Thinking about yourself passing on or a loved one passing on is a terrifying thought. Unfortunately, life changes all of the time. Having a life insurance plan secures your families assets in a time of sorrow. Here is five reasons why women need life insurance:
1. More and more women are becoming the primary breadwinners of their r families. If you are the dominant bread winner of your family, then that means that you have a lot of people depending on you. Whether you’re earning more than your spouse or you don’t have a spouse, your income is critical to providing the most basic of needs to your family. Life insurance ensures that your family will be covered if you pass suddenly.
2. Stay-at-home moms need protection, too. Although stay-at-home moms are not necessarily the breadwinners of the family, they are the primary care takers. They provide endless love and nurturing to their families. A survey on Salary.com said that stay-at-home moms could charge up to $120,000 per year for all of the duties they perform. Don’t discount the value you provide as the manager of the household. Life insurance provides much needed funds when an overwhelmed spouse or other caregiver suddenly has to find help to care for the kids, manage a household or needs to take a significant amount of time off to stay with them.
3. Women almost always pay less for life insurance plans. This is for a variety of reasons. Women outlive men by five years on average. A longer average life expectancy brings the cost of life insurance down for women. Also keep in mind that the younger and healthier you are, the less it will cost you. For example, a healthy 30-year-old can get $250,000 of coverage in the form a 20-year level term life insurance policy for about $13 a month.
4. Mompreneurs and those who work part time need coverage too. Women often run home-based businesses or work part time while also raising children. If you income even supports your family, you need life insurance too.
5. Women’s situations can change. Life happens. If your financial situation changes, check up with your broker or agent to make sure your life insurance plan covers all of your needs. Anything from a divorce or business change can give you a reason to change your life insurance plan.
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.
Cosmo Insurance Agency is knowledgeable in various options including but not limited to – term, ROP, permanent and whole - from over two dozen A rated carriers. We are familiar with the rate classifications that particular carriers use to determine the health class of enrollees – and there are significant differences between them. No matter what the results of your medical examination are, we will find the insurer that will provide you will the best rating class and thus the lowest premiums.
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