While women never miss out on things like auto insurance and homeowner’s insurance, they often let life insurance slip through the cracks. But as a woman’s role in the home and in the business world continue to progress and change, it becomes more and more important for her to know about her options. Whether a woman is the primary breadwinner of the family, a stay at home mom, or a single parent, it is now more important than ever for women to have insurance coverage.
What types of women need insurance?
Single women – Many single people, both men and women, think that they can bypass the option of life insurance. And while this is sometimes the case, in other situations it is not. When you are single and without any dependents, life children, life insurance becomes important if you have debts. Did you know that if something were to happen to you, your debts could become the responsibility of other family members? Life insurance can help to protect your family from incurring your debts including things like educational loans, car loans, mortgages, funeral expenses, etc.
Single moms – Insurance is especially important when children are involved since they are not capable of supporting themselves. If you have a child and you are divorced, widowed, or single, you are probably the primary source of support for your child. In such a case, you want your child to be protected should anything ever happen to you. Life insurance benefits can cover costs like medical expenses, child-care, debts, and future college tuition. You can also leave a portion of your life insurance benefit to another family member to help take care of your surviving children.
Working moms – If you are a working mom, even if you are married, you may still want to consider life insurance options. Many times families require two incomes to sustain their home and lifestyle. If something were to happen to you, would your significant other make enough money to cover all expenses? If not, insurance can help to replace your income for a given number of years.
Stay at home moms – Even stay at home moms should consider insurance. As a stay at home mom, think of all the things you do. You maintain the upkeep of the house, care for your children, possibly manage the finances, and transport your children to school/events. If something happened to you, who would take on these responsibilities? If taking on such responsibilities would fall into the hands of your significant other, it could cause them to lose time off of work. If this is the case, you may need to consider alternative options like housecleaning services and child-care. Proceeds from life insurance can help to pay for services like these.
Caregivers – Even if you do not have children, you might still be taking on the responsibility of caring for elderly or disabled family members. If something were to happen to you, you would want to make sure your loved ones were still cared for. Insurance policies can help to cover costs for things like your loved ones health care, medical expenses, and transportation needs.
So why is it so important for women to have life insurance? Essentially for the same reasons it is important for men to have insurance. Regardless of whether you work or not, having insurance can help to ensure that your children and loved ones are taken care of if anything should ever happen to you. Even if you don’t have any dependents, insurance is still important to ensure that your debts don’t fall onto the shoulders of family members.