Women Outlast Men - The Financial Concerns

Long-Term Care Coverage Tips

Discussing life insurance with your spouse is sometimes a difficult conversation. But it's a conversation that should happen. The average American woman is widowed by age 56 and nearly 85% of the elderly poor in the nation are female. Many women aren't prepared for this life event – emotionally or financially.Replacement of income is one of the primary reasons to purchase insurance and with the average American male making more than the average female – this issue should drive the need for the conversation for women.Wake up to the FactsSeventy-five percent of American married women will become a widow someday. To prepare for someday – you need to have a serious discussion with your spouse.

Sit down and have each person list the things they want for their family in the future. Larger home, college education for the children, early retirement, etc. Then compare those lists and determine how much you'll need to achieve those goals if your spouse's salary is lost.Over our lifetime, a person's total income can add up to a sizeable sum. This amount would help protect the financial future of those left behind. For example:

• A 40-year old who earns $50,000 a year will earn $1.25 million if they work to age 65.

  Adding just a 2.5% annual inflation factor, the future earnings are nearly $1.7 million.

• The economic loss of a 30-year-old married individual with two children who was making $50,000 a year is nearly $2 million.

Some Other Key FactorsWomen have several other topics to factor into the equation.

• What are your other outstanding debts – from mortgage to credit cards
• The future costs of your children's' education
• How much will you need to maintain your lifestyle into retirement

• Other life insurance policies
• Taxes that reduce take-home pay
• Savings and other assets
• Earning power of survivors
• Social security benefits for children
• Duration of the income need

Patty Reiners FLMI, ACSAVP - Ameritas Direct 1.800.555.4655www.ameritasdirect.com

Related Pages

Long-Term Care Insurance - Long-term care insurance coverage overview - Ins and outs of long-term care coverage plans and details on carriers.

Paying For Long-Term Care - Advice on paying for long-term care - Online resources and phone numbers for major long-term care policy providers.

Long-Term Care Costs - Complete LTC coverage guidelines for seniors - What long-term care costs and what you must do to protect yourself.

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