For many generations, women were dependent upon husbands economically, which is one of the reasons why marriage was emphasized at a young age. Enter the 21st century and women have more opportunities to earn their economic independence through the careers of their choice. Today, only 20% of women between the ages of 18 and 29 are married, which is a 40% decrease from households in 1960.
With Danica Patrick being the spokesperson for 2016’s Life Insurance Awareness Month, we felt the need to shed light on the importance of purchasing a life insurance policy as a single woman, whether you have children or not. While Danica’s risky lifestyle may lean toward the need for life insurance, it was her family’s personal struggles that made the need for coverage a top priority for her future. Her parent’s felt firsthand the overwhelming feelings associated with losing a loved one who was the primary wage earner in the family. Three generations after unexpected deaths cost the Patrick’s their family farm, Danica’s parents instilled the importance of financial responsibility to both of their daughters at a young age.
Here are our reasons for purchasing a life insurance policy whether you are a single woman with or without children.
- Buying a policy while you are young, healthy and single will cost significantly less. Purchasing a policy at this stage in life will provide you a low fixed rate for a determined period. You must also look at health, which can change drastically from one day to the next. Buying a policy while your health is in top shape will lock in coverage while you qualify for the best rates. Waiting to purchase coverage until you are married or have children can make your policy more costly. If you have already purchased a policy before starting your family, then you are one step ahead when it comes time to increase your coverage with new needs. If you choose to remain single, your policy may provide a more secure retirement as well as a cash value.
- Currently, 43.3 million Americans are burdened with student loan debt. Without the protection of life insurance, your loved ones will be paying funeral costs as well as your educational loans. Add on top of that any mortgages, car or personal loans and that burden can turn into a boulder. If you are a divorced or widowed single mother than your unexpected death can leave your children financially unprotected. Purchasing a life insurance policy will cover funeral costs as well as outstanding debts. Policies also allow for the security of school tuition and living expenses. Estimate your family’s expenses in the unexpected event of your death with a financial calculator.
- Not only are women waiting longer to get married, buy a home or start a family, roughly 16 million single parents are living with their children. According to the US Census, the list of dependents for women includes elderly parents, younger siblings and family members with special needs. Purchasing the correct amount of life insurance creates a safety net for the ones that depend on you financially.
- Being a single career driven woman may lead to owning a business. Not signing up for life insurance coverage could mean that loved ones would not be entitled to any compensation or stake in your company in the event of your death. Purchasing a policy with an agreement protecting your business would ensure that any payout of the company would go to your family.
- Establishing a legacy has become more popular in generational passing. If you have become passionate about a cause or have someone that you would like to take care of financially that may not be dependent on you, a life insurance policy will help you obtain these goals.
As a single woman, you may feel that purchasing life insurance is something that can wait for the future. Instead of waiting for your future, we are urging you to prepare for it. Taking a moment for a free quote is the easiest step in taking a little bit of control in an unpredictable life. According to Danica Patrick, the choice is simple. “Driving racecars is risky. Not having life insurance is riskier.” Are you going to take the risk?