Once upon a time, I had a great fulltime job, with great pay, great benefits. One of those very important and necessary benefits being life insurance.
Then along came 2008, the year of economic calamity for so many. I was one of those. I lost my job. I lost my pay. I lost my life insurance.
Since then, I've secured a new job. As a freelancer. The job is great, the pay less so. The fact I have no life insurance the least great thing of all. As a contributor to the support of the household, if I were to die, my husband would be in a fix.
Thing is, my husband and I are empty-nesters, and my income as a freelancer is erratic at best, so though my premature passing would impact my husband, it wouldn't be financially devastating. The stakes are much higher for women who contribute larger portions to the support their families — or serve as the sole support of their families — when they have no life insurance or are underinsured. In such cases, the loss of her life and subsequent loss of support for her loved ones could prove devastating to those she leaves behind.
September is Life Insurance Awareness Month, making now the perfect time for uninsured and underinsured women — especially those who earn and contribute to the household income — to consider how to protect their families with life insurance. Though life insurance surely cannot replace Mom, it can help replace Mom's lost salary, help cover childcare expenses, pay off the mortgage on the family home and ensure college is still a possibility for her children.
Navigating the ins and outs of life insurance coverage can be daunting. Royal Neighbors of America, one of the nation's largest women-led life insurance companies, suggests considering the following questions:
- How much will it cost to pay off your debts — mortgage, credit cards, autos, other loans — if you were to die prematurely?
- What are your ongoing expenses? Consider the loans above as well as child care, tuition, groceries, utilities.
- Would your family be able to pay its bills without you?
- Do you have enough to pay for funeral expenses?
While the amount of coverage rule of thumb recommended by the insurance industry is 7 to 10 years of household income, Royal Neighbors of America provides a Life Insurance Calculator to help choose adequate coverage.
Royal Neighbors of America provides life insurance with a difference as the organization's philanthropic efforts are dedicated to changing women's lives through programs such as its Nation of NeighborsSM Program and through the Royal Neighbors Foundation, a 501(c)(3) public charity.
For more information on Royal Neighbors of America and its life insurance with a difference, visit the Royal Neighbors of America website.
Disclosure: This post is part of a Vibrant Influencer Network campaign on behalf of Royal Neighbors of America. Though I was compensated for my participation, anecdotes and opinions are my own.