Women have been moving past barriers in every realm of life, breaking the glass ceiling in many different areas. They are increasingly the main source or guardian of family wealth, controlling nearly half of the investment wealth in the United States. Some estimate that by 2030, women will control as much as two-thirds of the nation’s wealth.
The rising economic clout of women is perhaps one of the most significant economic shifts of recent decades. Not only are women generating and managing an increasing amount of wealth, they are influencing the economy itself. Throughout the global economy, women are starting and running new businesses at a rapid rate. Women are majority owners of 9.9 million U.S, businesses of all sizes, according to a 2016 report by the Small Business Administration.
Women also play a central role in establishing and preserving family wealth, whether nurturing the values of children, fulfilling charitable goals, or making investment decisions that affect the financial security of themselves or their families. Trends magnify the need for women to be involved in, informed about and comfortable with their role as guardians of their own financial legacy.
Yet with all their growing influence and control, women lag behind when it comes to making investments in their own financial well-being. Women have a financial legacy to build, and securing their money is crucial. Life insurance for women is an essential part of financial planning for the whole family. However, a 2016 LIMRA study found that only 56% of women have life insurance coverage as compared to 62% of men, even though most families heavily rely on a woman's income, child and family care, or other services to be financially secure.
In our upcoming series of blog posts, we will explore the history and importance of life insurance for women. From planning for retirement to the gender gap and rethinking the role of life insurance, we will outline the need for women to secure a financial legacy for themselves and the next generation.