Today, women have more financial responsibilities than ever before. Whether you're married or single, working or staying home, a mother or a wife, you probably need life insurance. How will your family or loved ones manage financially if you die? At the very least, life insurance can help pay for the costs of funeral and burial services, as well as your outstanding debts. If you have a lot to leave behind, life insurance can help your heirs pay the estate tax needed to inherit your estate.
Many families depend on the income of two working parents. If you're a working mother, your income has a big impact on your family's lifestyle. Your income helps cover the cost of ordinary living expenses such as food, clothing, and utilities, and it provides savings for your children's college education, as well as your retirement. Life insurance protects your family by providing proceeds that can be used to replace your lost income if you pass away prematurely.
Many women think they don't need life insurance because they have no dependents. What's often overlooked is that life insurance can provide necessary funds to pay off car loans, education loans, debts, a mortgage, taxes, and funeral expenses that might otherwise be the responsibility of family members. Also, you can use the cash value of permanent life insurance as supplemental retirement income later in life.
Whether you're divorced, widowed, or making the brave choice to raise your child alone, you're probably primarily responsible for your child's support. If you die prematurely, life insurance can provide ongoing income to cover childcare costs, medical expenses, debts, and future college costs. Without life insurance, who would take on that burden?
Running a household is a full-time job, and you have many important roles and duties. The cost of the services you provide every single day could be significant if someone had to be hired to do them. If you die, your surviving spouse might have to pay for childcare, transportation, and housekeeping. Taking over these added responsibilities could cause your spouse to shorten work hours...and earn much less money. Proceeds from your life insurance can help your spouse pay for services that keep the household running and allow him to keep working.
Many women provide care for both children and elderly family members. Caring for an aging parent or family member can include paying for the costs of adult day care, uninsured medical expenses, and extra transportation. Adding these expenses to the costs of maintaining a household (let alone child care or extra expenses like college tuition) can be financially overwhelming. Unfortunately, sometimes this kind of care generates bills that still need to be paid even after you pass away. Life insurance provides a source of funds that can be used to help pay for these expenses.
You may also be one of the increasing number of women who own their own business. If you die unexpectedly, life insurance can provide cash for company expenses (such as payroll or operating costs) while your estate is being settled. Also, life insurance can be a useful tool for business owners structuring buy-sell arrangements, or even for providing benefits to key employees.
No matter who depends on you, life insurance can protect them if anything happens to you.