Women’s History Month and the Importance of Life Insurance Protection
By Lynne Rosenberg, President, Innovative Solutions
Let’s face it, life is hard and sometimes unfair. Recently I read about a local 46-year-old woman who was very active in our community. She was very healthy and had no underlying health conditions, didn’t drink, and regularly exercised. She ran the Los Angeles Half Marathon. About a mile before she finished running, she suffered a heart attack, eventually passing away. She left a husband and 3 children. I remember thinking how that family woke up ready to celebrate their Mom’s accomplishment, but instead, had to face the unimaginable. I don’t know if there was life insurance, but all I could think about was I hope someone spoke to them about it.
As we wrap up Women’s History Month, as producers, we have an incredible opportunity, to not only extend life insurance, disability and long-term care products to female clients, but help raise awareness on this important topic, not just for March, but beyond.
It’s no secret that women face unique financial challenges due to factors such as wage inequality, maternity leave policies, and lack of access to capital markets. That is why it is so important for women to have access to affordable life insurance protection that can help protect themselves financially in case something unexpected happens. As a women-owned business, I live this reality every day.
My experience has taught me that every woman has unique challenges and needs. There is no one-size-fits-all approach. The type and amount of coverage will depend on factors such as age, health, lifestyle and financial obligations.
The need for life insurance isn’t gender specific. I’m passionate about the fact that EVERYONE should have some form of life insurance protection. However, women often face unique circumstances and are more likely to rely on others for financial support when they become widowed or disabled due to injury or illness. That’s why it is so important for women—and everyone else—to have enough life insurance coverage that can help replace lost income if something were to happen.
My opinion is that women generally need MORE life insurance than men. Did you know that 70% of US households rely on women’s salary for financial security? Women also control more than half of the country’s personal wealth, with 42% of businesses owned by women.
As for clients, think about the women business owner who needs to plan for the continuity and succession of the business she built and is passionate about. Or, the working professional who needs insurance to replace income. Don’t forget about the stay-at-home spouse, who needs protection to replace all the care and services she provides in the home. Lastly consider the future retiree who may need some protection to plan for her retirement.
I like to keep it simple. My recommendations are if under 50, women should consider life insurance, disability income protection and consider long-term care. If over 50, the role of life insurance can shift to putting more of their income into a retirement or legacy strategy and long-term care if those needs have not been addressed.
At the end of the day, having quality insurance protection allows you to sleep soundly knowing that if something goes wrong, financially speaking, you have got it covered. Knowing that your family or business will be taken care of no matter what happens gives you peace of mind and lets you focus on other important things, such as taking care of yourself or developing long-term plans for success without worrying about potential losses due to unforeseen events.
I’m more than happy to help support you in anyway I can to create more awareness about these important ideas. It is still a great time not only to reflect on progress but also to think about ways we can best protect the women in our lives, Let’s take some time this month to recognize and better understand why it is just as essential for women entrepreneurs, mothers, sisters and daughters alike!
References:
Prudential: https://prudential.assetserv.com/prudential/download/file?assetId=8292106
Prudential: https://prudential.assetserv.com/prudential/download/file?assetId=8299407
Pacific Life: Statistics