Life insurance needs for women

Life insurance needs for women

Life insurance needs for women

Life insurance did not exist in the United States until the first policies were written in 1759. Those policies were for men only. It wasn’t until 80 years later that women were first offered life insurance.

Since then, women continue to increase their need to insure their future income because:

• According to the most recent U.S. Census Bureau statistics, 42 percent of mothers were the primary breadwinner and more than 64 percent of women are bringing home at least a quarter of the family’s earnings¹, part of a continuing trend.
• According to a Salary.com’s report, the annual cost of replacing a stay-at-home mom is now averaging $143,102 in 2016.

Despite those facts, 56 percent of women own life insurance, compared to 62 percent of men, according to the 2016 LIMRA study². That study also found that wives (63 percent) are less likely to own life insurance than husbands (71 percent).

When determining your insurance needs, financial considerations include:

• Your remaining mortgage and other outstanding loans
• Your other debts
• Amount of income to pay family bills
• Number of dependents
• Your children’s college expenses

1. “Breadwinning Mothers Are Increasingly the U.S. Norm”, Center for American Progress, Dec. 2016
2. “Life Insurance Ownership in Focus: U.S. Person-Level Trends”, LIMRA, Oct. 2016

RELATED LINKS

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