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50 years ago men occupied the majority of professional positions
and were the sole breadwinners for the family. It logically
followed that men needed life insurance because they were the
only source of income. Today, the percentage of women in the
work force has increased from 59 percent in 1970 to 72 percent
in 1995 and is projected to comprise 47 percent of the total
labor force in 2014.* Women contributing to the family income
also need life insurance just as much as male breadwinners.
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| Why Women's Insurance Matters |
Women in the new millennium often take on more responsibilities than their counterparts of the post-World-War-II era. Today's women are busy professionals, wives and mothers - all at the same time. As such, the modern family now typically consists of two breadwinners instead of one. This means both men and women have a need for life insurance. In the unfortunate event that one of the two main wage earners in a family dies, the family's income would diminish significantly. Since women now earn 72 percent of the average male worker's wage, compared to earning just 56 percent in 1969.** And that's just the average. Quite a few women in top professional roles earn equal or greater salaries than men. So protecting the life-long wage earning income of the female in a family makes good common sense for long-term financial planning.
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| Providing for the Unforeseen |
Besides protecting the family budget, life insurance for women
also provides substantial peace of mind. That's because
everyone's income represents far more than just money – it
represents a way of life. A family's income often stands
for a mortgage, utility bills, groceries, even college tuitions.
When one member of the family dies and can no longer provide
an income, many of these characteristics of everyday life may
be forced to change. That's why it's so surprising
that approximately one-third of women in the United States
have no life insurance policy of their own.*** With the right
life insurance policy, a wife or mother's death doesn't
have to end a way of life for those she's left behind.
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Depending
on the benefit amount of a woman's life insurance policy,
she can make sure that mortgage payments are taken care of,
that college funds remain intact for her children, and that
any other costs her income may have helped pay for are manageable
for her surviving spouse.
Term life insurance isn't only recommended for women
earning money. It's also recommended for in-home caregivers
who don't earn income. "If a woman takes care
of children or another person in the home, such as an elderly
parent, her death could create unexpected — and significant — caregiver
expenses," says Laura Huffman, Executive Vice President
of Matrix Direct. "Where will the money for these services
come from? It's important to recognize that a woman
maintaining a home and caring for a family has a financial
value."
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| How to Get Started |
As with any insurance purchase, the best way to get started
is to contact a skilled, licensed life insurance agent. A
highly skilled life insurance agent can diagnose your specific
situation and provide information for free so you can decide
how much coverage is appropriate (depending on your specific
needs) and which amount of coverage time (called the 'term')
is most suitable — 10, 15 or 20 years, for example.
A well qualified life insurance professional will ask questions
about medical history, health and lifestyle and discusses
options and basic rates. The agent will then schedule
a free simple medical exam. "An increasing number of
women are turning to term life insurance policies to protect
their families. Life insurance rates for women are usually
quite affordable and the security and peace of mind are priceless," Huffman
says. |
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* U.S. Department of Labor Statistics, 2005 Census Data,
www.dol.gov/wb/stats
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** Darryl Geddes, Francine D. Blau. Cornell University report:
Inequality among women in the workplace is widening. February
1998.
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| *** "2004 WOW! Quick Facts: Women and Diversity," Women and Diversity, 2004 |
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