Why Life Insurance is Important For Women

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The importance of life insurance

As a woman, typically, your natural role is to be the nurturer and caregiver for your family. Caring for your spouse, children, parents and being a confidant to friends while being a boss entrepreneur or corporate leader. That being said, women play a vital role in the day-to-day operations of their family and having the right type of protection via life insurance is very important.

Why life insurance is so important for women

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 and 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.

If you are single, life insurance can help pay off your debts, taxes, medical bills as well as offset expenses your family may incur. If you are a caregiver, single parent or working mother life insurance can help buffer the loss of your income. It can also support future expenses for your children or family. Considering these factors, women should seriously consider investing in life insurance that offers living benefits.

What is living benefits life insurance?

Living benefits life insurance provides coverage while living in addition to the death benefit. This key benefit is a lifesaver for many families who experience a terminal, critical or chronic illness and require continued income to cover expenses. This is where living benefits kick in to provide supplemental income to the insured. Living benefits can provide coverage in three major categories of illness.

  1. Terminal illness: These are terminal an that will result in death in 24 months of diagnosis of an illness by a physician.
  2. Critical illness: Examples include ALS (Lou Gehrig's disease), Heart Attack, Stroke, Cancer, Blindness, Sudden Cardiac Arrest, Major Organ Transplant, etc
  3. Chronic illness: A doctor has certified, within the past 12 months, that you are unable to perform 2 out of 6 "activities of daily living" for a period of at least 90 consecutive days without assistance or you are cognitively impaired.

Protecting yourself and your family with life insurance ensures you are all well taken care of in the event of illness or a tragic accident.

When 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 (and even your estate lawyer).

In summary

As opposed to looking at life insurance as an expense, consider it an investment to protect your life. 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.

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