A study found that younger women were just as likely as younger men to have life insurance. In contrast, older women were not as likely as older men to have life insurance. Women of all ages have an average amount of life insurance that is less than the average amount of life insurance males of all age groups carry. Researchers said that women had an average of about $130,000 in life insurance and men had an average of close to $190,000.
Experts pointed out that women were not able to buy life insurance 100 years ago. However, the availability of leadership positions for women in today's society highlights the need for coverage even more. They also note the women who stay at home to care for their families still need coverage. If a woman who stays at home to care for her family dies suddenly, there is still the need for child care expenses and possible expenses to keep up the house while her spouse continues working. Experts emphasized the importance of all women having life insurance and having enough life insurance.
The services provided by women who stay at home to care for their families are expensive to pay for out of pocket. In some cases, the surviving spouse must hire someone for child care, tutoring, driving, paying bills, doing housework, keeping up the yard and handling a variety of other important duties. It may cost a great deal to replace all of these services. With an adequate amount of life insurance, it is possible to obtain all of those services and even pay for college tuition or other expenses.
Life insurance is also a smart investment for single women with no dependents. Experts say that women live longer than men on average. Cash value life insurance policies can be used in retirement as a form of alternate income. While they are not meant as a sole source of income, they can be beneficial for complementing other retirement investments. In addition to this, life insurance is important for covering final expenses. This can include funeral expenses and any outstanding debts.
To learn more about life insurance options and which ones are best for individual circumstances, discuss concerns with a HALO Insurance agent, 314-351-HALO (4256).