It has been my own personal experience that when someone dies (often a man), someone is always left holding the bag (often a women). The all important question is: What is in the bag? Resources or Regret? If you die, are your loved ones going to have the necessary money in your absence? Please read on...

1. Dolf Dunn Wealth Management, LLC
Dolf Dunn, CPA/PFS,CFP®,CPWA®,CDFA
Private Wealth Manager
11330 Vanstory Drive
Suite 101
Huntersville, NC 28078
704-897-0482
dolf@dolfdunn.com
www.dolfdunn.com
Why Women Need Life Insurance
Today, women have more financial responsibilities have many important roles and duties. The cost of the
than ever before. How will your family or loved ones services performed by a stay-at-home mom could be
manage financially if you die? Whether you are quite significant if someone had to be hired to do
single, married, employed, or a stay-at-home mom, them. If you die, your surviving spouse may have to
you probably need life insurance. At the very least, pay for services such as child care, transportation for
life insurance can help pay for the costs of funeral your children, and housekeeping. Taking over these
and burial services, estate administration, outstanding added responsibilities could cause your spouse to
debts, estate taxes, and the uninsured expenses of a shorten work hours, resulting in a reduction in
final illness. income. Proceeds from your life insurance can help
your spouse pay for services that keep the household
Who needs life insurance? running and allow your spouse to keep working.
Working women Family caregiver
While there are many
reasons why women Increasingly, families depend on the income of two Many women find themselves providing care for both
need life insurance, often working parents. If you're a working mother, your children and elderly family members. Caring for an
women have little or no income can have a significant impact on the quality of aging parent or family member can include paying for
life insurance protection. your family's lifestyle. Your income helps cover the
One of the reasons for
the costs of adult day care, uninsured medical
cost of ordinary living expenses such as food, expenses, and extra transportation. Adding these
their lack of coverage clothing, and utilities, and it provides savings for your
may be the fact that most expenses to the costs of maintaining a household,
life insurance
children's college education, and for your retirement. child care, and college tuition can be financially
advertisements are aimed Life insurance protects your family by providing overwhelming. Unfortunately, these added financial
at men. proceeds that can be used to replace your lost responsibilities often continue after your death. Life
income if you die prematurely. insurance provides a source of funds that can be
Single women used to help pay for these expenses.
Often, women, like men, think that it's not necessary Business owner
to buy life insurance because they have no You may be one of the increasing number of women
dependents. What's often overlooked is that life business owners. If you die while owning your
insurance can provide necessary funds to pay off car business, life insurance can be used to provide cash
loans, education loans, debts, a mortgage, taxes, and for company expenses such as payroll or operating
funeral expenses that might otherwise be the costs while your estate is being settled. Also, life
responsibility of family members. Also, the cash value insurance can be a useful tool for business owners
of permanent life insurance may be used to structuring buy-sell arrangements or providing
supplement retirement income. benefits to key employees.
Single moms
Life insurance types and options
Whether you're divorced, widowed, or simply a single
mom, you're most likely primarily responsible for your Life insurance comes in many different sizes and
child's support. If you die prematurely, life insurance shapes, and determining the policy that meets your
can provide ongoing income to cover child-care costs, needs may depend on a number of factors.
medical expenses, debts, and future college costs. Understanding the basic types of life insurance can
help you find the policy that's best for you.
Stay-at-home moms
Maintaining a household is a full-time job, and you
March 18, 2013
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2. Term life insurance value account is invested. A variable life policy
Term life insurance provides a simple death benefit generally contains several investment options, or
for a specified period of time. If you die during the subaccounts, that are professionally managed to
coverage period, the beneficiary you name in the pursue a stated investment objective. Choices can
policy receives the death benefit. If you live past the range from a fixed interest subaccount to an
term period, your coverage ends, and you get nothing international growth subaccount. Variable life
back. The cost, or premium, for the coverage can be insurance policies require a fixed annual premium for
fixed for the duration of the policy term (usually 1 to the life of the policy and may provide a minimum
30 years) or it can be "annually renewable" meaning guaranteed death benefit. If the cash value exceeds a
that the premium can increase each year as you get certain amount, the death benefit will increase.
older. However, the premium for term insurance Variable universal life insurance
A major benefit of cash usually costs less than the premium for permanent Variable universal life combines all of the options and
value insurance is that insurance when all factors are the same, including the flexibility of universal life with the investment choices
the policyowner can death benefit. of a variable policy. You decide how often and how
borrow from the Whole life insurance much your premium payments are to be, within policy
insurance company
against the accumulated Whole life is permanent or cash value insurance that guidelines. With most variable universal life policies,
cash value, often at a provides insurance coverage for your entire life. With you get no guaranteed minimum cash value or death
relatively low interest most whole life policies, part of your premium is benefit, but you can direct how your premium
rate. Those funds can be added to the cash value account, which earns payments are invested among policy subaccounts.
used to supplement interest. Some whole life policies also pay a dividend, Note: Variable life and variable universal life
retirement income, pay
for college tuition, assist
which represents a portion of the company's profits insurance policies are offered by prospectus, which
a child with a mortgage, made during the prior year. you can obtain from your financial professional or the
or for many other The cash value grows tax deferred and can either be insurance company. The prospectus contains detailed
purposes. However, if used as collateral to borrow from the insurance information about investment objectives, risks,
you take a loan against company or be directly accessed through a partial or charges, and expenses. You should read the
your cash value, the prospectus and consider this information carefully
death benefit and cash
complete surrender of the policy. It is important to
note, however, that a policy loan or partial surrender before purchasing a variable life or variable universal
value will be reduced by life insurance policy.
the outstanding loan will reduce the policy's death benefit, and a complete
balance. A reduction of surrender will terminate coverage altogether. Joint and survivor life insurance
your cash value could Note: Guarantees are subject to the claims-paying You and your spouse may choose to buy a single
cause your policy to
lapse.
ability of the issuing insurance company. policy of permanent insurance that covers both of
Universal life insurance your lives. With first-to-die, the death benefit is paid at
the death of the spouse who dies first. With
Universal life is another type of permanent life second-to-die, no death benefit is paid until both
insurance with a death benefit and a cash value spouses are deceased. Second-to-die policies are
account. A universal life insurance policy will commonly used in estate planning to pay estate taxes
generally provide very broad premium guidelines (i.e., and other expenses due at the death of the second
minimum and maximum premium payments), but spouse. Other than the fact that two people are
within these guidelines you can choose how much insured by one policy, the policy characteristics
and when you pay premiums. You are also free to remain the same.
change the policy's death benefit directly (again,
within the limits set out by the policy) as your financial Bottom line
circumstances change. But if you want to raise the Life insurance protection for women is equally as
amount of coverage, you'll need to go through the important as it is for men. However, women's life
insurability process again, probably including a new insurance coverage is often inadequate. It may be
medical exam, and your premiums will increase. time to consult an insurance professional who can
Variable life insurance help you assess your life insurance needs, and offer
information about the various types of policies
Variable life insurance is a type of cash value
available.
coverage that allows you to choose how your cash
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any
individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance
referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.
The tax information provided is not intended to be a substitute for specific individualized tax planning advice. We suggest that you consult with a
qualified tax advisor.
Securities offered through LPL Financial, Member FINRA/SIPC
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Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2013