Life Insurance Purchases Increasing Among Women
In correlation with women currently making up approximately 49 percent of today's workforce, life insurance companies are seeing an increase in the number of policies issued primarily to women. Previously, women were not only less likely to purchase insurance coverage for themselves, but also carried lower terms and payout amounts. With the recent changes in economy, all this is changing as well, as women are shouldering the responsibility of hard choices.
The recession has caused a shift in the breadwinning dynamics of many families, and more women find themselves the sole providers of their household. This means more women are also taking over the primary financial handling for their homes, and are feeling the pressure of making sure their families will be taken care of if something were to happen to them. Moving from a dual-income home to a single-income can bring many challenges, but the right insurance policy will help bring peace of mind.
Single-parent households where women are the sole adult at home also account for a percentage of the increase in female policyholders. The challenges of this tough economy are driving home the reality of financial uncertainty like never before, giving women fresh incentive to invest in a safety net for their children's future. This is particularly important when there's not another adult in the home to help shoulder the financial burden.
Many women are waiting until later in life to build relationships and families, giving them more time to become financially settled and stable on their own. For single women, an insurance policy can resolve any funeral expenses, preventing those financial obligations from being passed on to parents or siblings. Policies can also be used in the future if circumstances change to include a partner or children down the road.
The popularity of insurance policies among women will most likely continue to increase, as the long-term and cost benefits are one of the key assets of policy purchases. Whether providing benefits and financial stability for spouses, kids, or just protecting loved ones from assuming their personal financial burden, women are taking the time to cement a foundation for the future when they invest in life insurance.