I recently read an article on Shine from Yahoo about Why Women need life insurance too. The article hit home for me for a couple of different reasons… The first reason is my husband is self-employed- he actually sells insurance, so I understand how important it is to have enough life insurance.
When we were going through a few financial struggles over the last few years, our life insurance policies were one of the important bills that I made sure we kept up with. (We’ve had these policies for 12 to 15 years and had we let them cancel to renew later, our monthly fees would have gone up, based on our current ages and health.)
According to the article 43% women in the workforce have no life insurance. 43%? That is a very high number. Most families depend on on both mom and dad’s salary to get by each month. How would your family get by if all the sudden there was only one income?
Some of you (the 57% of working women) may be thinking: it’s OK, I have insurance through my work. Well, maybe you do, but how much is your policy worth? 20 or 30k? That’s not much after any final expenses. What if you leave your job for some reason or develop a condition down the road that makes getting a new life insurance policy more difficult?
And what about the moms that stay at home? You may be thinking, I don’t have an income, why do I need insurance? Think about everything we do from taking care of the kids all day to cooking all the meals and making sure everything runs smoothly at home. I can’t imagine how my husband, who works 12 to 14 hours a day, could handle everything on his own plus begin paying for child care…
Luckily, Genworth Financial has some helpful tools to help you answer these questions. (Including this video.) They explain in simple terms what the different types of life insurance are to help you determine which one may be right for you.
They also have a life insurance calculator, which is very helpful for determining how much life insurance you should have based upon your family’s expenses and lifestyle.