Life Insurance for Working Women
Women are traditionally less likely to have life insurance than men—and on average half about half as much coverage as men do. Even working women in families with children are less likely to have live cover than their working male counterparts. However, it’s just as important that working women, as well as working men, have some form of life insurance. Two-income households typically depend on both incomes to meet their expenses, and the loss of either income could be financially devastating for the family.
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In addition, because women live longer than men, it’s particularly important for women to save for retirement, and life insurance is an excellent way of providing some retirement savings at the same time as protecting families from financial hardship. For women, life insurance is often a more effective way of saving for retirement. The average women spends twelve of her working years caring for children and other family members, meaning that she is less likely to accumulate enough funds for retirement via employer-sponsored benefits. A life insurance policy is an excellent means of overcoming this problem.
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Life Insurance Factors to Consider
How much life insurance do you need? Often a good general rule is to buy life cover that is equal to ten times your current salary; however this rule will not apply to everyone. There are other important factors to consider, such as:
- The dollar value of the work you do in the home, if you are a part-time home-maker in addition to working outside the home
- The number of dependent children you have
- Your age and marital status
- The amount owing on your mortgage and any other significant loans or debts
- The income-replacement needs of your family or dependents if you die or become unable to work
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