Life insurance for women is a topic that sometimes brings primal grunts from men. Somehow they think women have wandered onto hallowed ground if they start valuing themselves in the family so much that they can quantify it with life insurance.

Amazingly enough the majority of women haven’t figured out their own worth and the loss it would create if they were to die prematurely. Some, even know they work and provide income, believe the husband is the “primary” breadwinner and therefore the only one worthy of being insured.

Listen up! The majority are not affluent enough that we would not be hurting if suddenly an income was gone and was replaced by a whole new set of expenses. So let’s break this into four groups and four good reasons for women to consider at least carrying some term insurance and in some cases small amounts of universal life and whole life.

Let’s assume married, two kids and a stay at home mother. The husband carries $1,000,000 of term insurance to make sure the family is taken care of if he dies while the children are still dependent. What if the wife dies? A cost analysis was done last year to determine what it would take to replace a full time stay at home mom. $143,000 a year if you had to hire someone to do everything that they do. Insurance companies will generally allow you to carry up to half of what the husband does as a homemaker. Unless I’m missing something, $500,000 on my wife, my children’s mother, is a prudent thing to do.

Now let me throw a bit of my own feelings in this debate. Men, there is nothing better in this world that you could do for your children, especially younger children, than to take a year off and just be there for them to help them deal with the loss. Just my opinion. And life insurance will fund that sabbatical.

The second scenario is that the mother works and her income is integral to the family financial picture. Plus she still does most of the things contained in the $143,000 above. She should carry life insurance comparable to what the husband carries. I just can’t see any valid arguments against that, so enough said.

Third is single mothers. Carry enough term insurance to get your children grown and on their own. A college education would be nice, but keep it affordable. Make sure you have a plan for what happens to your children if you die and then make sure you fund it with life insurance.

Last is single women. Mellody Hopson said on Good Morning America the other morning that single women didn’t need to carry life insurance. Let me suggest to you that when you are young and single may be the most practical time to purchase the insurance for your future. The need may not be there today, but sometimes when you wait for the need to arise, your health or your age can greatly increase the cost of insurance.

This post is somewhat dated. Life insurance underwriting is changing and evolving continually. For more updated information check out some of the key word links. If you have a specific question or topic you need information for do a search. If you don’t find the answers you need contact me and we’ll make sure you get the information that is important to you.

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