Life insurance is one of those subjects that is very easy to overlook while we are young and healthy. We go through life without a care in the world, never considering how fragile it all is. At some point, we generally will see someone else pass away far too early or have a close call ourselves, and it is then that we start thinking, what if I did not have life insurance? What if my children were left without me? My spouse? These are all legitimate questions and are at the heart of why women should consider life insurance. Women that are raising children alone are particularly in need of life insurance, but the principle applies to all adults.
As per LIMRA’s 2018 Insurance Barometer Study, 3 in 5 adults have life insurance 1, either a personal policy or through work — which is a great number! That being said, 71% of husbands own life insurance, while just 63% of wives do.2 Talking to a licensed life insurance agent or advisor usually does not cost a thing as many provide a free consultation. But regardless, it could be the first step you may very well take towards helping secure your family’s financial future.
Here are some life insurance basics for women to consider:
Get it while you are young
Life insurance is generally much cheaper when you are young and healthy, and you can benefit for years to come with lower rates. Even term life insurance (i.e. life insurance coverage for a set period of time) is often more affordable when you get it at a young age. This can be a great option for young mothers that want to help protect their kids until they are of earning age. The cost of these policies is usually much lower, which is useful if you have only one income coming in. Whole life policies are also less expensive when you are young .
Before you buy life insurance, you should learn about the various ins and outs of the process. The best way to do this is to consult with an insurance agent or advisor. That is, someone licensed to sell life insurance where you live who is trained to offer you a product or products suited to your needs.
Shop around, and then shop around again
Choosing life insurance is important and shouldn’t be a snap decision. Shop around when you are ready to get serious about life insurance and find out where the best deals are. Life insurance policies have a wide range of options and choices, so spend some time and find the right mix that fits your needs best. Life insurance does not have to be expensive and you can choose a death benefit that makes sense for your circumstances.
Examine employer policies
While some employer policies are fantastic, some of them may not provide coverage for all of your needs. An employer’s policy may not match with your specific circumstances and there may be options you can choose to tailor your policy to meet your needs. It may be helpful to explore other policy alternatives as well.
Follow up regularly
The last thing you want to do is get your policy and then throw it in a drawer someplace. Follow up with your insurance company or insurance professional on a regular basis and make sure you are maximizing your return and that your coverage still suits your needs. You want to get the most from your life insurance policy. You should also look at policies that allow you to make changes along the way because your situation can change.
Hopefully, these life insurance tips help you understand how to better find the life insurance that’s right for you. Life insurance is important for everyone, especially for those with a young family whose future is so important.
Talk to your insurance agent or advisor. They will help answer any questions you may have about helping protect your family’s future.
1) 2018 Insurance Barometer Study, Life Happens and LIMRA
2) Facts About Life 2017, LIMRA
This article provides general information and may not be applicable to you. Foresters Financial and its representatives do not provide legal, tax or estate advice. Please consult an agent or advisor to learn more about how life insurance can meet your specific needs.
416764 CAN/US/UK (10/18)