Did you know there is a gender gap when it comes to life insurance?
A recent survey by Forbes revealed that 22% of women do not have any life insurance, and a significantly higher number of women don’t have enough. This contrasts with the 89% of men who have a life insurance policy of some kind in place.
I’ve seen firsthand how life insurance benefits women and their families. Here are three reasons why most women should consider owning a life insurance policy:
Protection for loved ones: One of the primary benefits of life insurance is that it provides financial protection for your loved ones in the event of your unexpected passing. Women often juggle multiple roles in their families, from caregiver to breadwinner. Life insurance can help ensure that your loved ones are taken care of financially if something were to happen to you.
Long-term savings: One benefit of a particular type of life insurance, known as permanent or whole life, is that it can serve as a long-term savings vehicle. Many life insurance policies have a cash value component that grows tax-deferred over time. This can provide women with a source of savings that can be used to supplement their retirement income, pay for a child’s education, or cover other major expenses.
Peace of mind: Finally, owning life insurance can provide women with peace of mind. For many women, the day-to-day weight of supporting a family is daunting enough. Without you, the resulting burden can seem unfathomable. Life insurance solves this problem by putting in place a much-needed financial safety net.
There are many reasons why women should consider owning a life insurance policy. Whether it’s for protecting loved ones, saving for the future, or having peace of mind, life insurance provides financial security for your family’s needs.
If you have any questions about life insurance or want to learn more about your options, we can help you find the answers you need.