5 Reasons Women Need Life Insurance Today

Last Updated: March 31, 2019

According to a national poll conducted by wholesaleinsurance.net, 43% of women don’t carry life insurance. Women play a significant role in the financial health of their families. Even if they don’t earn an income, their contributions are priceless. This is why women need life insurance.

It’s often thought that the breadwinner of the family is the only partner who should carry life insurance. After all, the financial well-being of the family falls on that individual. But what would happen if the caregiver of the family passed away? Would this increase the financial burden for the breadwinner of the family? Yes, significantly.

Whether you’re a woman who works full-time or stays at home with your children, here are a few reasons why you need life insurance today.

Quick Article Guide:

  1. It’s Less Expensive for Women
  2. You’re the Sole Provider
  3. You’re a Stay-at-Home Parent
  4. You’re Single
  5. You’re an Entrepreneur
  6. How Much Coverage Do You Need?

Life insurance is less expensive for women

In a recent report conducted by the National Center of Health Statistics, the average life expectancy for women was 81.1 years old and 76.1 years old for men. Because women tend to live longer than men, most women’s life insurance policies tend to be less expensive.

Many life insurance policies for women lapse before insurance companies have to pay out the policies. Insurance companies are banking on the fact that many women outlive their age limits. Usually, since the insurance companies view women as less of a risk, they receive lower premiums for their life insurance policies.

You’re the sole provider of your family

Single moms run their family’s universe. Not only do they provide an income, but they care for their children. Their family relies on them for everything. If something were to happen to them, life insurance would be the key to supporting their family’s needs.

If you’re a single mom, it’s imperative you have a life insurance policy. Not only will this life insurance policy provide financial stability for your family if something were to happen to you, but it will give you peace of mind. You can rest well at night knowing that your family will be taken care of in the case of your absence.

You’re a stay-at-home parent

life insurance coverageDid you know if you were to put a price tag on the work stay-at-home moms complete they would make approximately $162,581 a year? They cook, they clean, they chauffeur children daily, they help with homework, and so much more. If you were to hire someone to take care of every job they accomplish, you may break the bank.

If you’re a stay-at-home mom, you need life insurance. You need to make sure your family is taken care of. Whether you believe it or not, you keep your family running. Stay-at-home moms make significant contributions to their families. Even if you don’t earn an income, you have a monetary value for the assistance you provide.

You’re single

Even if you don’t directly have dependents, you may have other people who rely on your financial well-being. Women often take on the burden of an aging parent or another member of their family. If the responsibility of caring for your parents has fallen into your lap, you need a life insurance policy.

Take a second to imagine what would happen to your parents if you weren’t around. Who would provide care for them? Who would check in on them? Who would take them to the grocery store? If you are unsure about any of these questions, life insurance can help ease some of the financial stress that would come from your absence.

Another reason you may want to consider life insurance is if you have a lot of debt. And more importantly, if you have a co-signer on your accounts. Most of the time the responsibility of payment falls to your estate. However, some creditors may go after the co-signer for repayment anyways. You don’t want to leave this situation up to chance.

So, even if you don’t have anyone who directly relies on your income, it may still be a good idea to buy a life insurance policy.

You’re an entrepreneur or have an income stream

All women need life insurance. If you have a form of income, it will be missed in your absence. Don’t make the assumption that your family will be able to survive on one income alone. Your contributions make a big difference in the long run. So, whether you run a business, you work full time, or you have a side hustle, you need life insurance.

How much life insurance do you need?

how much coverage do you needNow that you understand why all women need life insurance, how do you know what amount of coverage you will need? When determining your life insurance needs, you want to review all the contributions you make to your family. Include the monetary value of your everyday tasks such as cooking or cleaning. Adding up all the tasks you provide will equate to the total annual income your family will need in lieu of your absence.

Once you have determined the annual income your family will need to thrive, you can use several different methods to decide how much life insurance you will need. Here are just a few methods to help with your calculations:

  1. You can multiply your income by ten.
  2. You can multiply your income by ten and add an extra $100,000 per child for education expenses.
  3. You can use the DIME method. This entails adding up the following:
  • Debts and final expenses (include burial expenses)
  • Annual income multiplied by the number of years your family will need assistance
  • Mortgage
  • Education expenses for your children

Next, reach out to a life insurance expert to help you complete the process. An expert can help you navigate the life insurance shopping process and will help you discover the best policy for your life insurance needs.

After you purchase the appropriate amount of life insurance, be sure to review your policy every year. You never know when your life insurance needs will change. Maybe you have an addition to the family or you moved into a larger home. These life changes can impact the amount of life insurance you will need.

The bottom line

Women need life insurance. They are a crucial part of any family dynamic and their monetary contributions need to be accounted for.

You want to make sure your family is taken care of in case of your absence. So, take some time and identify the right life insurance policy for your needs today.

At Term Life Advice, we work with 63 top-rated life insurance companies to help our client’s find the most affordable life insurance coverage. We also offer no-exam life insurance if your schedule is too full to meet with a nurse, or if need insurance in a hurry to collateralize a business loan.

Give us a call today at 855-902-6494 for some accurate rates to help you get started, or you can request an online quote below to instantly compare your options.

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