Today, women have more financial responsibilities than ever before. But, according to a recent industry report, many U.S. women remain without (or with inadequate) life insurance coverage. To be clear, life insurance planning is just as important for women as it is for men.

Income Replacement
Life insurance can be a useful tool for replacing income lost due to the death of a family's wage earner. If you're a working mother, your income can have a significant impact on the quality of your family's lifestyle, children's college education, and your own retirement. Life insurance protects your family by providing proceeds that can be used to replace your lost income if you die prematurely.

Single Parent Considerations
It's necessary for everyone, but for single parents especially, the creation of a emergency "rainy day" fund with enough cash to cover 6 months of living expenses is paramount. In today’s economic picture, job loss is a realistic possibility, and single parents have to build a safely net into their financial lives.

Secondly, as the sole provider, the child's financial welfare essentially depends upon one person. Therefore, single parents must ask themselves tough questions, such as "What would happen to my child if I were no longer in the financial picture?" As a result, we usually recommend a term life insurance policy which spans the child’s college years and includes a death benefit high enough to cover the total future (inflated) cost of the child’s college education.

Stay-at-Home Mom
Maintaining a household is a full-time job, and you have many important roles and duties. If you die, your surviving spouse may have to pay for services such as child care, transportation for your children, and housekeeping. Assuming any added responsibilities could cause your spouse to shorten work hours, resulting in a reduction in income. Proceeds from your life insurance can help your surviving spouse pay for necessary services and replace lost income.

Caregiver Replacement Costs
Many women find themselves providing care for both children and elderly family members. It's hard enough to find sufficient income to pay for household expenses, child care, and college tuition. Throw in the additional costs of caring for an elderly parent or other family member-- such as adult day care, uninsured medical expenses, and extra travel and transportation costs-- and the financial burden can be overwhelming.

Business Succession
The Center for Women's Business Research reports that over 10 million businesses are owned by women. If you die while owning your business, life insurance can be used to provide cash for company expenses such as payroll or operating costs while your estate is being settled. Life insurance can also be a useful tool for women business owners who are structuring buy-sell arrangements or providing benefits to key employees.

Final Expenses
The costs of funeral and burial expenses, estate administration expenses, outstanding debts, estate taxes, and the uninsured expenses of a final illness can place a financial burden on your survivors. Life insurance can ease this strain by providing a benefit that can be used to help pay for these costs.

Ensure You Have Enough Coverage
Women often carry inadequate life insurance coverage. If you have children, a spouse, or a business, then it may be time for you to consult with an qualified financial professional who can help you assess your life insurance needs and offer information about the different types of policies available.