Women are on the rise & need life insurance now more than ever. The old song lyrics “this is a man’s world” are out the window. The stats are scary though; 43% of working women do not have life insurance.
Why do women need life insurance? It’s a safety net! Let’s put a little perspective on this. If a woman is providing the income for her household and something happens, then that household is not only out a breadwinner, but also out a household member. Funeral costs can be very demanding, often keeping someone from having their final wishes become reality, not to mention cost of living increases for everyone. Things are not as cheap as they used to be and personally, I want to leave my family secured for the future should anything unexpected happen.
But that leaves another question, how much life insurance does a person need? Genworth has a great calculator to find out these important answers!
We will make an estimated guess by using the following information: Female aged 30. Then we will factor in the idea that she would want to pay off her house, funeral expenses, replace income and pay off debts (credit cards and other bills not including student loans.) Genworth says that’s an estimated need of $1,325,000 in life insurance. Now, those numbers would scare some people, but another way to look at this is in perspective. At age 30, that’s only $78 per month! Pretty affordable to have a safety net to know will be there in case something happens that no one is expecting, and gives a peace of mind that would not come from having no coverage such as the 43% mentioned above.
Information for this post is sourced from Genworth Financial in partnership with the SheHeard Influencer Network all opinions are mine.