Why so Many Women Now Need Life Insurance
Historically, life insurance has been considered a must-have for heads of household – the breadwinners who will need to provide for spouses and children on their deaths. In the past, that was usually the male partner; now, increasingly, the breadwinner is a woman.
Many Women are the Breadwinners
Women make up 51 percent of the population. The majority of college graduates are women, and more than half of the labor force is female. In fact, nearly 62.8 percent of women are wholly or partially their families’ providers. Nearly two-thirds bring home at least 25 percent of their family’s earnings.
With this economic trend comes the responsibility for ensuring the family’s needs will be met in cases of unexpected death – and that’s why it’s so important for women to consider life insurance.
Covers Short- and Long-Term Needs
Life insurance can provide a lump sum of money to replace income in the event of the death of the breadwinner. This sum can cover short-term expenses, such as the cost of a funeral and paying off incurred debts. It can support requirements such as housing, food, and clothing for surviving family members. And it can provide for long-term expenses, such as college educations or retirement nest eggs.
Help With Household Tasks
Life insurance can also help with some of the household responsibilities, which, for the most part, are still handled by women. These responsibilities, which generally keep households running smoothly, include child or grandchild care, and household chores.
With adequate life insurance, families are able to find other means of getting help around the house, either in the short term or for the long term.
Life insurance, of course, can never replace the individual, but it can help pay for the vital services provided to spouses, children, and grandchildren. It only makes sense to consider it. An advisor can help you determine the best options for you and your family.