A lot has changed for women in the past several generations. While it’s still a large discussion in our current social climate, today the gap between women and men in terms of income, opportunity, and earning potential is smaller than ever before. But, while more women than ever are juggling demanding careers and healthy families, women as a whole still lag behind men when it comes to using life insurance.
Why Working Moms Need Insurance
Women are playing an increasingly large role in the economy, and in the financial health of their families. In 2018, mom’s overall annual wage ticked up 1.9%, putting them in the higher end of the middle-class earners*. This financial shift must result in a corresponding shift in insurance shopping. While traditionally the breadwinner of the family was the one who provided life insurance to protect the family in case of an accident, today families are relying on 2 incomes to make ends work. Working mothers, therefore, have a responsibility to consider their family’s financial reality and decide if their loved ones could continue without them, on a single income. In all likelihood, life insurance is a necessary hedge against disaster.
Why Single Moms Need Insurance
No one wants to think they could die unexpectedly, or that they could have an accident that leaves them physically disabled and unable to work or care for their loved ones. Yet these are real possibilities, and in the case of single mothers is especially difficult for the surviving dependents. While couples have a second parent available to continue providing and to raise their children, single mothers have no such contingency. If something should happen life insurance can be a decisive factor, providing the financial resources necessary to provide for their children’s needs and to support their caretaker.
Stay at Home Moms
Too often people underestimate the work of a stay at home mom. Childcare, cooking, and cleaning are not inexpensive services, and if a stay at home mother were to pass it would force the surviving parent to make hard decisions between staying home to parent (and cutting back on hours) or hiring expensive assistance to help fill in the gaps. While every situation is different, life insurance provided by a stay at home mom can help hold a family together and even provide a sort of inheritance, as the death benefit may be used to pay for future college tuition, weddings, or other major events later in life.
Moms really do need life insurance, and agents have a responsibility to make that need known and also to clearly explain the different options available and their advantages. From affordable term life insurance to guaranteed whole or universal life insurance (including options with retirement or long term savings aspects like Indexed Universal Life) there really is a policy for every budget and every need!
For more information, contact Simplicity Life today! 800.921.3100
*Mother’s Day Index 2018, Insure.com