It’s true in many cases. Women sometimes pay less than men, primarily because men have a shorter life expectancy than women. In fact, on average, women outlive men by about five years. Women also tend to develop cardiovascular
problems like heart attack or stroke later in life than men do. This longer life expectancy results in lower life insurance premiums.

But that’s not the only reason why women need to think about life insurance.

While other types of insurance such as health, auto, and homeowners are often top of mind, life insurance tends to slip through the cracks. According to a recent study, 48% of women are without any type of life insurance. While this number has risen about 5% in recent years, it still isn’t high enough.

Here are the top 3 reasons women should think about life insurance in 2017:

1. They’ll gain financial value, regardless of employment or marital status.

Today, many women either make more money than their spouse or they’re working as a single parent and are the head of a household. For stay-at-home moms, recent estimates valued their contribution at approximately $120,000 a year (taken from the duties performed in the household on a regular basis such as childcare, cooking, and housekeeping, among others).

2. Life Insurance replaces income.

Because contributions bring value, that value needs protecting. According to Loretta Worters, Vice President of the Insurance Information Institute, if a stay-at-home spouse dies, the family would need someone to handle the household duties. That’s no small task. The cost could be substantial, and a life insurance policy would help to cover those expenses.

If one’s income helps to support the individual, their children, and/or partner, a life insurance policy will provide financial support for them in the case of that individual’s death. This can help not only cover the cost of the funeral and anything related to it but also with everyday living expenses.

3. Life insurance protects one’s interests.

If the woman is single and doesn’t have any children, she still may need life insurance. For example, if she carries a high amount of debt, has a cosigner for a loan, or if she takes care of an aging or ill parent or family member, having life insurance will help protect her estate, her cosigner, and those she cares for.

If she doesn’t have insurance but does have debt, typically the executor of the estate will sell whatever they can to help pay off those debts when that person dies. If there’s a cosigner on a loan, however, that person will be responsible for repaying it. If these scenarios do not apply, she can probably put off purchasing a life insurance policy temporarily. But, keep in mind, it’s less expensive to purchase a policy when one is younger rather than older.

The bottom line? Life insurance is a key part of one’s financial success and security, so it’s in everyone’s best interest to ensure women don’t overlook this critical consideration.

Share this with anyone that you think could benefit from this information. Preservation Financial Group is here to answer any questions about helping you plan for the future.

Source:  http://www.lifehealthpro.com/2016/12/19/4-reasons-why-women-need-life-insurance