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Equal Rights, Equal Pay . . . How About Equal Life Insurance Coverage
There is a Growing Female Market For Equal Rights Life Insurance
Julia was a mother of two who worked full time. She contributed nearly half of the household's income. Her family lived a comfortable lifestyle, but all that changed when Julia was suddenly killed.
Her husband was forced to work a second job just to stay afloat. Unfortunately the house payments couldn't be met so their home was sold. College for their children? It was out of the question. Not only did the family lose a loved one, but their lifestyle changed because Julia didn't have insurance. Her husband's $200,000 policy was no consolation. How could this happen!?
What is your life worth? Secure Their Future Now!
Women have come a long way thanks to equal rights. They have jobs that pay more, but there still aren't equal rights across the board. Term life is a perfect example. The situation above is all too real. The U. S. Census reports that slightly more than 50% of the U.S. population are women, and yet studies show that less than 40% of insurance policies are being sold to women. Even in this age of equal rights, insurance sales have been focused on men because of an outdated belief that the loss of a male would create a greater financial burden and change in lifestyle.
While men carry the financial burden in some households, in many it is the exact opposite. More women are entering highly compensated legal and medical professions, and there are more female entrepreneurs and business owners than at any point ever before. Estimates state that between 80% and 90% of women will be solely responsible for their finances at some point in their lives. In more than 50% of U.S. households, both spouses work outside the home, and in more than half of those households, the woman supplies at least 50% of her family's income. Term life sales are clearly not reflective of the times. In this era of equal rights, women are contributing so significantly to the financial stability of American homes, it defies logic to think that only the loss of the man could cause that stability to falter.
Given these numbers, it is clear that the loss of the female member of the household could be financially devastating to a family that has not planned well. Often the loss means hardship in meeting the required funds to pay the mortgage, day care bill, college tuition and other basic monthly expenses.
Even if a woman does not work outside her home, her value is often underestimated. Without her, new bills could arise on top of existing expenses. While she may not be financially contributing to her family's life style, she is definitely a major contributor to maintaining financial stability. Should she die, her household responsibilities such as child care and home maintenance, will either cut into her husband's schedule or need to be delegated to appropriate service at a large cost.
Don't Let This Happen To You!
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About Life Insurance
Term life can secure your future now!
Paying for insurance may not be your favorite expense, but few can do without it, and it is economical. The key is to buy a policy only for losses, such as your income, that you or your family can not replace. Narrowly defined policies that only cover specific loss of life should be avoided, such as accidents, plane crashes or cancer. You're better off with a policy for any loss of life for a small increase in premium.
Don't skimp on insurance. Obtain insurance that is right for you. To estimate the amount of insurance, estimate your dependent's living expenses if your income is no longer available. Most consultants estimate five to ten times your annual income.
Use our calculator for a quick estimate, or consult with your financial advisor.
Term Versus Whole Life Insurance
Which is right for you?
Term life or temporary insurance covers the insured against death for a limited time or "term". The term might be until children are grown, college is paid, retirement, etc. You pay for the coverage period and at the end of the term the policy expires. If no claims are made during the term, you do not receive benefits after the policy expires.
Whole life or permanent insurance does not expire if you continue to pay the premiums. It provides coverage similar to term, but it also works as an investment. A portion of the premium goes toward insuring your life
while the other is placed in an investment account. This investment account can be either an interest bearing account or a stocks and bonds investment account.
Young families are usually wise to buy term insurance. The lower premiums enable them to purchase sufficient insurance coverage to protect against loss of income.
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