After looking at various National surveys of different demographics of people using life insurance, it has been shown that women and new mothers are significantly under-insured.
It appears that less than 30 % of this segment of the population has some sort of coverage, the younger the age the lower the percentage.
This poses a potential financial disaster for new families and an increasing danger as younger women are prone to be uninsured.
An entire generation appears to show less interest in life insurance, long term care or disability products, in particular new and/or younger mothers.
Younger families may have less in terms of disposable income but if an earning spouse dies it will represent a significant financial burden for the remaining members of the family.
Unemployed women and mothers tend to re-enter back into the workplace once their children reach school age, the potential future loss of income in these cases create an even larger financial burden on the entire family.
Women In The Workplace
Over the past few years more and more professional women entering the workplace are either the breadwinners of the family or at least earn as much as their spouses and/or male counterparts which makes the need for life, disability and long term care coverage more important and significant for the working women.
Interaction With Financial Advisors
It is clear that the younger generation prefer to go online for information and purchase term life insurance as opposed to the older generation who see greater value in meeting face to face with a financial advisor.
A lack of full understanding regarding the entire nature of financial planning often results in people avoiding the inclusion of life, disability and long term care insurance from their overall financial plan.
