I talk to a lot of women about their need to purchase individual life insurance. Many still have the outmoded idea that life insurance is important for men but not necessary for women. I also find that when they do have life insurance, they generally have policies with far less dollar coverage than men, relying primarily on life insurance provided by their employee benefit plan for coverage.
Most married women with children see the need for their husbands to have life insurance. They understand that insurance may not make their family rich, but it can provide a financial cushion to give their family time to adjust to the changes they’ll have to make if their husband died. These including possibly down-sizing their home, finding quality child care and other services to compensate for not having a marriage partner. Life insurance benefits can mean the difference between the transition being manageable or desperate.
What many women don’t realize is that the same adjustments take place when a wife dies and leaves her husband and children alone. The fact is that if something was to happen to them, both parenting roles fall to their spouse. If he’s at work, how are things going to get accomplished at home? In addition to losing her contribution to their family income, their husband might have to change careers and take an income cut to spend more time with their kids. The bottom line is that when a mother dies, it is at least as expensive as when a father dies. And, a $50,000 policy from work won’t go a long way when a single parent faces years of raising children.
Women should also consider other life insurance benefits as well, including:
- Insurance can provide a lump sum of money to help pay expenses and generate an income. Life insurance can’t replace a spouse, but it can help pay for your kids’ college education, a daughter’s wedding or help ensure your spouse’s retirement dreams are realized.
- Insurance can be a lasting legacy. Life insurance can create a financial legacy for your kids, your spouse or even your favorite charity or alma mater.
Life insurance is important for both men and women. It provides a measure of security for you and your family and isn’t that what you want? I can help you determine the best options for you and your family. Give me a call at 440-255-5700 or email me at to set up an appointment. I look forward to working with you.