When you are younger, it’s easy to imagine living a long and healthy life.
However, as you get older, reality sets in and you begin to realize that an accident or illness can happen at any moment that could drastically change your financial situation.
Whether you are a mom, married or single, life insurance is an important part of a financial plan.
Losing the parent who stays home with children can devastate a family, emotionally and financially. Many women underestimate how much coverage is necessary to protect their families.
As a stay-at-home mom, think about the cost to provide a nanny, a chauffeur, a cook, a housekeeper, a gardener and much more. Salary.com determined that, if paid, a stay-at-home parent would earn $113,000 annually.
Without life insurance, would you or your spouse be able to cover that amount until the children no longer need parental oversight?
Life insurance can help fill that gap and give your spouse and children some financial stability in your absence.
Over the past few decades, women’s roles have drastically changed. No longer based primarily at home, women make up 47 percent of the workforce in the United States. (U.S. Census Bureau, Data Ferrett, Current Population Survey, December 2014)
As women reach new levels of personal and professional success, it is important to make time to assess your life insurance needs:
Can your family live in your home without your salary?
Are you adequately insured to replace your income for years to come if you were no longer here?
Life insurance is the foundation of a good financial plan. It can help replace your income and ensure that your family continues to maintain its current lifestyle.
Don’t just count on the life insurance that comes as a workplace group benefit. This benefit may not cover all of your financial needs. If you leave your job, you may lose this important benefit.
The emotional attachment between a single parent and child cannot be replaced. However, if mom is no longer there, the child will suffer emotionally and financially.
A single mother without life insurance runs the risk of her children’s basic needs not being met if she dies unexpectedly.
Life insurance can help provide money to take care of your child’s educational and living essentials many years down the road.
Whether you are single by choice, divorced or widowed, single women are often the heads of their households, providing for every financial need.
For single women, the question becomes who will be responsible for debts that are cosigned (car loan, education loan, mortgage, etc.). Aging parents or loved ones on fixed incomes may be responsible and this can be a burden on them.
Also, many life insurance policies now come with optional benefits that can provide cash to you should you become chronically ill. This money could be used to pay for a variety of services that you may need.
Depending on the life insurance policy chosen, the policy can help accumulate a cash value on a tax-advantaged basis that can be used for lifetime needs, such as funding education or supplementing retirement income.
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