Finances are something we all think about. We no longer live in the age when the husbands did all the financial planning and wives only managed cooking, cleaning, and raising children. In fact, nearly half of women (44%) are the primary breadwinners in their households and 27% of married women now say that they manage the financial and retirement planning.1 Despite women rising in the workforce, their incomes growing, and having more financial power, they still overall have less confidence with money and less life insurance coverage than men.
A study by Genworth Financial shows the great need for life insurance among women:
- 49% of childless married women have no life insurance
- 43% of married mothers have no life insurance
- 59% of unmarried mothers have no life insurance
Life insurance for women is more important today than ever, so why are they still underinsured? Many women feel that financial information is too difficult to understand and geared only toward men. In today’s world, women also feel that their everyday responsibilities keep them too busy to address financial planning strategies, but there’s good news on that front. Technology is helping make financial planning easier. At Quotacy.com, it only takes 30 seconds to get an anonymous term life insurance quote. Once you apply, the team moves things along for you making the process of buying life insurance as easy as possible.
You may be wondering if you even need life insurance. If you can put yourself in one of these categories, then definitely consider buying life insurance:
The countless hours you spend providing for your children are worth more than one can imagine. If your family lost you, it would be a great emotional and financial tragedy. Life insurance would mean the father could afford child care, extra help if needed, and be able to continue to pay the mortgage so you would not have to uproot your children.
- You’re a new bride
A young, newlywed couple often has mortgage or rent payments added on top of student loans. Without your income, would your spouse be able to cover these expenses?
- You’re a single mom
If you’re a single mom, you may be the only one supporting your children financially. What happens to them if you die prematurely? Family members may step in to help, but can they afford taking care of your children long-term without your income to help?
- You’re supporting aging parents
An estimated 60 million families in the U.S. are caring for an aging or disabled person, and at least 80-90% of caregivers are women.3 With people living longer every year, the costs of caring for an aging parent have risen. If you die, who will be able to provide for these loved ones you support?
- You’re a senior woman
You may want to consider life insurance to cover the costs of a funeral, medical bills, or estate taxes so it’s not a burden to your surviving loved ones.
Financial security is not the responsibility of the husband or father alone. Women not only need to think about their financial futures, but they need to do something about it too. Take a moment to think about those who depend on you, and what would happen if you were no longer around to provide. If there is a chance your loved ones would suffer financially, then life insurance is essential to make sure you are covered. Get a term life insurance quote today and see how little it would cost to protect those you love most.
This post was created in partnership with Quotacy.
*This post may contain affiliate links
1 Prudential 2014 Financial Experience & Behaviors Among Women study
2 Allianz 2013 Women, Money, and Power study
3 Forbes 2013 article Is Caring For Aging Parents Unfair to Women?
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I think it is super important to understand what kind of life insurance coverage your employer and/or spouse’s employer provides. It can be easy to not be completely clear and then think that you need to buy more insurance. Check there first!
These statistics are so disheartening! Life Insurance is one of the most affordable safety nets you can afford in life. We’re talking a couple of dollars a MONTH at the very most. If you can afford Netflix then you can afford to buy a little peace of mind with life insurance. Great post, Gretchen!