Why Women Need Life Insurance

While women may be gaining ground in the labor force, they remain a distant second when it comes to protecting their loved ones with life insurance coverage. Studies show that approximately one-third of women have no life insurance policy, and two-thirds of insured women from two-income households feel the life insurance coverage they do carry is inadequate.

The problem? Even as some women serve as the primary breadwinner, most women feel they don’t need coverage. Instead, they rely on their spouse’s or partner’s insurance policy, failing to realize the family could be devastated should her income be lost. In an economy where every penny counts, life insurance may seem like a luxury but it truly is not.

Meet AnaAn example of this phenomenon is Ana,* a part-time registered dietitian with two grade-school twin girls. Her husband, Jason, 38, is a software developer. They live in a three-bedroom house they recently purchased with a 15-year, $150,000 mortgage. Ana has never considered insurance, which always seemed like an extra expense in an already tight budget. Then, last year Ana’s mother sadly lost her battle with cancer. Ana was forced to cope with emotional loss of her mother while also navigating the difficult waters of her mother’s expenses and limited estate.

As is often the case, a tragic life experience opened Ana’s eyes to the very real costs of their daily lifestyle and estate, and made her re-evaluate her financial priorities with her husband. By taking 30 minutes to sit down with a financial planning professional, Ana was able to assess her family’s financial priorities and develop a plan that would enable her to protect her family in the future. Read more about Ana and her family’s experience.

What You Can Do (Sponsored by Royal Neighbors of America):

  1. Research! We research vacations, what movies to watch and which books to read—the financial health of our families deserves the same consideration. Take some time to familiarize yourself with the different types of insurance online.
  2. Read these great articles by Royal Neighbors of America to help guide you.
    Assess your value! What would you need in order to have your family continue their lifestyle? There are free online tools to help you understand your needs. You can check one out here.
  3. Take action! Schedule some time to speak with a licensed, recommended professional today to ensure your family’s tomorrow. Contact Royal Neighbors directly at (855) 243-4823 or by email atcallcenter2@royalneighbors.org.

*The names and circumstances presented in this article have been altered to enable public education while ensuring the personal privacy of members.

Royal Neighbors Royal Neighbors of America is a proud sponsor of Soroptimist International of the Americas and LiveYourDream.org. As one of the largest women-led life insurance organizations in the U. S., Royal Neighbors understands the issues that are important to women.

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