If someone relies on your support, it’s likely that you should consider life insurance. Yet, fewer women than men have life insurance, raising the question: why? There are several misconceptions that might be hindering women from obtaining the necessary coverage. For example, being the main earner in your family or having a spouse and children isn’t the only criteria for requiring it. Keep reading to find out if any of these situations resonate with you:
If you are in a marital relationship
In today’s world, most households rely on two incomes to manage their expenses. If you were to pass away unexpectedly, whether you’re the main financial provider or not, could your family uphold their current lifestyle solely on your spouse’s earnings? It’s likely not feasible. Life insurance guarantees that your aspirations for your family remain intact even in the event of your demise.
If you are single
Our lives are intricately woven together, making it highly probable that you have family members who count on your support. Perhaps you have a sibling with special needs or elderly parents who you anticipate will require financial assistance in the future. Additionally, a significant number of individuals are unaware that permanent life insurance policies offer living benefits, including the accumulation of cash value over time. This cash value can serve as a valuable resource for your future self, augmenting your retirement income and providing further advantages.