Life insurance for my family

Women have accomplished much, with their position in the workforce and earning power at an all-time high.  Women comprise 51% of all professional and technical occupations.1  And, 29 percent of married couples noted that the wife earned more than her working husband2

Additionally, it is common for women to be the primary caregivers for children, spouses and parents, and to be responsible for the housework. Needless to say, women are busy.  So busy, in fact, that they may not stop to plan for their future – for what would happen to their families if they were not there to care for them. 

Industry studies show, both working moms and stay-at-home moms are uninsured or underinsured. Over 50% of all wives have no life insurance coverage at all3

Whether a woman is the primary breadwinner or caregiver, she provides an important financial contribution to her family, one that should be protected with life insurance in the event of untimely death.  Without proper protection, an unexpected death could cause a family’s finances to collapse.  If your family lost your income, ability to provide care or other household duties, what would happen?  If there were no insurance proceeds to cover everyday expenses and other costs, how would your children fund their college education? How would your spouse live in retirement? 

Life insurance can be an important addition to any financial strategy. Life insurance can help cover immediate expenses and can provide long-term protection of the assets you’ve earmarked for your family’s future.  For example, insurance will help pay for final expenses, such as unpaid medical bills, funeral expenses and estate settlement costs. Also, life insurance can help provide the money to meet the ongoing costs of running a household – without dipping into savings and depleting assets needed for the future. 

The death benefit proceeds from a properly structured life insurance policy received by your beneficiary are generally free from federal income tax and can help put children through college and continue building a retirement nest egg for your spouse or partner.

Things for all moms to consider:

If you’re married and working, your family depends on your income for its every day needs.  Life insurance can help replace your income in the event of your death, pay off the mortgage on your home, secure your spouse’s retirement and help pay for your children’s college education.  Life insurance can help your family members continue to live in the same way they did when you were around, while keeping your dreams for them alive.

If you’re a stay-at home mom, you are providing over $118,000 in services to your family. According to the 2014 “Mom Salary Survey,” conducted by Salary.com, that’s the salary a mother would be entitled to if she were paid for her time, effort, and performance.  Chances are that your spouse or partner would not be able to do all of the things that you do in a given day or afford to pay someone else to do them. Life insurance for a stay-at-home mom would provide the financial resources your family would need to continue to run the household.

If you’re a single mom, life insurance takes on even greater importance. You are the sole breadwinner and primary care giver. It is important to make sure your children will be taken care of financially, in the event of your death. Life insurance will not only provide for your children’s day-to-day needs, but can also make a difference in their future, ensuring money for college and other future financial obligations.

Want to know more about your life insurance options? Talk to your financial professional today.

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1) U.S. Census Bureau, DataFerrett, Current Population Survey, Monthly Microdata, December 2014.
2) U.S. Bureau of Labor Statistics, 1988–2013 Annual Social and Economic Supplements to the Current Population Survey (CPS), March 2014.
3) LIMRA, “2016 LIMRA Ownership Study.”

 

AXA Equitable Life Insurance Company (AXA Equitable) (NY, NY)

Securities are offered through AXA Advisors, LLC, member FINRA, SIPC.

Life insurance and annuities offered through AXA Network, LLC (AXA Network Insurance Agency of California, LLC; AXA Network Insurance Agency of Utah, LLC; AXA Network of Puerto Rico, Inc.)

Please be advised that this document is not intended as legal or tax advice.  Accordingly, any tax information provided in this document is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer.  The tax information was written to support the promotion or marketing of the transaction(s) or matter(s) addressed and you should seek advice based on your particular circumstances from and independent tax advisor.

 

 

GE-130097 (10/2017)

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