In the modern-day, women are more anxious than ever about their financial security. As a financial adviser, Meredith Moore, a CLTC, LUTCF, shows how life insurance and associated products may help women mitigate financial risk, optimise opportunities, and prepare for the future.
Firstly, the good news: Women are now generating more money than ever before! However, we still confront difficulties in successfully controlling it. Social conditioning, shorter working years, and the shrinking of the wage difference are all possible factors.
According to Atlanta-based financial planner Meredith Moore, founder of Artisan Financial Strategies and a well-known speaker on women’s financial planning concerns, there is an increase in the number of women who worry about their financial future, regardless of age or income level. According to recent research, married women in their 50s are more likely to face financial difficulties in retirement than unmarried women.
Pressures from a new epidemic
According to Moore, the epidemic has simply made things worse. “Women are taking time off from work because of family obligations, and they’re sacrificing both their present pay and their long-term earning potential.”
“Several high-income ladies I know have partners who now remain at home, and they’re having a hard time getting their brains around it,” says one friend. The old gender paradigms add Moore, “are a challenging thing to negotiate. There is no right or wrong. “
Your defences should be bolstered.
Insurance and associated products aren’t a panacea for these complicated concerns, but they may be useful in stabilising finances and minimising risk in unpredictable times.
Like in any sport, you need to have both attack and defence. In the end, it doesn’t matter if you are hit by the metaphorical bus because talking about offence is more exciting,” adds Moore. There’s no need to “shrug it off.”
Protecting your family financially in the event of your death is the ultimate goal of life insurance. If you have enough insurance, you may keep your family in their current home, reduce their financial burden at a trying time, and keep up with long-term goals like going to college.
What am I failing to see?
As your life circumstances vary, so do your dangers. Honest communication and an eagerness to find out where the gaps are will help ensure a more solid financial future.
All of the females who are still single.
Focus on building an emergency fund and purchasing disability insurance coverage that may be increased later without further underwriting when you are young and unmarried, according to Moore. Insurance companies use underwriting to assess whether or not you are eligible for coverage and what your premium will be depending on criteria such as your age and medical history.
Having life insurance may help your loved ones who are financially dependent on you, such as your parents, if the worst happens.
Children who have children
Even if one person handles most of the financial responsibilities, Moore recommends that couples conduct frequent home finance meetings and feel comfortable discussing money. When children enter the picture, the balance of power might shift. Couples that are able to talk honestly about money will be better equipped to deal with the ups and downs that life throws at them.
At this stage of life, the stakes are often greater when it comes to financial protection when you have a mortgage, young children, and fewer assets. Moore suggests that all breadwinners get extra disability and life insurance.
Permanent life insurance, as opposed to term insurance, may build up cash value that can be used for unforeseen expenses* if your family’s need for death benefits decreases, making it a viable option for certain families. Any life insurance policy’s principal goal will always be to shield the beneficiaries of the policy from financial ruin in the case of the sudden death of the policyholder.
High-net-worth women over the age of 50 and women over the age of 50
Empty nest independence, caring responsibilities, new professional chapters, or possibly peak incomes are all realities that women confront as they hit the half-century mark. To begin, Moore adds, “I first have a dialogue about controlling expenditures for long durations of care, if it hasn’t previously been handled.” As a whole, we’re looking for financial stability. “
Women who make a lot of money tend to have an outsourced attitude, says Moore. You must, however, be aware of your own financial blind spots.
There are two that she sees on a regular basis:
In-home assistance for the elderly When it comes to long-term care expenditures, Moore suggests having a family discussion.
As Moore puts it, “Let’s just be honest, talking about money with our parents is awkward.” It’s important that the new generation sees the issue through the eyes of their elders, too. When it comes to taking care of themselves, wealthy women are more inclined to shoulder the financial burden.
Longevity. Even among high-earning women who often continue to work, retirement income declines. “We don’t know how to manage the danger of outliving assets since women live longer,” adds Moore. Your retirement plan should be put to the test. Asset preservation and wealth transfer are both possible with permanent life insurance and annuities.
Calculate your current level of protection and get started right now. Locate an agent in your region using our Agent Locator when you’re ready to do so.
When cash value is accessed, it reduces both the cash surrender value and the death benefit of the insurance policy.
Eagle Strategies LLC, a Registered Investment Adviser and an Agent of New York Life Insurance Company, is Meredith Moore of Artisan Financial Strategies, LLC’s financial adviser.
Eagle Strategies LLC and its affiliates do not own or operate Artisan Financial Strategies, LLC.