March 23, 2021
Myth: Women Don’t Need Life Insurance
Myth busted! Here are 5 reasons why women need life insurance. Start the conversation with your clients today.
Let’s face it – life insurance probably isn’t something your female clients and prospects are going to be talking about at their next happy hour or lunch with their girlfriends. People don’t want to talk about it — perhaps it’s a topic they don’t want to think about, or maybe they don’t understand it so try their best to avoid it. And for women specifically, they may think they don’t need it. But the truth is, women may need it even more than men do. Here are some of the reasons why:
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- To Protect their Family Financially – One of the main reasons people purchase life insurance is to protect their family if the unexpected were to happen. What would their family do without their paycheck? It can be difficult to think about, but that’s why there is life insurance. And remember, according to the U.S. Department of Labor, 56% of participants in the labor force are women!1
- They’re Single – if your client is single, they still may need life insurance. For example, the death benefit will cover final expenses so that cost doesn’t fall on another family member. Also, some permanent life insurance policies can provide cash accumulation growth potential without market exposure. See number 4 for more information!
- Who Will Care for Them? Who will take care of your client if they were diagnosed with a chronic illness? Accelerated Benefits Riders are optional, no-additional cost riders that can allow them to access all or part of their death benefit, while living, if they experience a qualifying terminal, chronic, or critical illness/injury.2
- As a Savings Vehicle – Some permanent life policies provide potential for the tax-deferred build-up of policy cash value. These values that you can borrow or withdraw3 to help achieve objectives, including:
- Financial emergencies
- College tuition
- Home down payment
- They’re a Stay-at-Home Mom – Some women may think that if they aren’t bringing in income, no income would be missed if they were to pass away. But think of the many valuable duties stay-at-home moms perform. Many families would need to hire help and life insurance may give their family the financial support to continue the lifestyle they’re accustomed to.
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- 1Labor Force Status of Women and Men, Feb. 2021. U.S. Department of Labor
- 2Receipt of Accelerated Benefits will reduce the Cash Value and Death Benefit otherwise payable under the policy, may result in a taxable event, and may affect your client’s eligibility for public assistance programs. Riders are supplemental benefits that can be added to a life insurance policy and are not suitable unless the client has a need for life insurance.
- 3The ability of a life insurance contract to accumulate sufficient cash value to help meet accumulation goals will be dependent upon the amount of extra premium paid into the policy, and the performance of the policy, and is not guaranteed. Policy loans and withdrawals reduce the policy’s cash value and death benefit and may result in a taxable event. Surrender charges may reduce the policy’s cash value in early years.
