YouTube Review: Life Insurance and Women
Life Insurance and Women
Life insurance for women is a crucial part of financial planning for the whole family. Imagine the matriarch of your family becoming ill or passing away. A tragic event will not only result in an emotional loss but a substantial impact on the operations of the household as well as the finances.
The impact of being a wife, mom, caregiver, and so many other hats women wear can take a toll on your body. While an illness or tragic event is never a happy topic to discuss, it is very important to ensure you have the right plans in place. Especially if you are a contributor to your family income or the sole provider.
A common mistake when it comes to life insurance for women is underestimating their worth, aka not having enough coverage. Whether you are a female breadwinner or a stay at home mom, you need to ensure you have insurance coverage for your family's financial needs. In a survey, 79% of men say they had life insurance, while only 67% of women had life insurance. The amount of coverage difference in life insurance for women versus men was a whopping $191,670! This is a huge amount that could be beneficial to your family if something were to happen unexpectedly.
Why women should you invest in life insurance?
Investing in life insurance is best done while you are still young and relatively healthy. The older you are, the higher the risk class you could be placed in. This impacts the cost of how much you will pay for insurance.
Once you invest in life insurance, be sure to make the people you trust, and you want to protect aware that it exists. This way, they know it is available in the event of an illness or death. For instance, your spouse and your children.
When it comes to life insurance, regardless of gender, it's best to purchase a policy you can afford at a younger age. This is because life insurance premiums are the lowest when you are younger. However, if you are older and also in good health, depending on the underwriting process, you can shop around to get the best possible rates based on your age. If you are thinking about life insurance, the next best time to buy it is today.
In summary,
As opposed to looking at life insurance as an expense, consider it an investment to protect your life. When it comes to life insurance for women, it should be just as important as auto, home, and/or renters insurance. If I can offer any advice to women, it would be to value your life just as much as you value others and get insured.