3 Reasons Why Smart Powerful Women Today Get More Life Insurance

I recently had a great conversation with fellow Powerful Women Today expert, Hailey Patry, happiness coach and founder of The Lifted Lid; I was truly impressed.  Her warmth, wisdom and what she has accomplished so far while being a mom of three young children, are remarkable. Even more impressive was her holistic approach to running her household and her business.

A few years ago, while Hailey was pregnant with her third child, she applied for additional life insurance to protect her family. She took the time to examine her existing plan that she bought ten years prior and realized that it wasn’t enough to protect her young family, should something happen to her. As the primary breadwinner, not having sufficient coverage was a risk that she was not willing to take.

Unfortunately, too many women today (and men) don’t have enough life insurance to protect their loved ones. As parents and caregivers, this becomes a real problem if they were to pass away or get ill. 

People are relying on other people’s generosity to deal with a crisis; this seems to be the riskiest position to be in, but there is a better way! We can all learn from Hailey and her proactive approach to protecting her family.

Did you know there are over 1.4 MILLION GoFundMe pages in North America for families struggling due to illness or death?

Here are Three Big Reasons why you should consider getting more life insurance:

1.     You’re the sole breadwinner.

Many women are the primary breadwinner in their household. More women are starting their own businesses and taking on more financial risk but few are calculating the true overall cost of entrepreneurship.  Whether you are single, divorced or married, you most likely have someone who relies on you for care or financial support – a child, aging parents, even a sibling. Life insurance protects those who depend on you should you not be around to care for them.

2.     Life changes. 

As you grow and mature in life and in business, your needs change. Like Hailey, it’s important to reassess and make sure the coverage you have is sufficient. Ask yourself the tough but honest questions to get an accurate picture of your needs: 

  • Did your family grow?  
  • Who relies on you, even occasionally, for care or support? 
  • Has your income or lifestyle changed in the last few years? 

Write down all the changes that have occurred since you last got life insurance and ask yourself how your family would manage without you.

3.     Insurance costs for women are significantly lower than men.

Take advantage of this; it is probably more affordable than you think. For example: A 40-year-old woman would pay only $23 a month for $500,000 of term 10 life insurance which is less than a dollar a day to protect her loved ones!

So here is a challenge for all of you Powerful Women Today – take a close look at your family’s needs, your finances and what you want for the future. Can you confidently say, like Hailey Patry, that your family has the protection they need?

Have questions or want a complimentary assessment of your insurance coverage? Contact me.

Aviva Abraham is a group benefits and insurance advisor at Creative Planning. She has been providing healthcare solutions for self-employed and business owners since 2010.