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life insurance
When it comes to the matter of sexual equality, it seems that life insurance has missed the boat. It’s not that men and women are offered a different selection of policy options or that the two pay different prices for those policies. The concern lies in how women feel about life insurance, as compared to the opposite sex and how that can impact the quality of coverage their loved ones would receive in their wake.
Have Not Taken a Second Look Men and women are both guilty of this life insurance no-no. However, the best term life insurance companies know that working women are even more likely than their male counterparts to buy a policy and never bother re-evaluating it. A recent study found that nearly half of all working women admit that they have fallen into this trap. There are many reasons why a policy should be read over again. Changes in income, a growing family, marriage, a death in the family, obtaining new debt, and career advancements are a few of those. However, even large scale changes – such as the economic downswing – can make it necessary to reconsider the financial needs of your loved ones in the face of tragedy.
Underestimates Approximately one in four women, when asked, admit that they have no idea how much life insurance coverage they should carry and an even larger percentage have never considered the need for critical illness insurance quotes. While only one in four of females will bother calculating outstanding debt when determining the value of their life insurance policy, nearly all are concerned with how those costs would be managed if they lost their jobs or passed away.
Life Insurance Expectations This is the point of the biggest discrepancy between men and women. Men will generally report that they expect that their life insurance policies will make it possible for loved ones to continue on with their current lifestyle. Women, on the other hand, are not as quick to consider such things. Fewer than half of all married women consider that they primary function of their policy. In fact, a large percentage were happy to have a policy large enough to cover their final expenses.
Declined Purchases Across the board, the declining number of policies sold is a major concern for insurance companies and many other experts. More and more people are going through life uninsured, which can leave families in financial turmoil after death. When looking at the big picture, the number of purchased policies has been on a steady decline for the past two decades and even fewer individuals are taking a serious look at long term care insurance quotes that can cover the thousands and thousands of dollars spent by those too ill to care for themselves.
Uninsured While the thought of so many women being under-insured does raise concern levels among experts, it is those who carry no insurance at all that carry the greatest risk. More than a quarter of all married women carry absolutely no insurance and twenty-two percent of all families in this country admit that the death of a family member would leave them with immediate financial concern. If you fall in this category, life insurance and disability insurance quotes should be very seriously considered. Death is rarely welcomed and it is often unexpected. How will you leave your family?
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