As recently as 60 years ago, women made up just 25% of the work force, with just a slightly higher percentage of women (compared to men) having life insurance policies. While these numbers have grown as the years have gone by, they are still significantly lower than their male counterparts. However, with many women having more financial responsibilities, it is just as important for women to have life insurance as men.
Regardless of what stage of life a woman is in, life insurance can be used to cover, at minimum, the cost of burial, unpaid debts, and any other expenses she may have incurred. For single women, like their male counterparts, the cost of their death will most likely fall to their family members, who may not be able to afford the ever increasing costs of a funeral and burial.
Women and wives in the work place also have need for life insurance. The family, be that just a husband, or perhaps children as well, may rely solely on the income provided by the lady of the house. Their unexpected passing can have a strong impact on the lifestyle the family had become accustomed to. Not only would her husband have to cover the expenses of her passing, but also the income she brought into the house. Term Life Insurance can be used to replace the lost income while her family adjusts financially.
Similarly, life insurance is important for single mothers. Regardless of how they became a single parent, they are most likely to be the person primarily responsible for their child. While an ex-husband or father may provide some child support, the primary financial responsibility falls to the mother, If she were to die prematurely, life insurance could be used to cover the costs of child care, or be set aside for future use for the childs education.
Like a working mother, a stay-at-home mother has a full time job. From maintaining the house, driving the children to and from soccer practice, making dinner and much more, managing the home is a full time job. Not only are these tasks time consuming, but they ultimately save the household a significant amount of money. Were a stay-at-home mom to unexpectedly pass, would her husband be able to spend the time necessary to maintain the home? If not, could he afford the cost of child-care and housekeeping? Life Insurance for a stay-at-home mom can be used to reduce the financial strain of her passing for her family.
Every woman can benefit from having life insurance. Not only can life insurance be used to help cover the expenses of her passing, it can help give them peace of mind should something unforeseeable happen. When looking for life insurance, it is best to compare your options, be it the amount of coverage or length of the term, different companies will offer different choices. Going through an independent insurance agency, like SelectQuote, can help you cut through the clutter and find the best policy for you.