Queen Latifah married 33 couples on Sunday night at the 65th annual Grammy Awards show at the Staples Center in Los Angeles on live TV. It was certainly an historic event due to the platform and also due to the different types of couples that were present to say their “I Do’s.” The happy 33 couples were made up of same sex, interracial, and heterosexual males and females. It brought chills over me to watch it and listen to Macklemore and Ryan Lewis sing “Same Love.” I truly hope for the day that all couples regardless of race, sexual orientation or gender can be regarded as one when it comes to love and marriage. Thank you Queen Latifah for being the “Commish” for the day!
Besides chills, it also got me thinking as a life insurance agent and about life insurance for female spouses.
How many of those 33 couples do you believe had a discussion about life insurance?
I am betting very few or none at all. Often times, couples put so much time into planning the wedding, the reception, and the honeymoon that they often overlook protecting themselves with affordable life insurance coverage.
The Importance Of Life Insurance For Female Spouses
It is heart breaking and can be financially devastating to lose a spouse, regardless of the “type” of marriage you are in. I am focusing on life insurance for female spouses in general because often times it is the male spouse that obtains life insurance first before considering the female spouse. I know this sounds nuts, but this is from my personal experience as a life insurance agent.
5 Types Of Female Spouses That You Are Crazy Not To Insure (In My Opinion)
1. The Breadwinner
2. The Second Income Provider
3. The Stay At Home Mom
4. The Caretaker
5. The Retiree
Let’s Break It Down
The “Breadwinner” brings home the most dough and keeps the financial stability of the marriage and family afloat. If you lose her then you are up a “you know what” kind of creek without a paddle! Please do not settle with the life insurance from her work. I guarantee that is does not cover everything…i.e. lost income, future college tuition for the kids, mortgage, credit card bills, etc. Get some quotes for individual life insurance to supplement that crucial lost income.
Women now comprise 49 percent of the workforce—an all-time high, but unfortunately 43 percent have absolutely no life insurance, according to the Wholesaleinsurance.net study.
The “Second Income Provider” also contributes to the financial well being of the household. They may not bring in the most money, but they do bring in some and it will need to be replaced it something unexpected happens. The majority of households today are dual income so securing BOTH those providers is essential. Life Insurance fills in the gap when a second income is suddenly missing.
The “Stay At Home Mom” is the one that most often gets dismissed. I think it is because they do not physically bring in any money. That kind of thinking is what gets families into a financial nightmare when tragedy strikes. Who will take care of the children if you are not there? I am assuming you would want the finest help around to care for your little one’s. Being a “Stay At Home Mom” is a 24/7 job that never gets a day off! That kind of support does not come cheap when it is needed most. Family members and neighbors can only step in and help for so long before a long term solution will be needed. Life Insurance funds that solution.
The “Caretaker” is another one that gets swept under the rug. This is the female spouse who may now be caring for an elderly, incapacitated parent or spouse. Long term care is expensive and sometimes it is too late to get because of high premiums or a medical condition that makes someone ineligible. A female spouse often times steps in to care for and maintain the household of that elderly parent. Life Insurance would fund an in home care provider or possibly pay for a bed at a nursing home.
The “Retiree” is becoming more and more the daycare provider for their grandchildren while the parents are at work. Families in this economy are having a tough time making ends meet and this is a free solution to day care or after school care. I actually experienced this first hand. My mother would often times care for my two young children after school and in the summer so I could work on my business. I realized after a while how important this was and I would be lost without her help. It was saving me a great deal of money in childcare expenses. At the time, she just had a very small whole life policy and that was all she really needed. My parents had planned ahead and saved for their retirement. There was no need for additional insurance until I realized what she would cost to replace as my daycare provider!! I then decided to get a 10 year term life insurance policy on my mother as a safety net to cover the time until the kids were grown and my need for daycare was gone.
How Do Most Life Insurance Carriers Look At Domestic Partnerships and Civil Unions?
Financial justification is forefront regardless of the legality of your partnership, marriage or union. Bottom line, if someone is financially dependent on you then that supports the need for a life insurance policy. I will personally go the extra mile as an agent with any life insurance company to prove financial need if there was ever an issue. Insurance carriers are up on the complexities of relationships today more so than you might think.
My kudos to lesbian women!
“Unlike the general population, where women are less likely to have life insurance, lesbians own life insurance equally to gay men.”
This was taken from The LGBT Financial Experience – 2012-2013 Prudential Research Study
Please feel free to give us a call at (619) 933-0736 for more information about Life Insurance For Female Spouses or to obtain a NO obligation quote. Our agents are always happy to answer any questions you may have. No pressure and we only call or email you again if you request it.
*Written by Ellen Edwards. InsureTheQueen.com and its representatives do not give medical, legal, or tax advice. Please consult your own physician, legal or tax adviser.
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