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Budgeting & Finance

Girls Just Wanna Have Financial Stability

April 27, 2017

Hey girl. Let’s get you set up with some affordable life insurance.

Is life insurance really that important for women? Heck yeah, it is! Our Life Covered is here to set the story straight about why women need insurance too.

Perception is always a little slower-moving than reality, especially when it comes to gender roles.

When you conjure up a mental image of people who buy life insurance, a couple of things probably pop into your mind no matter how hard you try not to think in stereotypes.

So what’s the common perception of a life insurance shopper?

  1. It’s someone who’s older than you (no matter what age you are).
    You most likely think about your parents or your grandparents...certainly not your young, vibrant, basically immortal self.
  2. It’s a man.
    You probably think about a breadwinning husband, buying life insurance as a means of continuing to provide for his wife and children after his death. You’ve seen the commercials...a quietly mourning widow going through stacks of bills, the blow of loss slightly softened by the fact that she doesn’t have to worry about how to pay them.

But here’s the reality: we are ALL people who should be shopping for life insurance. Men. Women. Parents. Married people. Single people. People of any age and any employment status.

Sure, there are some actual numbers that go into our gut responses.

ON AVERAGE, men still make more money than women for doing the same jobs (insert eyeroll emoji). ON AVERAGE, women still live longer than men even if they’re in the same socioeconomic situations.

Averages, though, are derived from the sum of many things. They edit out the plot twists and tell the most predictable version of a story, but it’s not always YOUR story.

Of course we don’t know your story, either. But chances are, if you’re a woman who’s reading this, there’s something in the scenarios below that will make you think twice about skipping a life insurance policy for yourself.

Working Moms Need Life Insurance

It's pretty easy to see why a single working mom should have life insurance.

You are your family’s everything. But even if your household has two earners, it's a really good idea for both of you to be insured. Here’s why:

  • Although it’s possibly the most awkward and unsettling truth we encounter as humans, death costs money, and funeral expenses and medical bills can wreak serious havoc on your family’s finances.
  • After they’ve said goodbye, your family has to go on living. As a mother and/or a partner, of course you want their life to be as sweet as it possibly can be no matter what. Insurance benefits mean that your family won’t be faced with a wave of smaller losses (access to education, healthy work/life balance, etc.) as they process that first earth-shattering one.

If there’s one universally compelling reason to purchase a life insurance policy, it might be that insuring your own life gives you the ability to extend your positive presence in the lives of the people you love most.

Stay-at-Home Moms Need Life Insurance

This is a big one. It’s easy to reason that if you don’t have an income, you don’t need a life insurance policy to replace that income if you’re not around, right?

But here’s the thing: while SAHMs may not earn money, they’re certainly reducing expenses. Salary.com puts a six-figure pricetag on the work a stay-at-home parent does, and while there’s a lot of discussion about how accurate that is and how exactly to compare this role to that of someone who’s part of the traditional workforce, there’s no question that the expenses of childcare, cooking, housekeeping/home maintenance, transportation, etc. can be significant.

If you’re a stay-at-home mother, take a moment to acknowledge your immense value. Then lock yourself in the bathroom for five minutes and go to ourlifecovered.com to get a little info on affordable term life insurance policies.

Single Women Need Life Insurance

Even if you’re livin’ and lovin’ that single life, getting insured is a really awesome thing to do for the people you care about. The responsibility of final costs and outstanding debts always lands with someone, so purchasing coverage for yourself now will make things a little bit easier for your tribe if something terrible should happen to you. Also, see below...

Rock Your Retirement

If you can swing a whole life insurance policy, we have some good news for you: you might not have to die for the benefits to kick in!

Some whole life policies have a cash value that can be used, if needed, so that’s definitely something to consider if permanent life insurance is in your budget. Because the only thing better than doing something good for the people you love is doing something good for the people you love that is also good for you.

Our Life Covered is committed to helping females find affordable life insurance. Visit us at ourlifecovered.com or give us a call at 888-828-9760.

Also see: 6 Life Insurance Myths Women Should Know About

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