Life insurance is one of the most important topics in financial conversations, yet it is often overlooked, likely because it can feel uncomfortable. This can lead to hesitation and/or procrastination, leaving families vulnerable. Approximately 51% of women in the US do not have life insurance according to a LIMRA 2023 Insurance Barometer Study.
Jacqueline Lemon, AVP, US Distribution Support and Sales InitiativesThe best way to move past this uncertainty is to simply start the conversation. You have to be comfortable with being uncomfortable at first, so you can figure out where life insurance can play a role now and in the future. With the start of a new year, there is no better time to set financial goals and beginning with your life insurance plan is a powerful step toward protecting what matters most. Let’s explore the following five essential points every woman should consider discussing with their life insurance agent or advisor:
- The differing roles of women
Life insurance protects your family from the unexpected, ensuring they can cover essential expenses such as mortgages, education, or daily living costs if you or your partner’s absence or disability disrupts your financial stability. Women specifically play a multitude of roles today and often balance caregiving and income responsibilities, so it’s critical to plan for these possibilities. As a previous single mom for several years, I worked hard every day to take care of my family’s needs, yet I had nothing in place to protect what I was working so hard for each day. So, whether you are a caregiver, business owner, single professional, or primary income provider, life insurance provides a safety net that protects what you have worked hard to build and can offer long-term security.
- How can life insurance “protect” you?
Planning for life’s “what-ifs” means thinking about unpredictable scenarios. What if your partner becomes incapacitated, you face unexpected health issues, or there is a sudden loss of income? Life insurance helps protect you in these situations, which most people do not like to think about and address them before they happen. Whether you are looking to protect your mortgage with term insurance or create a policy that can be structured to cover ongoing needs, the key is to decide what you want to protect and work with an agent or advisor to design a plan that works for you. Planning for these uncertainties ensures you are prepared and your family is protected.
- How do I ensure I’m not a burden to others?
Life is full of changes and we all have to prepare for what happens when you are no longer here. Final expenses and how we handle end of life is not what most people want to discuss over dinner or family gatherings, but it addresses a primary concern that people have, being a burden, especially women, as we tend to want to take care of everything and everybody in a time of loss. Purchasing a policy, such as one for final expenses, can ensure that your loved ones are not burdened with the costs of your funeral or other end-of-life expenses incurred at that time. While an uncomfortable topic, this can be the most important reason to push through the discomfort and speak to an agent or advisor.
- What kind of life insurance can help me invest for the future?
Life insurance is not one-size-fits-all and the right plan depends on your personal circumstances. In addition to safety and protection, life insurance can be used as an investment. For those women looking for an investment vehicle, some policies, like whole life or universal life insurance, offer you a death benefit, in addition to building cash value – think of it like life insurance with a savings account, where you can accumulate wealth, tax-deferred. Think about your own dynamic—are you a single parent, remarried, or just starting out? What does your family need? Working closely with your agent to understand your options ensures your plan aligns with your goals and safeguards your future.
- How do I take action?
Whatever your goals are, protection, investing, or planning out your final needs, the most critical step is to act. Life insurance is almost always cheaper now than it will be if you wait; don’t assume that cost is an obstacle to purchasing some level of insurance. Talking with an agent or advisor about what type of insurance you need is the first step in this critical path. You need to think about your own dynamic—are you a single parent, remarried, or just starting out? What do you or your family need? Working closely with your agent or advisor to understand your options ensures your plan aligns with your goals and safeguards your future. Do not hesitate to ask questions or say, “I do not understand—can you explain?” A good agent or advisor will guide you, helping you create a plan that fits your needs and gives you peace of mind. Taking this first step can make all the difference for your future.
To learn more about life insurance from Foresters Financial, speak to your independent insurance agent or advisor.
In the US, you can connect with a licensed agent advisor near you by filling out the form on this page.
In Canada, you can connect with a local registered agent or advisor here.
Contributed by Jacqueline Lemon, AVP, US Distribution Support and Sales Initiatives
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Foresters, and their employees and life insurance representatives, do not provide, on Foresters behalf, financial, estate, legal, or tax advice. The information given here is merely a summary of our understanding of current laws and regulations. Clients and prospective purchasers should consult their financial, estate, tax, or legal advisor regarding their situation.
424386 CAN/US (02/25)
