearing retirement age might wish to consider either keeping their life insurance coverage or buying a policy. Some women are purchasing life insurance to assist grown children when they're gone for several reasons. Either they expect that they will be subject to estate taxes or they wish to leave a "legacy" for their adult children. Many experts agree that the best reason to purchase life insurance after 50 is to provide for your own possible long-term care costs.
If you wish to cover long-term care costs for yourself, you might want to take a look at a hybrid life insurance policy. This type of policy has two parts. There is a traditional death benefit and what's known as a "living benefit." This living benefit allows you to pay for long-term care needs in the future.
Choosing the Right Life Insurance Policy If you are a woman with any sort of income, family responsibilities or financial obligation, you should probably consider a life insurance policy. The type of policy you choose will depend on factors such as your age, budget, health, and other circumstances. While employers may offer life insurance as a standard benefit, it is often not adequate and won't go with you if you leave your job. Women traditionally have lower insurance premiums for life insurance than men, so there is little reason not to protect loved ones against the risk of financial loss.
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