{"id":19223,"date":"2021-10-12T13:57:19","date_gmt":"2021-10-12T17:57:19","guid":{"rendered":"https:\/\/lifehappens.org\/?p=19223"},"modified":"2021-10-12T14:07:27","modified_gmt":"2021-10-12T18:07:27","slug":"how-insurance-can-empower-womens-financial-lives","status":"publish","type":"post","link":"https:\/\/lifehappens.org\/blog\/how-insurance-can-empower-womens-financial-lives\/","title":{"rendered":"How Insurance Can Empower Women\u2019s Financial Lives"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.10.8″ _module_preset=”default” global_colors_info=”{}”][et_pb_row _builder_version=”4.10.8″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.10.8″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.10.8″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]Today, women are more concerned than ever about their financial vulnerabilities. Financial advisor Meredith Moore, CLTC, LUTCF, explains how life insurance and related products can help women offset financial risk, maximize opportunity, and plan for the future.<\/strong><\/p>\n

First the good news: Women are making more money than ever. But we still face stubborn challenges in managing it effectively. Factors can include fewer working years, a narrowing but still-present pay gap, and social conditioning.<\/p>\n

As a result, women across all ages and financial brackets \u2014 even high income earners \u2014 are worried about their financial future, says Meredith Moore, founder of Artisan Financial Strategies in Atlanta, Georgia, and a nationally recognized speaker on women\u2019s financial planning issues. A recent study<\/a> even revealed underlying retirement risks to married women in their 50s over their single counterparts.<\/p>\n

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New pandemic pressures<\/h3>\n

\u201cThe pandemic has only magnified this situation,\u201d says Moore. \u201cWomen are opting out of the workplace due to household pressures, and they\u2019re losing their place in the pecking order,\u201d sacrificing both current income and lifetime earning potential.<\/p>\n

On the flip side, \u201cSeveral high-income women I know have spouses who stay at home now and they\u2019re having a hard time wrapping their minds around it. There\u2019s no right or wrong,\u201d says Moore, \u201cbut these old gender paradigms are a hard thing to navigate.\u201d<\/p>\n

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Shore up your defense<\/h3>\n

Life insurance<\/a> and related products aren\u2019t a cure-all to these complex issues, but they can serve as effective tools in stabilizing finances, offsetting risk, and planning for the future in uncertain times.<\/p>\n

\u201cLike any sport, you have to play offense and you have to play defense. It\u2019s sexier to talk about offense, but it does not matter if you get hit by the proverbial bus,\u201d says Moore. \u201cWe shouldn\u2019t be glossing over it.\u201d<\/p>\n

Life insurance<\/a> serves as the ultimate defense, protecting your family against the financial fallout if you were to pass away. The right amount of coverage can allow your family to stay in the home, alleviate financial stress at a difficult time, and continue with plans such as college education.<\/p>\n

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What am I overlooking?<\/h3>\n

Your risks change depending on your current life circumstances. At every stage, honest communication and a willingness to find out where the gaps are can help you create a financial future that\u2019s more certain.<\/p>\n

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\u00bb All the single ladies<\/h6>\n

While you\u2019re young and single, Moore advises focusing on your emergency fund and buying a small disability insurance<\/a> policy that you can increase later without additional underwriting. Underwriting is the process an insurance company goes through to determine your eligibility and your rate, which is based on age, health, lifestyle and other factors.<\/p>\n

If anyone is financially dependent on you \u2014 this could include parents \u2014 life insurance can provide for them if you were to die unexpectedly.<\/p>\n

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\u00a0\u00bb Women with families<\/h6>\n

Moore says it\u2019s important for couples to set up regular household financial meetings and become comfortable engaging with money together \u2013 even if a partner handles most financial matters. Power dynamics can change with the arrival of children. Couples who can communicate openly about money are better able to navigate these twists and turns.<\/p>\n

When it comes to financial protection, the stakes are typically higher at this point in life: a mortgage, young kids, and fewer assets. Moore recommends additional disability insurance for any breadwinner, and life insurance is a must.<\/p>\n

Some families should consider permanent life insurance<\/a>, which, unlike term insurance<\/a>, accumulates cash value that can stabilize a portfolio and be tapped for unexpected expenses* should your death benefits needs decrease. The primary purpose of any life insurance policy remains to protect family members from financial loss in the event of the policyholder\u2019s unexpected death.<\/p>\n

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\u00bb Women over 50 and high-net-worth women<\/h6>\n

As women reach the half-century mark, they face any number of realities: empty nest freedom, caregiving obligations, a new career chapter or perhaps peak earnings. At this stage, Moore says, \u201cI first have a conversation about managing costs for extended periods of care, if it hasn\u2019t already been addressed. Overall, we\u2019re taking a strong look at financial security.\u201d<\/p>\n

\u201cIn particular, many high-income women have an outsourcing mentality,\u201d says Moore. \u201cBut when it comes to money, you need to know where those blind spots are.\u201d<\/p>\n

Two of the most common ones she sees:<\/p>\n