Traditionally men have been the more frequent buyers on life insurance. Do women need life insurance? Yes, they do and they need it for exactly the same reasons men do – to replace lost income, pay a mortgage, provide money for death expenses, provide for the long-term security of family. It’s not just married women or women with families who need life insurance. Even single women need life insurance. For single women, life insurance can be a way to cover loans and debts for which the responsibility may fall on other family members. Being single isn’t the same as being without responsibilities. A single woman may have loans. If anything happens to the single woman, there will be final expenses, which can run into the tens of thousands of dollars. These obligations fall on parents and other loved ones. Life insurance is very affordable for women who are young and healthy. For a married woman life insurance is very important. If both spouses own a home together, it becomes more important. If the children from the marriage, life insurance is again important. If both spouses are earning, the household tends to depend on the income of both spouses and if the woman’s income is lost, the household could face financial strains. If the woman is the only earning member of the household, then the loss of her income can result in financial troubles for the household. If the woman is a single parent, she may be the sole breadwinner, responsible for the support and care of her children. In such cases, the need for life insurance is even more crucial than in dual-parent households, which will have another source of income if one parent dies. Women live longer than men. Majority of women are likely to leave alone by the time they reach 85. Most women have reduced access to social security after retirement. Insurance can be an affective way of taking care of retirement expenses.
With life insurance a woman can make sure her family is cared for, whatever happens.
Adequate life insurance can replace a woman’s income, remove uncertainty and help guarantee her family’s financial security. Life insurance can protect a woman’s future insurability as she gets older. If married, her coverage will help protect her husband and, possibly, children. If a woman remains single, her life insurance can accumulate cash value to help provide a secure retirement. A cash value life insurance policy can help accumulate funds on a tax-advantaged basis to supplement other retirement income.
