There’s a lot of misconceptions about life insurance. One of the biggest is that women don’t need to be insured. Women’s roles in business and life are changing rapidly. Did you know that women are the primary or sole earners for 40% of households? That’s a lot of power and a lot of hard work. Imagine if something were to happen and all that you’ve done and earned for your family just went away? Single, married, divorced or widowed – no matter what stage of life you’re in, life insurance is a must.
Why Single Women Need Life Insurance
Many single women feel that they don’t need life insurance. They think they only need it if they’re married with kids. Based on all of the hard work you’ve put into your life, there are a number of reasons why life insurance makes sense for you. Like many people, you may still be paying off student loan debt. If something were to happen to you, that large amount debt would go to a family member. You don’t want to leave your family dealing with debt on top of grief. If you’re living with a significant other or thinking of having kids one day, life insurance is a great asset to add to your financial portfolio. The earlier you get life insurance, the less you’ll be paying for a great policy. This is a must in order to plan for your future financial success.
Do You Need Life Insurance If Your Partner Has It?
Should you take a policy out on yourself even if you’re married and your spouse has one? What if you are a stay at home mom? The answer is yes, definitely. Think of everything you do for your family – carpools, childcare, cooking dinner, cleaning, managing the household, taking care of another family member, driving your elderly mother to a doctor’s appointment, the list is endless. If something were to happen to you, all of that would be gone. Then your spouse would be left picking up the pieces and paying someone to take on these responsibilities. Having a policy for yourself will make sure your family won’t have to worry.
How You Can Leverage Life Insurance in a Divorce
What if you’re divorced? 48% of divorced respondents in 2013 said divorce threw them into financial crisis. Divorce is extremely costly, and having a life insurance policy can ease some of this pain. If you had life insurance prior to your divorce, make sure you change your policy. Make your children your beneficiaries and make sure your ex-spouse isn’t listed. Now that you’ll be on your own, you need to make sure you and your children are protected in case the unexpected happens. You’ve worked extremely hard to support your family, be sure to protect it.
You are your most valuable asset. Make sure you’re protected in case the worst were to happen, no matter what stage of life you are in. Talk to an adviser to partner with you through this process.
Ande has made it her mission to break down the emotional, behavioral and societal barriers that stand between women and strong financial foundations.
She's widely recognized as a driving force in the financial community, having risen to the top of the primarily male-dominated insurance world as the former head of a multi-million-dollar fintech company and a VP at Penn Mutual.
Ande launched myWorth to inspire a financial awakening among women who are eager to take control of their financial journeys. Her first book will be published in October 2019.