Term life insurance serves beneficiaries in countless ways. It protects families in the event the breadwinner dies.
It used to fund college education expenses, to pay off mortgages, to pay for the burial of the deceased, to pay probate and attorney’s fees.
It provides sufficient income so that a family can maintain their same standard of living.
Term life does all this but the big question is why is most of it bought by men? Men do need to have live insurance on their lives.
In some cases they, themselves, own the policies, in other cases the spouse or business own the policies. Life insurance is necessary, men should buy it because they need it.
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Term Life Insurance as It Relates To Women
Women need life insurance too. In today’s world women are making as much a contribution to the family expenses as men.
In fact in many a case their contribution is significantly more. Will the above financial responsibilities still have to be met if the wife dies or will they go away with her?
When a woman’s income is no longer there will the surviving husbands income be sufficient to maintain the family on the same level or will they have to change their lifestyle somewhat?
What about that emergency fund that both husband and wife thought necessary…will it still be there after the death of the wife?
What about the myriad of things the wife takes care of in the home even though she has a job outside of the home? The value of her contribution is beyond comprehension.
What about a full time home maker…can her value be measured? It used to be that a man decided on his life insurance to protect his family and he would add a small policy on the wife to his portfolio.
That was such a thoughtless and misguided approach. The women have now taken over the responsibility of researching and purchasing their own life insurance policies and…in some cases the portfolio of the entire family. Their choice of policy in many a case is term life insurance.
Women have become more aware that upon their death it may be difficult for the husband by himself to maintain the same standard of living for the family. They want to be assured that the children can live in the same house and go to the same school.
They want to make certain that the fund for college is secure and available when the children are ready for higher education. A 20 year term insurance policy is a very popular choice to cover these needs. In some cases a 25 year or a 30 year term insurance policy is used.
In many a case women are heads of households. The life of a single parent can be a very difficult one. All the responsibilities of the family fall upon her shoulders.
Single parents buy term life insurance because they do not want to leave their children destitute when they die. Even if a goodhearted relative will take care of the children it will cost money. Life insurance can certainly provide this money either in a lump sum or in income form.
People at times live under a misinformed illusion that a single woman without children need no life insurance. Nothing could be further from the truth. Single women are buying their own homes today and in some cases may even have elderly parents live with them.
The need for life insurance is still there. You will buy insurance because you want a loved one to have a house free and clear when you die. A good decreasing term policy could take care of that.
If elderly parents live with you it may be necessary to provide some sort of income for them. Of course there are the inevitable costs of dying…the funeral costs, attorneys fees and probate fees.
What about future needs for life insurance? Is it not better to buy the policy while you are young and the premiums are very low than wait until later and pay a much higher premium…if you can qualify for it.
Women do need term life insurance because of their immeasurable human life value. In many a case they need more than men.
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