By Guest Author Frank Mitchell
Better life expectancy than men
Women usually have a longer life expectancy than men. The Administration on Aging’s 2011 statistics reveal that the sex ratio for persons aged 65 and over was 131 women for every 100 men, and this disparity increases with age, with 203 women for every 100 men, at age 85 and over. This in itself is a big reason to invest in insurance. Add to that the strides made by science and medicine, which increases the likelihood of women living up to a ripe old age, a good thing? Yes certainly! But that also increases the chances of women needing medical and long-term care in old age.
Women earn less than men
It’s a fact! Women earn only about 77 cents for every dollar a man earns. There are numerous reasons for this. Women are the primary caregivers and more likely to quit jobs for childrearing and caring for family members. Women also hold lower paying jobs than men. This wage gap between the genders isn’t going away anytime soon. And because their income is much less, women don’t or are unable to save as much as they should. The irony is - because women earn less, they should be saving more than men and building a larger nest egg! This problem is compounded for women who are single, divorced, or widowed.
As the sole breadwinner of the family
This happens primarily if the woman is single, divorced, or widowed and has family members who’re dependent on her. Even though it’s not a pleasant thought, imagine how your family would fend for themselves if something were to happen to you. As the sole or primary breadwinner of the family, you must make sure your family is provided for even if you aren’t around. CUNA Mutual and IntelliQuote, for instance provide different types of life insurance plans and investing in them is the best way to safeguard your family’s future. You might also want to consider a long-term care insurance policy through AccuQuote.
It’s a misconception that women are bad financial managers. Family budgets are more often than not still managed by women. Being financially secure and on your feet will do wonders for your self-confidence, so take action today and plan for your future. Do it for the sake of your children and family, and most importantly, do it for yourself!
John Agno: When Doing It All Won't Do: A Self-Coaching Guide for Career Women
John G Agno: Women, Know Thyself: The most important knowledge is self-knowledge.
Nice facts! thanks for setting the record straight
Posted by: Clark | 09/07/2013 at 05:51 PM