Women’s roles at home and in the workplace are evolving and – along with them – contributions to household finances. Women may need life insurance to protect the value of those assets as well as the non-tangible duties that may help to keep the home running like a fine-tuned machine.
How Women are Creating Financial Assets
There’s no doubt about it, women are super creative when it comes to generating income for themselves and their families. Whether as a single woman, single parent, or aligned with a spouse or partner, some females are finding new ways to continue working and/or balance the home-work life.
For example, mompreneurs – women who set up and run their own businesses as well as care for their children – are increasing along with a growing number of females who enter the workforce. According to the U.S. Department of Labor’s infographic, women’s participation in the labor force is up by 53 percent between 1963 and 2012. The National Association of Women Business Owners says one in five firms with revenue of $1 million or more are woman-owned businesses.
Women May Need Life Insurance for Protection
As we can see, women are making important financial contributions. While some women are staying in the workforce for their entire careers, others are finding ways to balance parenthood and careers. But no matter which approach is preferred, it can be critical to protect those financial assets with life insurance.
Life insurance is like a safeguard for the spouse and/or the rest of the family. If the woman dies, then a life insurance may help cover funeral expenses and cover the day-to-day bills or outstanding debt. This also means the family won’t have to disrupt an existing savings or retirement plan to manage the household expenses, which can keep their future plans in tact.
For women who handle the majority of the household tasks and care for their children, a life insurance policy may help the family cover the costs of childcare, transportation, and household chores if the woman should die.
Women may need life insurance today more than ever before. It not only makes it easier on a grieving family, but it can also safeguard the financial future of everyone involved.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Insurance guarantees are based on the claims paying ability of the issuer.