Why Women Should Invest in Life Insurance

Why Women Should Invest in Life Insurance

Top life insurance benefits for women.

While most adults recognize the importance of having life insurance coverage, you may be surprised to learn that only 56% of women have a policy. This is 10% less than their male counterparts.  Not only do fewer women have life insurance policies, but the women who do have this insurance have about 22% less coverage than male policyholders.  These statistics are worrying because women need to provide financial protection for their loved ones just as much as males do.  Here are some of the main reasons why women can’t afford to skip on life insurance.

  • Financial Security

For women who are the primary breadwinner in the family, you need to make sure that your loved ones can survive without your paycheck coming in.  By securing the right life insurance policy, you can make sure that your loved ones have enough income to pay recurring financial obligations, outstanding debts, final expenses, and everyday costs.

  • Cash Value Benefits

Many types of life insurance allow you to borrow against your policy.  This option is helpful when you are hit with unexpected expenses such as medical bills, startup business costs, educational fees for your kids, and so on.  When you have a life insurance policy that offers cash value benefits, you can borrow from your policy and get the money you need quickly.  These loans are great because they do not require you to go through the typical loan application process, and they have lower interest rates than traditional loans.

  • Living Benefits

Have you ever thought about what might happen if you were diagnosed with a chronic or terminal illness?  You may be unable to work, leaving you hard-pressed to pay your medical expenses as well as other day-to-day costs.  Fortunately, you can secure coverage for these expenses with the right life insurance policy.  This is because many insurers allow policyholders to secure an endorsement that offers financial coverage if they ever develop a chronic or terminal illness.

These are some of the reasons why women cannot afford to skip out on life insurance.  Do you have questions about securing this essential form of coverage?  If so, then contact the experts at Steve Wilk Insurance.  Check out our new office today at 310 S Main Street, Suite C, Lombard, IL 60148.