How Much Life Insurance Does a Woman Need?
How Much Life Insurance do women need?
Many women feel as if they don’t need any life insurance at all, and I think this is a financial mistake. I can think of a couple of ways that families and individuals rationalize this decision, but I’m not sure they really hold up.
Do you think that you do not need life insurance because you are not the major breadwinner?
Think about the value of the things you do for your family, even if you do not directly earn money for them. Are you the maid, cook, taxi, and therapist for your family? Many women fill all of those positions in the clan and more! If you were not present to perform those duties, who would do them? Would other family members need to lose time from work to step in? Would your husband need to hire help?
I think many women realize that their family would struggle without them, and I think we know that some cash would help. Even if you just consider the high cost of funerals, you should consider life insurance if your family does not have $10,000 or more that they can gain access to quickly. Furthermore, deaths often lead medical bills and other debts. While your family copes with tragedy, you do not want them to have to worry about money too.
The good news is that life insurance for women is usually a little cheaper than it is for a man. Statistically we live longer. A small life insurance policy is an affordable decision that can give you peace of mind. If you are married, you may want to consider a joint policy with your husband, or having yourself added to a spouse coverage rider. These are very inexpensive solutions to a problem that could be devastating.
You may be young and healthy now, and certain that you will live to be 100. I hope you do. However, the time to look for life insurance is when you are still young and healthy, because that is when life insurance is cheap and easy to get! And don’t get too caught up in choices for life insurance, like term vs. whole vs. universal life.
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