“Man may work from sun to sun, But woman’s work is never done.” For many American women, this adage has never been truer today. A Pew Research study (2023) showed that – on top of taking care of their children and doing the housework – 45% of married women are earning either the same or more than their husbands. Despite their growing economic role in the family, however, women lag behind men when it comes to life insurance ownership.
Source: 2023 Insurance Barometer Study, LIMRA and Life Happens
Misconceptions about life insurance and other concerns have held women back from owning life insurance, a 2023 Insurance Barometer Study (LIMRA) revealed.
However, women’s financial concerns about their future clearly points to their need for life insurance.
Whether married or single, primary breadwinner or a full-time homemaker, here’s how life insurance benefits women from all walks of life.
For single moms
Your family relies on you for everything they need. If something happens to you, life insurance ensures them of financial protection. Not just to cover funeral expenses but more importantly it safeguards their financial future by providing a stable income to cover your children’s present and future expenses.
For single women
If you’re caring for a sibling with special needs or for your aging parents, you and your loved ones can enjoy the living benefits of a permanent life insurance. This refers to the cash value of your insurance which you can tap for your needs even before your death.
If you have loans and debt repayments, your life insurance can cover for these upon your demise thus sparing your family from being burdened with your financial liabilities.
For marrieds
If your family relies on both your income and your husband’s, your life insurance can spare your family from financial setbacks by helping replace your income when you’re gone.
For stay-at-home moms
You may not be earning a salary, but everything you do for your family – childcare, cleaning, cooking, managing the household – has great value. All these need to be replaced in the event of your passing – your life insurance can fill in the gap.
Knowledge is power
By understanding the many options available to them, women have a lot to gain from life insurance. Our Mercado Global Brokers can help. Give us a call so we can talk about your present needs and future plans and match these with a life insurance policy that works best for you and the people you care for.
