Wednesday, July 3, 2013

Life Insurance for Women: Why is it Important?

Last month I mentioned the buzz over the rise of women and the decline of men. That’s not saying that more women are being born than men … no. Currently, the percentage of women in the workplace is at an all-time high! But what we’re finding out that’s concerning, is that a high percentage of those women working do not have life insurance or do not have enough. And the scariest stat of all: Most of those women are mothers!

Information for this post is sourced from Genworth Financial in partnership with the SheHeard Influencer Network. All opinions are my own.

Life insurance is an important part of overall financial planning that is too often overlooked. The simplest reason to have life insurance is to make sure your loved ones are taken care of after you’re gone. To make sure they’re still able to pay the mortgage payment and bills. To merely stay afloat. If someone depends on you – whether you are in the workforce or a stay-at-home parent – chances are, you need life insurance. And you need to make sure you have ENOUGH life insurance.

Recent survey results indicate that approximately 65 percent of single mothers carry no life insurance. Partly due to the fact that those parents are too busy to think about it … or because they can’t afford it. Another statistic indicates that 80 percent of children after the death of a parent without life insurance – male or female – descended into poverty. That statistic is appalling. No parent should be too busy or too afraid to allow that to happen to their child or children. Purchasing a life insurance policy as a single mother is a critical step toward a family’s future financial security.

We live in a progressive era in which women are more empowered than ever before - they're entering the workplace, they're generating income and they're an integral part of families. Families need to reconsider their approach to financial planning - women are making more money than ever before, and expense management strategies need to be adjusted accordingly.

So regardless of whether you are single, married, in the workforce, or a stay-at-home parent … life insurance for women is definitely worth taking the time to check into. Make sure the value of your life is properly insured so that your family will be taken care of no matter what.

If you are a mom … do you have life insurance? Have you ever thought about it? I know for me … as a busy stay-at-home mother, the thought never even crossed my mind. But it has today and I’ll be making some phone calls during naptime!

Disclosure: This post was inspired by Genworth Financial. All opinions are always 100% my own. For more information about money management, budgeting, life insurance, etc, visit the Genworth Financial website.

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