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Why Women Need Life Insurance

If the unthinkable should occur, it can be at least somewhat comforting to know that a decedent’s loved ones will be able to move on. Yet, when saddled with excessive debt, and / or more future expenses, it can be very difficult.

Having a life insurance policy in place can mean that your loved ones and survivors will be better able to take on the financial challenges that may occur as a result of the unexpected. Just some of these can include the payoff of various debts, the payment of the insured’s funeral and other final expenses, and / or the paying of ongoing living expenses so as not to have to drastically alter their current lifestyle.

Throughout the years, it has often been assumed that men are more in need of life insurance – especially if they are the primary breadwinner in a family. Yet, while it can be true that males need life insurance, there are also many reasons why women need life insurance – even if they are not earning an income.

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The Real Need For Life Insurance For Women

life insurance for womenAlthough many women may be concerned about insuring their health, their auto, and their home, there are also many reasons why females should also consider the need to have life insurance. According to LIMRA, a research and development organization that offers companies with insurance analysis, roughly 48 percent of women to not have life insurance coverage.

One reason for this is because, over the years, it has been thought by many in the insurance industry that women do not need this type of coverage. However, as things have changed over time, this need has in turn increased.

One reason why women should consider the purchase of life insurance is to replace their income. Unlike many years ago, today women are heavily involved in the workforce. This involvement may involve women working from a specific location, or the starting of a home-based business.

As many families, have come to rely on the income of both spouses, if the unexpected should occur and one of these incomes was lost, it could seriously impact a woman’s family from being about to move forward financially.

If a woman is a stay-at-home mom, there can also be a need for life insurance – even if she does not earn an income. This is because the cost to replace all her duties, such as cooking, cleaning, and child care, can be substantial. Depending on the age of a woman’s children, such responsibilities could be needed for many years. Therefore, to pay the cost of hiring an outside individual to take over such duties can be extremely costly.

Yet, another key reason why women should consider life insurance – regardless of her income, age, or financial status – is for the purpose of covering funeral and other final expenses. Today, the average cost of final expenses can range between $7,000 and $10,000. This is particularly the case when you factor in the cost of a burial plot and a headstone, flowers, transportation, and the memorial service itself.

As many families, may not have this amount of money available to them for paying final expenses, it could require a woman’s survivors to dip into their savings to pay these costs off, or worse yet, to put these expenses on credit. With that in mind, having life insurance coverage can be a way to ensure that the survivors won’t go into financial hardship.

How Much Does Life Insurance for Women Cost?

There are a number of key factors that are included in the equation when determining the cost of life insurance for a woman. These will include the type and the amount of coverage that she is purchasing, as well as her overall health condition.

On average, though, life insurance can cost less for a woman as versus for a man. One reason for this is because the average life expectancy for women is longer than that of men – and in turn, insuring women for life insurance coverage can be less of a risk to the insurance carrier.

In addition, across the board, women also tend to develop certain types of health issues later in life than men do. These issues can include stroke and / or cardiovascular disease – and because of that, women can be less risky for an insurance company to cover. Maybe you’re wondering if you can qualify for coverage with a health condition. If so, we can get you in touch with companies who offer no exam no questions life insurance. Let us help you find the coverage you deserve.

The Best Type Of Life Insurance Coverage For Females

Because every situation is different, there is no one-size-fits-all solution when it comes to purchasing life insurance for women. Therefore, it is important to first determine the type and the amount of coverage that will best fit with your specific needs.

For instance, term life insurance is purchased and will remain in force, for a certain number of years, such as 5, 10, 20, or even 30. There is no cash value or savings component that is attached to term life insurance – and because of that, these policies can usually be less expensive in terms of the premium that is charged.

A term life insurance policy may be a good option for women who want to ensure that certain debts are paid off – such as a home mortgage and / or credit card debt – or for those who want to be sure that a child or a grandchild’s future college education expenses can be paid.

With a permanent life insurance policy, there is both death benefit protection, as well as a cash value component. While a permanent life insurance policy will typically cost more in terms of premium than a permanent life insurance option, going this route can often be more beneficial. One reason for this is because the cash within the policy is allowed to grow on a tax-deferred basis. Because the funds can grow and compound significantly over time, the money in the policy can be borrowed or withdrawn and used for various needs, such as paying off debt or supplementing retirement income. For many women, this can be extremely beneficial.

Today, many life insurance policies will also allow policyholders to access a portion of the death benefit for certain needs while the insured is still alive. For example, if the insured requires money for paying the expenses of a skilled nursing facility or for paying costs that are due to a terminal illness, she may be able to do so. Because the life expectancy of women is longer than that of men, knowing that these funds are available can provide female policyholders with additional peace of mind.

Where To Get The Best Premium Rates On Life Insurance For Women

Having life insurance can be a key component of most any good, solid financial plan. Knowing that final expanses can be paid, debts can be paid off, and ongoing income can continue for loved ones, and survivors can provide both women and men with substantial peace of mind.

The type and the amount of life insurance that is right for women will be primarily dependent on her particular situation and needs. Therefore, it is important to have a good idea of the financial needs that exist – and that can be impactful – before making a purchase.

If you are a female and you are seeking the best premium rates on life insurance, then it can be extremely beneficial to work with an independent life insurance broker or agency. This is because you will be much better able to compare the coverage and the premium rates that are available to you from some different life insurance carriers. You can do so in an unbiased manner – and from there, you can determine which life insurance option will be best for you and your particular needs.

When you are seeking life insurance, we can help. We work with many of the top life insurance companies in the industry today, and we can assist you with obtaining all of the key details that you will require. We can do so for you quickly and easily, and without you having to meet in person with a life insurance agent. Therefore, if you are ready to proceed, then just simply take a minute to fill out the quote form on this page.

Should you find that you have any additional questions regarding why women need life insurance coverage – or, even if you just happen to have a question about life insurance in general – then please feel free to contact our experts directly. We can be reached via phone, toll-free, by dialing 334-380-4188.

We understand that the purchase of any life insurance may be a bit confusing. There are many different variables to contend with – and you want to be sure that you are moving towards the proper type and amount of coverage for your needs. But, the process can be made much easier with an expert ally on your side. So, contact us today – we’re here to help.

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