Special Significance of Life Insurance for Gentlemen

A Insurance Article Contributed by Deepak Cutting

The Greater Need for Life Insurance Among Gentlemen

To appreciate the greater need for life insurance by MEN, one needs simply to visit an old people's home. Most of the occupants there are ladies who have outlived their husbands. Since their husbands did not provide adequate assets including life insurance, while they were alive, do these elderly ladies have to spend the rest of their lives at the 'somehow managing to live' level, once their husbands are no more. Statistics establish that women have longer lives than men.

Financial security for them in case they outlive their husbands, is a need that must be provided for by all men who love their wife and children.

Consider This When Thinking of Life Insurance

As per statistics of the National Council on the Aging, men live up to 74.5 years whereas women live up to 79.8 years, on average. Further, women at age 65 will live 21% longer than men at that age. So, by the time they reach retirement age, a woman is likely to outlive her husband by 15 years. Arranging for her financial stability during those years is important. More than 40% of ladies live in poverty after becoming widowed, while they were not poor when their husbands were alive.

Protect Your Family by Life Insurance;

To be sure that your partner is protected, the following steps should be taken:

· Provide adequate life insurance: The money paid to your wife as settlement of the life insurance claim is not subject to income tax deductions in her hand. The claim is generally settled within weeks, therefore providing an almost instant and tax-free financial asset for her.

· The shortcomings of term life: Term life is a tool to provide financial security to the policyholder to take care of the untimely death of the breadwinner while the family is growing. However, there is the real danger of the terms of such insurance expiring before the life of the policyholder. At that age the policyholder is uninsurable or the premium for a life insurance policy is prohibitive. The permanent whole life insurance cover guarantees protection throughout life and there can be no escalation in the premium to go along with advancing age and maybe deteriorating health.

· Provide adequately for retirement: Make maximum contributions to IRA's and Provident Fund accounts. They are tax-free and oblige your employer to also contribute and thereby feed the account due to you on retirement. You will thus ensure that your wife does not have to become dependant on your children (if any? ) once you are no more.

· Provide yourself with long term care cover: That way you will be protected, should you get disabled as you grow older and will not leave your family devoid of their assets. For the same reason, cover your wife against old age disabilities. That way both of you will not have to deplete your assets in making payments to nursing homes.

· Discuss your plans with your wife: She must be a party to whatever arrangements that you put in place to cater to old age. Decisions must be taken jointly in this respect.