David Lerner Associates News

Why Women Need Life Insurance

Core Facts

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Friday, July 20, 2018

Today, more than ever, women are redefining their roles at work and at home. They have more financial responsibilities and, according to a Regions Bank study, more women feel they are solely responsible for household finances than men. 

In another study, more than half of women polled said the thought of running out of money in retirement is a major source of stress and worry — their biggest fear other than losing a spouse. About the same amount of women who responded said they fear they could lose all their money and become homeless.

Another concern for these women is providing for their families after they're gone. At the very minimum, life insurance can aid in paying for the costs of funeral and burial services, estate administration, outstanding financial obligations, estate taxes, and the uninsured expenses of a final illness.

The hard truth is that death is inescapable, short of someone discovering a way to reverse aging permanently. Life insurance is not like other types of insurance - you're guaranteed to need it at some point.

The benefits of having a life insurance plan in place are that it can replace income in a time of need, it can protect your interests and your lifestyle, and for women, it’s less expensive. It was found recently that people don’t buy life insurance because of other financial priorities, or because they think they cannot afford it. Interestingly, it was also found that consumers overestimate the cost of life insurance by as much as three-fold. 

Life insurance premiums are priced largely according to the average life expectancy for gender and age. Women pay less than men, primarily because men have a shorter life expectancy than women. In the U.S. male life expectancy is 73.4 years for males and 80.1 years for females, a difference of 6.7 years.

Vice President of Insurance Services for David Lerner Associates, Dan Gardella, notes, “Life insurance isn’t an expense — it’s an asset that will eventually provide a return on your investment. As long as you pay the premiums and maintain the policy, your beneficiaries will eventually receive the death benefit.”

Who needs life insurance? The short answer is everyone. And it's as important for women as it is for men. It may be time to consult an insurance professional who can help you assess your life insurance needs, and offer information about the various types of policies available.




Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC.

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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com

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Jake Mendlinger
Account Manager
516.829.8374 X 232

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