Top Benefits of Life Insurance for Women

Believe it or not, but fewer women than men have life insurance. Not only that, but the death benefit is also well below that of men – about 22 percent less. Yet, women have become increasingly dominant players in today’s American workforce. Some women are the sole breadwinners for their families and, as such, are looking for financial security from life insurance in Long Island, NY.

How Women Benefit from Life Insurance Coverage

#1. Life insurance protects your earnings. 

The more your family depends on your income, the more important it is to help protect them with a life insurance policy. Even if you are not the primary breadwinner, any woman who works should consider protecting their income in the event of death or disability.

#2. You have the ability to borrow against the cash value benefit. 

Permanent life insurance policies offer the option to build cash value, which can then be borrowed against. For women, this can help to pay off bills, finance a college education, start a new business, or any number of financial needs or goals.

#3. It provides financial security for your family.

Women with a family are worried about how their family will be taken care of financially should they die suddenly. A life insurance policy gives you peace of mind knowing that your family’s finances will be taken care of even in your absence.

#4. Life insurance helps create a sound financial plan.

Purchasing life insurance is a way to ensure your loved one’s long-term health and happiness. While meeting your family’s essential financial needs, life insurance benefits can be passed on as an inheritance to your named beneficiaries.

#5. You can customize your life insurance policy.

Some insurers offer an option to add endorsements to your policy to further adjust it according to your unique needs. For example, if you are diagnosed with a chronic or terminal illness and require money to pay your medical bills, you can add coverage for these conditions and be paid for your care or living expenses.

#6. Life insurance payouts are tax-free.

If you have a life insurance policy and unfortunately die when the policy is active, your beneficiaries will receive a lump sum amount as death benefits. These payouts are tax-free, meaning your beneficiaries do not have to pay taxes on them.

#7. Life insurance covers final expenses and debts.

A life insurance policy can pay your final expenses after your death, including funeral or burial costs, estate settlement costs, and medical bills uncovered by health insurance. Also, life insurance benefits can be used to pay your outstanding car loan, education loan, credit card bills, and other debts.

Life insurance benefits both men and women. Take a look at these three reasons why having life insurance is good for you. Ready to get started on your life insurance policy? Talk to the professionals at Premier Risk, LLC to find out how you can acquire affordable coverage. We serve Long Island and surrounding cities in New York, and we look forward to hearing from you today.