Thinking about a loved one passing away or yourself can be a terrifying thought. Unfortunately, life changes all of the time. Having a life insurance plan secures your families assets in a time of sorrow. Here are five reasons why women need life insurance:
1. More and more women are becoming the primary breadwinners of their r families. If you are the dominant bread winner of your family, then that means that you have a lot of people depending on you. Whether you’re earning more than your spouse, or you don’t have a spouse, your income is critical to providing the most basic of needs to your family. Life insurance ensures that your family will be covered if you pass suddenly.
2. Stay-at-home moms need protection, too. Although stay-at-home moms are not necessarily the breadwinners of the family, they are the primary care takers. They provide endless love and nurturing to their families. A survey on Salary.com said that stay-at-home moms could charge up to $120,000 per year for all of the duties they perform. Don’t discount the value you provide as the manager of the household. Life insurance provides much needed funds when an overwhelmed spouse or other caregiver suddenly has to find help to care for the kids, manage a household or needs to take a significant amount of time off to stay with them.
3. Women almost always pay less for life insurance plans. This is for a variety of reasons. Women outlive men by five years on average. A longer average life expectancy brings the cost of life insurance down for women. Also keep in mind that the younger and healthier you are, the less it will cost you. For example, a healthy 30-year-old can get $250,000 of coverage in the form a 20-year level term life insurance policy for about $13 a month.
4. Mompreneurs and those who work part time need coverage too. Women often run home-based businesses or work part time while also raising children. If your income even supports your family, you need life insurance too.
5. Women’s situations can change. Life happens. If your financial situation changes, check up with your broker or agent to make sure your life insurance plan covers all of your needs. Anything from a divorce or business change can give you a reason to change your life insurance plan.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
