Life insurance pays off mortgages, funds college education, provides for retirement and gives the money necessary for an unlimited list of expenses. In short, with life insurance the surviving spouse is likely not to have to sell the family home or have their standard of living negatively altered. A man buys life insurance to protect his family, replace lost income upon death, his own retirement, and a myriad of other reasons. Why should a woman buy life insurance? A woman should buy life insurance for the exact same reasons that a man buys life insurance. While there are thousands of people who do not have life insurance, many who do are underinsured. Whether you are married with a family or a single working female, women unmistakably need life insurance. With most families in America dependent on two incomes it is surprising to hear that women today are quite often underinsured when it comes to life insurance. The reason that women are underinsured is because we tend to neglect our own needs, including insurance needs. Historically, adult males represented 57% of all life insurance policies purchased in the United States (according to the American Council of Life Insurance). Women represented 29% of all life insurance policies. (According to the American Council of Life Insurance). While, the gap may be closing (today 59% of women compared to 64% of men have life insurance policies), women don’t have enough coverage. The average life insurance settlement (death benefit) for men is $143,100 versus $76,000 for women. (According to “Trends in Life Insurance Ownership”, LIMRA International) At one time in our history women were primarily based at home. Today, husbands and wives are economic partners. If something were to happen to you, and the money you bring in, would your family be financially devastated? In the event of death, your family will have enough to cope with emotionallywithout the added burden of not having enough money to maintain the same standard of living. Yes, women do it all. We manage our homes, our own successful start-ups, departments and entire organizations. We are the primary caregivers for our children, spouses, parents and pets. We do it all very well. However, when it comes to having adequate life insurance (i.e. caring for family in the event of our death) we don’t fair as well. In today’s world women should strongly consider their insurance needs. Their financial contributions to the household are of a much greater value than once before. All women should consider their own and their loved ones financial security. n
Elisabeth A. Hall is a Financial Professional with in Jamestown, NY. She serves as Vice President of the local National Association of Insurance and Financial Advisors for Chautauqua County and is a member of the Million Dollar Round Table. Mrs. Hall can be reached by calling (716) 483-1531 or via email at elisabeth_hall@glic.com.