Life Insurance for My Family

Women have accomplished much, with their position in the workforce and earning power at an all time high. According to The U.S. Department of Commerce 38 percent of all females aged 16 and older worked in management and professional and related occupations over the last two years, compared with just 32 percent of males.¹ And, 18 percent of all married couples noted that the wife earned at least $5,000 more than the husband².

Additionally, women are more likely to be the primary caregivers³ for children, spouses and parents, and often do the majority of the housework⁴. 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. Almost one in three women have no life insurance coverage at all, and women who do carry life insurance carry less than men⁵.

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 or ability perform care giving 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 nearly $200,000 in services to your family. According to the ninth annual “Mom Salary Survey,” conducted in 2009 by Salary.com, based on the tasks they perform and time put toward each, 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 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.

For more information about life insurance, the various types and things to consider when deciding how much life insurance is right for your situation, visit AXA Equitable’s Online Learning Center.

Useful Resources & Links:

1) U.S. Department of Commerce, “U.S. Census Bureau News Facts for Features: Women’s History Month: March 2009,” Jan. 5, 2009
2) Ibid
3) LIMRA Facts About Life 2008
4) LIFE Foundation For Education
5) LIMRA Facts About Life 2008AXA Equitable Life Insurance Company (AXA Equitable) (NY, NY)

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

AXA Advisors, AXA Network and AXA Equitable are its affiliates.

Investments are subject to market risk, will fluctuate and may lose value.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 50718 (7/09)