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5 Ways Moms Can Protect What Matters Most In Their Lives
Like most moms, you’ll spend selfless hours doing for others. Whether it’s comforting little ones in the middle of the night, helping with homework, drying tears, or making career moves so your family can enjoy the life you’ve planned for them, you’re always there for your loved ones.
Now, take a moment to think about yourself — so you can continue to be resilient and feel confident about the years ahead.
1. New moms
While it’s such a joy to welcome a new addition to your family, it’s also a big financial responsibility for moms and dads.
As you and your spouse prepare to become new parents, have a conversation with your insurance professional or insurance agent about having enough income replacement while your child is a dependent.
2. Working moms
Because women typically live longer than their male counterparts,2 saving for your retirement is even more important. And, many employers sponsor retirement plans that pay matching contributions. When you participate in these plans, you get the advantage of free match money to help you build a bigger nest egg for your future.
Ask your insurance professional and retirement planning team about diversifying your retirement savings in other ways that can offer you tax-deferred growth, such as IRAs and annuities.
3. Stay-at home moms
Make a list of everything you do to keep your home running. Then, estimate what your spouse would have to spend for every function you perform for your family — if you weren’t there.
Could your spouse afford to replace the value you bring? If not, talk with your insurance professional about your life insurance coverage. What you pay for a policy may be less than your monthly streaming services.
4. Retired moms
Nearly 7 in 10 of us who reach age 65 will need care at some point in their lives,5 and women are more likely than men to face this challenge.6 This is why having a plan for care should be part of your retirement strategy. Your plan gives your family an understanding of your preferences, and when you have financial protection, it can cover the cost of care and shelter your savings. Some insurance products even offer cash benefits that could enable you to pay a loved one to care for you in the comfort of your home.
5. Moms who may become caregivers
When a loved one needs assistance, women more often than men step in to become the caregiver. While this is a noble act, these women frequently make significant financial sacrifices to assume the role. This obligation often weighs on their decision to retire, which could have a significant impact on their financial security.8
Talk with your spouse and your parents about their plan for care. Encourage them to have a family meeting with their retirement planning team who can help everyone meet their goals.
Find more information about how Sagicor’s products can help you and your loved ones, or contact us at www.sagicor.com/en-us/contact-us.
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Footnotes:
1 The Street®, “How Much Does It Cost to Raise a Child in the U.S.?”, based on a married two-parent middle income family with two children.
2 TIME, “Why Do Women Live Longer Than Men?”
3 Kiplinger, “Women Live Longer Than Men: Here’s How They Can Avoid Running Out of Money in Retirement”
4 salary.com®, “Moms: We know you’re worth it.”
5 The Wall Street Journal, “The Odds on Needing Long-Term Care.”
6, 9 Institute on Aging.
7 MarketWatch, “Not expecting to be a caregiver? You’d better check with your parents”.
8 LIMRA®, Secure Retirement Institute, “Journey Chronicles, Transition Experiences of Life and Work in Retirement”.
Sagicor Life Insurance Company, home office Scottsdale, Arizona issues life insurance and annuities. Products not available in all states and state variations may apply. Products have limitations and restrictions including surrender charges.
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