Women have overcome many challenges in the past decade, and, their financial power in the United States cannot and should not be ignored. And neither should their life insurance needs.
Insuring Working Moms
Whether a part of the estimated 7.9 million women who own businesses in the U.S.,1 or a typical working mom, it is important that women have adequate life insurance coverage. Gone are the days when the focus was solely on the insurance needs of the husband. Now, many households have two spouses who work outside the home, and women may be the primary wage earner. Could your family get by on just one income? If not, be sure to insure both with personal life insurance to protect your family’s future.
Insuring Female Business Owners
Female business owners have both the need for personal insurance and for insurance to help preserve, grow and protect their businesses. Common needs for business owners include life insurance for key personnel and for transferring the ownership of closely held business. In most cases, the owner can also use accumulated cash in a life insurance policy to satisfy business obligations and to use for emergencies.
Insuring Stay-at-home Moms
Don’t forget about insuring the life of a stay-at-home mom. When a family loses a stay-at-home parent, the impact can be both emotionally and financially devastating. According to the website salary.com, it would cost over $100,000 per year to replace the duties a typical stay-at-home parent performs. Consider how stay-at-home moms often provide services such as cooking, cleaning, laundry, transportation, child care, bookkeeping, tutoring and more. Stay-at-home parents often make it possible for the primary wage earner to focus on his or her career and maximize income for the family. Life insurance can help prevent a financial catastrophe after the loss of a stay-at-home mom.
A recent study by LIMRA, a life insurance industry organization, showed that a little over one-fourth of women have no life insurance coverage at all.2
If you are interested in learning more about life insurance, talk to your financial professional or insurance representative to discuss affordable options that give you peace of mind and the right kind of protection for your family.
The contemporary life insurance market is way more extensive than a source of income for beneficiaries when catastrophe strikes. With a plethora of options, these plans offer you and your entire family peace of mind, and often give your money investment opportunity to allow you to enjoy the money invested during your lifetime.
Choosing the perfect life insurance plan depends as much on your financial needs as it does on your health class rating. We will assess all factors and guide you through every option until we find the perfect plan for you.
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1 The 2014 State of Women-Owned Businesses Report, Commissioned by American Express Open
2 U.S. Consumers Today—Women and Men, LIMRA International, 2014