If someone depends on you, chances are you need life insurance. Why, then, are men more likely than women to own life insurance? Common misconceptions prevent women from getting the coverage they need. For instance, you don’t need to be the primary breadwinner in your household to need life insurance. Most stay-at-home parents need life insurance, too. If you are married, the majority of today’s families depend on two incomes to make ends meet, yet working wives are less likely than husbands to carry life insurance coverage. If you died suddenly, could your family maintain their standard of living on your husband’s income alone? Probably not. Life insurance makes sure that your plans for your family don’t die when you do. If you are a single parent, as a single mom, you’re the primary caregiver, breadwinner, and so much more. Yet more than one in three single moms have no life insurance whatsoever, and many with coverage say they need more.With so much responsibility resting on their shoulders, single parents need to make doubly sure that they have enough life insurance to safeguard their children’s financial future. If You’re a Stay-at-Home Mom, just because you don’t earn a salary doesn’t mean you don’t make a financial contribution to your family. Childcare, cleaning, cooking and household management are all important tasks, the replacement value of which is often severely underestimated. Could your husband afford to pay someone for the work you now do for the family? Don’t forget about coverage for Dad. In addition to addressing their own life insurance needs, it’s important for married women to make sure their husbands are adequately insured. More than a third of women age 65 and older are widowed. What if you outlive your husband by 10, even 30 years? If your husband has adequate life insurance coverage, you won’t have to worry about living your remaining years in a state of financial uncertainty.This is Florance Bamidele: Mom, New York Life Insurance Agent and Mountain House Resident.
