Far too many individuals underestimate the economic value of stay-at-home moms. One estimate put the cost of full-time childcare at $31,000 annually.
Yet, these contributions are too often left unprotected by life insurance, according to the Insurance Information Institute (I.I.I.).
The month of March is dedicated to celebrating the contribution of women to events in history and contemporary society. Celebrate the past and future achievements of women by purchasing a life insurance policy to financially protect your family.
Whether or not they work, many women contribute to the economic well-being of their family in important ways – from taking care of household tasks to acting as the primary care giver for children and aging parents.
A national poll recently found that 43 percent of adult women have no life insurance. And among those who are insured, many are underinsured, carrying roughly a quarter of the coverage necessary for their needs.
Women now comprise 57 percent of the U.S. labor force, according to the Bureau of Labor Statistics (BLS) survey, yet they carry 31 percent less life insurance than their male counterparts.
Though 27 percent of wives are breadwinners, millions of families rely solely on the male’s life insurance policy, failing to recognize that their finances would be devastated without their income.
A LIMRA survey found that while younger women are now as likely as their male counterparts to have coverage, women ages 55 and older are still considerably less likely than men the same age to own life insurance. And women of all ages have smaller average amounts of individual life insurance coverage than men in equivalent age brackets. On average, women have $129,800 of individual life insurance, to men’s $187,000.
“Women’s History Month is an important reminder of how far women have come,” said Loretta Worters, I.I.I vice president. “One hundred years ago women weren’t even able to buy life insurance; today women hold leadership positions in corporate America, including the insurance industry. So it’s more important than ever that women place a value on their contributions and purchase the right type and amount of life insurance.”
In 2014, there were 1.6 million women employed in the insurance sector, accounting for 59.5 percent of the 2.7 million workers in the insurance industry, according to the BLS.
Life insurance can be a good choice for single women with no dependent as well. Women are, as a group, living longer than ever before, and the need for sufficient retirement income is crucial. A cash value life insurance policy, for example, can help accumulate funds on a tax-advantaged basis to supplement other retirement income.
Life insurance can also pay for outstanding debt, funeral, burial, probate and estate administration expenses or be used to leave behind a legacy in the form of a charitable contribution.
Speak to a licensed insurance professional to better understand the life insurance options available.