ROSEVILLE, Calif.--(BUSINESS WIRE)--According to a recent study, if this recession has a silver lining, it’s that women have made huge strides in the workforce.
The national unemployment rate for both women and men now stands even at 7.7 percent*. Until February, men had outnumbered women on the unemployment line, mainly due to job losses in male-dominated sectors.
Unfortunately, life insurance ownership among women has not kept pace and Wholesaleinsurance.net hopes to promote change by educating the public and providing the right life insurance tools needed for families to compare and shop term life insurance rates.
Women comprise 49 percent of the workforce—an all-time high—yet 43 percent have absolutely no life insurance**.
“More women now work outside the home than ever before,” explains Rose Cahill, Vice President of Acxiom’s life insurance division. “Unfortunately, they rarely take the time to protect the financial value they provide.”
Though 27 percent of wives are breadwinners, millions of families rely solely on the male’s life insurance policy, failing to recognize that their finances would be devastated without her income***.
“The majority of homes are now two-income households, and both spouses need coverage,” explains Cahill.
Women trail men in the amount of life insurance they carry, too. The average female policy covers $129,800—31 percent less than the average male policy.
In reality, both sexes have far less life insurance than they need. LIMRA, a leading financial research institution, recommends $459,000 of life insurance—roughly $300,000 more than the average policy is worth.
Cahill encourages stay-at-home moms to buy coverage as well. “Whether the wife works outside the home or not, it’s important that she’s covered,” Cahill says. “Far too many families underestimate the economic value of stay-at-home moms.” One estimate puts the cost of full-time childcare at $31,000 annually.
The good news is that life insurance is very affordable. A 40-year-old woman can expect to pay roughly $25 per month for a $500,000 policy, according to the Insurance Information Institute.
*http://www.bls.gov/news.release/empsit.nr0.htm (February 2012, BLS.gov)
**LIMRA
***http://www.bls.gov/cps/wlf-table25-2010.pdf
About Wholesaleinsurance.net:
Wholesaleinsurance.net, a national division of Pinney Insurance Center, Inc. is located in Roseville, CA. In business since 1972, our years of experience will help you secure the best life insurance policy with the most affordable life insurance rates. http://www.wholesaleinsurance.net/