What Women Need to Consider Given Our Increasing Longevity

Women are better educated today than ever before, and we are seeking to make smart financial decisions for ourselves and our families. We want to be more self-reliant, and we are living longer. Given this, we need to understand the importance life insurance plays in our financial planning. We need to work together to assure we have the information and access to key insurance products and services required to reach our long-term goals

How can we be financially prepared for our increased longevity?
There are over 20 million women in America who will live longer than our mothers, and who, in a sense, have the highest financial risk. This certainly is a challenge, but it also has associated opportunities. The concerns include:

  • Outliving our retirement assets or needing to reduce our lifestyles
  • Changing careers or jobs without access to portable benefits
  • Living longer than government programs provide for
  • Reduced medical and retirement benefits
  • Anticipating less assistance through employer-sponsored retirement and insurance benefit opportunities
  • Living longer than a spouse or partner and/or not having help needed from children or other family

Living longer is certainly a concern but, if we are adequately insured, we can achieve a level of self-reliance that takes us through our lifetime successfully without having to downsize our lifestyles, be challenged significantly with health-care issues or avoid family related financial obligations.

How can we obtain the information we need?
Since women influence over 90% of financial decisions for themselves and their families, it’s especially important that we have access to the information, products and services needed to make sound financial decisions. As women, we tend to gather information that is meaningful and then analyze it before making decisions. It is critical to have access to this important information and to industry experts in a forum that allows for questions, answers and idea sharing with women in similar situations. Take a look at Penn Mutual’s Worth for Women site, which was created especially for women to address their needs and goals. And the LIFE Foundation website and blog are great places to obtain information about life, health, disability and long-term care insurance for whatever life stage you may be in.

Why is life insurance an important part of the solution?
Due to a renewed interest in security and safety, the benefits of life insurance have become better understood and utilized. And rightfully so. Life insurance not only provides security in the form of a death benefit, but with permanent life policies, we have the additional opportunity to accumulate tax-deferred cash value. This, compared with mutual funds, stocks or bonds, puts insurance in a class by itself providing safe, secure returns plus a death benefit. Life insurance makes sense for women, at any age, as it provides the safety and security many of us need and the lifestyle options we want.

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