A woman's worth: life insurance considerations
There are many reasons why every woman--even those who are single--should have life insurance. In fact, recent studies show that today's women consider insurance more often than men. LIMRA, an insurance industry research group, found that 70 percent of women, compared to 62 percent of men, place a high value on life insurance.
Term life insurance for single women
It may surprise you to discover that single-never-married and divorced-without-dependents women need life insurance just as much as married women.
Why? Single women, as well as single men, often have financial obligations that could potentially fall on parents and loved ones if you die, and final expenses can be costly.
Term life insurance for single mothers
Single motherhood brings with it a clear responsibility to see that your children are covered financially. As a single parent, you may be the sole breadwinner, which makes your need for life insurance especially crucial.
Term life insurance a cost-effective answer
Many budget-conscious women choose term life insurance. Term life policies cover a defined period of time and only pay if you die during that period. Term insurance tends to be the most affordable life insurance and is designed for expenses that will disappear over time, such as college tuition and mortgage payments.
Whole life insurance, on the other hand, carries a higher premium, yet remains in force to provide lifetime coverage.
Term life insurance considerations
- Buy enough life insurance. Carefully analyze your insurance needs. New York State's Insurance Department advises considering all potential expenses such as estate taxes, existing mortgages, children's education, health care and child care.
- Don't underestimate your value. Even if you are a stay-at-home parent, your death could financially devastate your partner, especially when you consider the costs to replace the services you provide like childcare, housekeeping and cooking.
The right life insurance decision
Asking the relevant questions and looking closely at the financial facts can help you find the best life insurance to protect your family and give you peace of mind.
- How to Find the Best Term Life Insurance Policy for Your Needs
New Northwestern Mutual survey find retirement planning among the top reasons most Americans buy life insurance.
- 5 questions to ask before you buy term life insurance
Term life is popular, but whole life can make sense for some people. Are you one of them?
- 5 term life insurance myths
Aviva offers a unique rider that gives discounts for managing your weight and seeing the doctor every two years.