“Within the next few months women will cross the 50% threshold and become the majority of the American workforce,” read “We Did It” an article from the December 2009 edition of the Economist. Meaning, we are most likely at that threshold today.
Women have become increasingly active in America’s workforce, thus becoming more active in financial earnings and security. “Unbelievably, they still find time to take terrific care of their families,” says Frank N. Darras, insurance lawyer, in a May 4, 2010 press release.
Women today have a lot more at stake. “One quarter of all new, small businesses are owned by women. If something happens to a female owner, the entire business could be ruined and their family’s financial future lost,” Darras said.
According to the Economist article, Women’s economic empowerment is arguably the biggest social change of our times. As women today run many of the world’s great companies, from PepsiCo in America to Areva in France.
As amazing as this is, it is also important to point out that while women are now major income providers to their families, they also have a lot more to protect.
“Less than one-third of U.S. women have life insurance coverage, yet they comprise over 45% of the workforce in America,” according to an April 19, 2010 press release from Insurance.com. Of the women who do have life insurance coverage, two-thirds feel that their insurance coverage is adequate. The result: only 10% of working women have adequate life insurance coverage.
Further Reading: Term Life Insurance for Women, Consumer Trend or Family Necessity
With power comes responsibility, women need to protect their income and take advantage of tools such as term life insurance to ensure that their families are protected.
