by Jennifer Quillen
Today, women have more financial responsibilities than ever before. How will your loved ones manage financially if you die? Whether you are single, married, employed, or a stay-at-home mom, you probably need life insurance.
Who needs life insurance?
Working women: Increasingly, families depend on the income of two working parents. If you’re a working mother, your income helps cover the cost of living expenses such as food, clothing, and utilities, and it provides savings for your children’s college education and your retirement. Life insurance protects your family by providing proceeds that can be used to replace your lost income if you die prematurely.
Single moms: Whether you’re divorced, widowed, or a single mom, you’re most likely primarily responsible for your child’s support. If you die prematurely, life insurance can provide ongoing income to cover child-care costs, medical expenses, debts and future college costs.
Stay-at-home moms: Maintaining a household is a full-time job. The cost of the services performed by a stay-at-home mom could be quite significant if someone had to be hired to do them. If you die, your surviving spouse may have to pay for childcare, transportation for your children and housekeeping. Taking over these responsibilities could cause your spouse to shorten work hours, resulting in a reduction in income. Proceeds from your life insurance can help pay for services that keep the household running and allow your spouse to keep working.
Family caregiver: Many women provide care for both children and elderly family members. Caring for an aging parent can include the costs of adult day care, uninsured medical expenses and extra transportation. Adding these expenses to the costs of maintaining a household, child care, and college tuition can be financially overwhelming. These added financial responsibilities often continue after your death. Life insurance provides a source of funds that can be used to help pay for these expenses.
Business owner: You may be one of the increasing number of women business owners. If you die while owning your business, life insurance can be used to provide cash for company expenses such as payroll or operating costs while your estate is being settled. Also, life insurance can be a useful tool for business owners structuring buy-sell arrangements or providing benefits to key employees.
Jennifer Quillen is a Financial Advisor with Money Concepts Wealth Management and Financial Planning partnering with Legacy Consulting Group, a tax and financial planning firm in Lexington. Contact her at 333-2026.
All Securities through Money Concepts Capital Corp. Member FINRA/SIPC. Legacy Consulting Group is not affiliated with Money Concepts. Money Concepts Advisory Service is a Registered Investment Advisor with the SEC. All Non Securities and Non Advisory Products through Money Concepts International, Inc. 11440 North Jog Road Palm Beach Gardens, FL 33418