If you are anything like us, you have burning questions that you want answered. That’s what the Ask the Expert series is all about – it’s a chance to get questions answered by local experts.

Today, we’re turning to our friend Ruth Ahnen with Modern Woodmen of America. She is sharing vital information that many moms ignore – how do we protect our kids if something happens to us? (It’s something we don’t want to think of – but we have to consider.)

When it comes to life insurance, the majority of women are underinsured. Many don’t have coverage at all. And women need life insurance more than ever before, regardless of career choice or marital status.

Whether the primary breadwinner, a stay-at-home mom, a single parent or somewhere in between, here’s what every woman should know.

Primary breadwinner

Nearly 4 in 10 women are the primary breadwinners for their families. If you fall into this category, you need life insurance.

Life insurance can help cover your family’s day-to-day expenses if you die, as well as your funeral and associated costs. Down the road, your life insurance benefits could help your kids afford college or your spouse realize retirement dreams.

Secondary earner

Approximately 60 percent of American households are dual-income households. If your income helps support your children and/or your partner, you need life insurance.

Life insurance will provide financial support to your family if you die, helping them maintain their current lifestyle.

Bottom line: You want to make sure your spouse, children and whoever else depends on you for financial support are well taken care of.

Single mom

Life insurance is a necessity for anyone with dependent children. As a single parent, you likely shoulder all the responsibilities of raising your family.

Life insurance can provide financial security to your children if something should happen to you.

And coverage is not as expensive as you may think. If you’re among the two-thirds of single mothers who don’t have life insurance, it’s time to talk to your local Modern Woodmen representative.

Stay-at-home mom

You may think you don’t need life insurance. Think again.

You and the approximately 5.2 million other stay-at-home moms in the U.S. provide significant services to your families. These services are just as important to your family’s well-being as work outside the home.

A recent salary.com survey estimated stay-at-home mothers could charge upwards of $120,000 per year for their work.

If you died, your family would need someone to handle all the household duties you currently shoulder. Life insurance would help cover those likely substantial costs.

Single gal

If you’re a single woman with no dependents, you can still benefit from life insurance – especially the permanent kind.

With permanent life insurance (whole life insurance is one type), you can accumulate cash value. Borrow from this cash value for emergencies or to supplement retirement income.

When you die, the proceeds can be used for final expenses or to leave a legacy as a charitable contribution.

Find the right plan for you

The type and amount of insurance you choose depends on your unique needs, family situation and budget.

And speaking of budget, women’s life insurance rates are typically lower than men’s – all the more so if you’re healthy. Talk to your local Modern Woodmen representative to better understand the options available.

By the numbers:

  • 44 percent of women have no life insurance. (Source: LIMRA)
  • On average, women have $160,782 of individual life insurance. Men have $206,357. (Source: LIMRA)
  • 60 percent of households are dual-income households. (Source: Pew Research)
  • Nearly 4 in 10 mothers are primary breadwinners for their families. (Source: U.S. Census Bureau)
  • Women make up more than 47 percent of the labor force. (U.S. Bureau of Labor Statistics)
  • 5.2 million women are stay-at-home moms. (Source: U.S. Census Bureau)

Ruth Ahnen, a Modern Woodmen financial representative in Davenport, can help you review your options for college savings, retirement and life insurance. A variety of options are available to fit your unique situation. 

Disclosure: Thanks to Ruth  for sponsoring today’s post. We at QCMB love working with local businesses to share positive information and make our community a better place to live, work and play.

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