The Best Life Insurance Policy for Women
You might be among the 59% of women who carry life insurance for themselves. You go girl! But are you also among the underinsured women who account for this staggering statistic:
Only 10% of the total dollar value of policies in America are written for women! And with three out of five homes relying on two incomes, the loss of your income could be just as devastating as the loss of your husband’s.
Let there be no mistake: You are right to have your own coverage. But the truth is that most women simply do not have sufficient coverage to protect themselves, their families, or their legacies.
For example, if you should die or become unable to work, your spouse may have to cut back on the number of hours at work or be forced to hire someone to care of the children. In the end, not only will the death of his wife result in the loss of your earnings, it will likely reduce his income – and increase the family’s expenses.
So, what is the right level of coverage and the best policy for a woman? Well, the simple answer is: the same as for a man!
Three Basic Purposes
There are three basic purposes for coverage, but they boil down to one notion: peace of mind. The three considerations for carrying protection are:
- To protect your family’s standard of living.
- To replace your lost income.
- To help your family pay debts.
Five to Ten Times Your Income
So ask yourself this: Do I have enough coverage to take care of all three should I die? Or will it mean a hardship for my family? The simple rule of thumb is five to ten times your annual income for a two-income family.
Four Types of Policies
Depending on the needs of your family, the following types of policies, or a combination of more than one type, may be right for you:
- Term Plans is purchased for a defined period of time, from a one-year term to over 20 years. If the insured lives out the term of the plan, no payouts are made and the agreement expires.
- Whole Life Plans is for the lifetime of the insured and premiums accrue a cash value. The cash value is inclusive of interest and can either be cashed in or saved in the policy to be paid out to the insured beneficiary upon death.
- Universal Life is a more flexible plan that combines term insurance protection with a savings feature.
- Variable Universal Life, like Universal coverage, offers a choice of investment benefits, but the value of the policy is determined by how well the investment portfolio performs.
Which Policy Is Best for YOU?
What’s right for you and your situation can’t be answered in the scope of this article. In addition to determining the amount of coverage that’s best for you, deciding the right type of protection is also a complex matter dependent on your needs. That’s why it makes sense to discuss the specifics with a professional. But we hope that the information here has given you food for thought and moved you to consider increasing the level of protection you have for your family. Remember: They’re counting on you to protect their future.
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