Recent studies have shown that the number of women in the workforce is now at 49%, which is an all-time high. The frightening statistic that goes with this is that 43% of those women do not have life insurance. A recent Facebook poll for viewers of the popular show “The Shine” showed 40% of the women who responded were uninsured. Certified financial planner, Lauren Lyons Cole, was recently on “The Shine” where she spoke about the plight of today’s woman. Many women are unaware of the need for life insurance, which simply put is a safety net for herself and her family, if she has one. If she can no longer care for her family financially, life insurance will guarantee her family will be financially set. The recommend amount of insurance should be from 7-10% of your annual salary. For a policy of $500,000 for a healthy woman in her 30’s, will cost between $200-$300 annually. When you weigh out the options between having financial security and not having it, a few hundred dollar a year is well worth it.
Lauren, further explained that two groups of women who rarely think about life insurance are single women and stay at home moms. Often times, single women feel they don’t have anyone to take care of and therefore don’t need life insurance. On the contrary, they absolutely need life insurance, especially if they have considerable debt or aging parents who would be taken care of should something happen to their daughter. The same is true for the stay at home mom whose contribution to the family is measurable. If something were to happen to mom, who would be there to take care of the kids and could the parent left behind afford that need? As a stay at home mom myself, that line in the interview really resonated with me and made me reevaluate my own life insurance needs.
Life Insurance For Women Is A Must
Genworth Financial wants you to have the peace of mind that financial security can bring. The qualified financial experts at Genworth Financial understand that life insurance for women is a must. Because they feel this way, they can offer you several options so your financial plan is personalized to meet your specific needs. In addition to life insurance options, Genworth also offers advice on Long Term Care Insurance for those people who have a long term illness or chronic condition. By giving you options in this situation, you can take control of your long term care instead of leaving a loved one to carry that burden. If you are a business owner, Genworth can also help you design a variety of financial and insurance plans to meet the needs of your company.