Insurance considerations affect both single, married women

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Why should a man buy life insurance? To protect his family ... replace lost income if he dies ... provide for his own retirement security. |ret||ret||tab|

Why should a woman buy life insurance? For the very same reasons! |ret||ret||tab|

Life insurance can be used to pay off mortgages, fund a college education and help guarantee that a spouse won't have to sell the home or suffer a severe drop in standard of living if the insured dies an un-timely death. |ret||ret||tab|

Although life insurance has always reflected a loving commitment to family, as well as recognition of the need to meet other financial responsibilities, women's needs for life insurance have generally not been adequately addressed. |ret||ret||tab|

As a result, millions of spouses, children and other dependents could be exposed to serious financial risk, and so could single women.|ret||ret||tab|

The oversight in women's coverage can be explained historically by the traditional (but frequently inaccurate) perception of the distinct roles of men and women in our society. |ret||ret||tab|

According to the 1999 Life Insurance Marketing and Research Association "Trends in Life Insurance Ownership" study, adult males accounted for 64 percent of all life insurance sales in the country, as of 1998. |ret||ret||tab|

Today, almost two-thirds of men own some sort of life insurance, compared with slightly fewer than 6 in 10 women, according to the same study. |ret||ret||tab|

This is because in the past the husband was considered the primary focus of life insurance; therefore, his income needed to be replaced to care for a surviving wife and children. |ret||ret||tab|

On the other hand, the wife only needed "wife insurance" to cover final and funeral expenses.|ret||ret||tab|

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You've come a long way, maybe|ret||ret||tab|

As we enter the millennium, it's obvious that a great deal has changed in our society, especially with regard to women's roles. According to April 1998 Bureau of Labor Statistics, in 1966 only 35 percent of married women were active income earners. By 1998 that number had doubled. |ret||ret||tab|

Yet women as a group still tend be underinsured. According to research conducted by the LIMRA in 1997, 33 percent of women had no life insurance.|ret||ret||tab|

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Considerations|ret||ret||tab|

It's important for today's woman to sit down and rethink her life insurance coverage. Depending on marital status and the presence of children, there are various points to consider:|ret||ret||tab|

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The two-income family|ret||ret||tab|

Nowadays, husbands and wives are frequently economic partners. Today's two-income family depends on both paychecks to make ends meet. If anything happened to you and the income you generate would your family be able to remain in their home? Would your children be able to achieve their educational goals? Would your family suffer a severe financial loss? |ret||ret||tab|

Adequate life insurance can help replace income, remove uncertainty, and help guarantee a surviving family's financial security.|ret||ret||tab|

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Single head of household|ret||ret||tab|

The single parent family is the fastest-growing population group in the country, increasing from 8.2 million households in 1970 to 11.4 million in 1998, according to the U.S. Bureau of the Census. That number continues to rise steadily. |ret||ret||tab|

A single parent may be the sole breadwinner, responsible for the support and care of children. Thus the need for life insurance is even more crucial than in dual-parent households.|ret||ret||tab|

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Full-time homemakers|ret||ret||tab|

Far from a dying breed, employed wives still perform the largest percentage of duties of homemaker and parent. The services of the full-time homemaker, while often undervalued, are worth tens of thousands of dollars a year the cost to replace those services.|ret||ret||tab|

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The single woman|ret||ret||tab|

Single women make up 20 percent of the population in this country. In fact, between 1970 and 1996, the proportion of people 30 to 34 years old who never married tripled from 6 percent to 20 percent for women. |ret||ret||tab|

Although many single women believe they have no need for insurance, in fact they may have more of a need than many married women. |ret||ret||tab|

First, being single isn't always the same as being alone. The single person may have responsibilities and obligations. If a young adult, she may have educational loans, as well as other debts (condo mortgages, car loans, etc.). |ret||ret||tab|

The cash value of permanent life insurance provides good collateral for loans. Additionally, should something happen, there will be final expenses that could easily run into thousands of dollars. These obligations which could fall onto parents or other loved ones can be met by owning adequate insurance.|ret||ret||tab|

What's more, the single woman might intend to have a family someday. The younger and healthier she is, the more likely it is that she's eligible for insurance and the more affordable it is.|ret||ret||tab|

Protection isn't the only reason to consider life insurance. A second reason may be to supplement retirement income. |ret||ret||tab|

A cash value life insurance policy can help accumulate funds on a tax-deferred basis, which can be borrowed against to provide additional funds for retirement.|ret||ret||tab|

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Recommendations|ret||ret||tab|

Does a woman need additional life insurance protection? Only she can answer that question. She may want to speak with an insurance professional who can help by working with her to review and analyze her current needs and situation. And there's no cost or obligation.|ret||ret||tab|

(Buckley Van Hooser is an agent for New York Life Insurance Company and a registered representative for NYLIFE Securities Inc.)[[In-content Ad]]