Do You Carry Life Insurance?

Women have come a long way in the work force in my life time. They’ve made great strides in the business world and in their ability to earn an income and be self-supporting on many levels. Research  shows that women are now the sole or primary breadwinner in 40% of U.S. households. In one generation, women have gone from being stay-at-home moms, caretakers, and minimum wage earners to business owners, degree holders, and professional level wage earners.It has precipitated an enormous change in the life style of the average American woman.

Interestingly enough, there are still some areas of self-care to which we have not given enough attention. While women are earning more, they are not taking the same steps to protect their earnings and future financial well-being that men typically take. According to research quoted by Royal Neighbors of America,* one of the largest women-led life insurance organisations, women purchase only 69% of the life insurance coverage that men purchase. In other words, we are not protecting our financial assets to the same degree that men do, and if something happens to us and our income is lost, there is nothing for our families to fall back on.

Have you thought about what it would take to replace you in financial terms, if God forbid, something should happen to you? I had an opportunity to come face to face with that concept after being involved in a serious car accident and subsequently fighting my insurance company for compensation for the bare minimum of what it has taken for me to recover my quality of life. What if I hadn’t been so lucky? What if I hadn’t walked away from that accident? What financial burden, or replacement income would have been left behind to care for my family? I had nothing in place for such an eventuality. Using Royal Neighbor’s Insurance Calculator I was able to look at the hard, cold facts and see exactly where I would leave my family from a financial standpoint. It wasn’t a pretty sight!

Here are a few questions to ask yourself:

1. How much will it cost to pay off your debts such as a mortgage, credit card payments, auto or other loans, if you were to die prematurely?
2. What are your ongoing expenses? Don’t forget daycare, tuition, grocery, and energy bills.
3. Would your family be able to pay its bills? Nearly two thirds of financial decision makers admit they would have trouble paying everyday bills within a few months.³
4. Do you have enough to pay for funeral expenses? The average funeral costs about $7,000.⁴

Perhaps it’s time we take the next step in owning and honoring our success and our value as human beings. We have worked very hard to value what we have accomplished in an emotional sense, but have we put the same amount of energy into owning and valuing it in a practical sense? We will never be immune to the winds of fate, but we can take responsibility where we can to protect those we love.

*Royal Neighbors of America – Their Story

WE’VE COME A LONG WAY

In 1888, at a time when women weren’t supposed to be educated, weren’t supposed to handle business or financial matters, weren’t considered worthy of financial protection, and weren’t even considered capable of voting for the governmental leaders who would represent them, Marie Kirkland of Council Bluffs, IA, put an ad in a local newspaper asking women to meet to plan a “social.” Eight women responded, and from that first meeting, they began to build an organization that empowers women to be the best they can be. Chartered as a fraternal benefit society in 1895, Royal Neighbors was one of the first to insure women and children. Today, it remains one of the largest and oldest women-led insurers providing financial products, member benefits, and volunteer programs to its more than 200,000 members.

Since 1895, Royal Neighbors of America has not only provided coverage to their members, but other benefits such as scholarships, disaster aid, health discounts, and the opportunity to volunteer and give back to one’s community. Their focus on and interest in providing a means of giving back is unique in the industry.

Full disclosure: I am participating in a Vibrant Influencer Network campaign for Royal Neighbors of America. I am receiving a fee for posting; however, the opinions expressed in this post are my own. I am in no way affiliated with Royal Neighbors of America, nor do I earn a commission or percent of sales.