Haddock Insurance Agency




Life Insurance, Louisville, CO


A J.D. Power and Associates report indicates that as much as 64 percent of American women carry no life insurance, and those that do are generally under-insured. This is despite the fact that in our current economic situation, most women work outside the home, and frequently, they are the family breadwinner. Times have certainly changed, but our attitudes have not.

"Women tend to undervalue themselves and what they do in the home," says Keith Bratz, Media Director of Penn Mutual.

Penn Mutual's Worth for Women initiative publishes an annual survey about, among other things, how women perceive themselves as "good financial role models." Tracy Marrocco is director of program marketing and leads the company's Worth for Women initiative. She echoes Bratz's sentiment about how women tend to underestimate their value.

"Women are earning more than ever, so they have a greater need for protection. More than ever they need to take those steps. Yet they still have this risk of running out of money in a longer retirement, being alone in retirement because women tend to live longer than men, and possibly ending up in a nursing home or assisted living facility. Chances are they took care of everyone around them, and now there's no one left to take care of them," Marrocco says.

Life insurance is important for women, Marrocco says, just like it is for anyone; it protects against the risks you can't control. But there are issues specific to women, such as the potential to live longer. Plus, what women contribute over their lifetimes has significant value, one both men and women tend to overlook.

"Most women spend about 12 years out of the workforce, caring for children and parents. That contribution isn't valued," Marrocco says. "God forbid something should ever happen to them; the cost to replace them would be huge."

What do you contribute?

The value of your contributions might be a little easier to see if you're a parent, but single women can also benefit from the peace of mind that comes from financial planning, including life insurance. As investment vehicles became more and more confusing, with 401K plans, mutual funds, day trading and the like, Marrocco believes the fundamental need for life insurance got lost in the shuffle.

"Everyone wanted the latest, greatest thing that was going to earn you 30 percent or more," she says. "We learned some painful lessons along the way. But there were some folks who had life insurance, whether it was a cash policy or final expense, who were OK."

"With the economy, the way it is now, that message is starting to resonate," Bratz notes.

Taking control of your financial destiny is important for women of any circumstance. The Penn Mutual Worth Survey for Women reports that almost 60 percent of women who thought they were good financial role models said they "will have accomplished great things" in their lives. Plus they were also more than twice as likely to take better care of themselves, and more than 30 percent felt their opinions were important.

Be sure the women in your family are properly covered and protected! Call us today.


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