Presented by Blanche L. Adams

The environment in which women now live, work and care for their families is much different from previous eras. Women juggle many roles: career, marriage, motherhood, and caregiver to aging parents. And, even in dual income families, women still handle major responsibility for household management. Regardless of our stage in life, educational background, economic situation, marital status, or number of dependent children, women make--or strongly influence--decisions affecting our financial well-being and that of our families. Women must be prepared to act as advocates and financial decision makers for ourselves and on behalf of our spouses and families. They also must be able to plan effectively for our futures to ensure financial security.

Why Insurance?

Whatever form, insurance addresses risks and how to effectively control your exposure to loss. Insurance is a means to an end; a way to help ensure that you have sufficient resources to survive the financial crisis that could be caused by fire, auto accident, successful lawsuit, health problem or loss of an income provider. By covering your exposure to risk, you minimize the financial damage you might suffer.

Insurance works by spreading the risks of an individual--you--among many individuals. The chances that everyone in the group would experience a crisis at the same time are statistically very small.

Insurance premiums are collected from everyone in the insurance pool and paid only to those who suffer a loss. The cost of your insurance policy is determined by the likelihood that you will file a claim. That’s why, for example, an individual or family with several speeding tickets or car accidents will pay more for insurance than those with clean driving records.

To protect your financial security, independent insurance agents recommend that you carry auto, homeowners/renters, life, disability and health insurance in amounts appropriate to your situation and needs. Agents also suggest that you revisit your insurance coverage as changes in your life alter your financial security needs.

Lifestage Defines Need

Various factors significantly impact the types and comprehensiveness of insurance you and your family or business require.

For example, a single woman just beginning a career may not be interested in or able to afford the broad coverage that is required by a more mature worker with dependents. Similarly, a woman approaching retirement age will have different financial security requirements.

Your marital status influences your needs. A married woman who is a full-time homemaker may rely on the insurance benefits provided by her spouse’s employer. Divorce or the death of your spouse may change the scope and nature of the health, disability and life insurance coverage you carry. Becoming a parent also impacts your insurance needs.

Employment status is another factor. If you receive adequate health and life insurance from your employer, you may not need supplemental coverage. However, if you are a full-time homemaker, self-employed or receive inadequate employee-related benefits, you may have insurance gaps. And, if you are self-employed--with a business in your home or other location--you need to secure business insurance to protect your business and yourself.

Each time your lifestage changes, it is important to reassess personal, family and business insurance needs. This evaluation can be done with the assistance of a local Trusted Choice® independent insurance agent representing a wide range of insurance providers. Ultimately, your insurance choices will be determined by your individual situation and the needs of your family.

Your stage in life often determines the type of insurance and amount of coverage you need. Lifestage is defined by:

•Age

•Single, married, widowed or divorced

•Parent or childless

•Own or rent a home or other major property

•Employed or unemployed

•Work in traditional setting or at home

•Own business or employed by others

You essentially have three avenues to purchase personal and business insurance: telemarketing companies (who use sales people via 800 numbers), captive agent companies (who employ agents to represent only their insurance company), and independent insurance agents. For you, Trusted Choice® independent agents mean access to numerous options that lead to the best combination of coverage, service and price.

Trusted Choice® agencies are insurance and financial services firms whose access to multiple companies and commitment to quality service enable us to offer our clients competitive pricing, a broad choice of products and unparalleled advocacy.

The Women’s Guide to Insurance was created by Trusted Choice®, part of the Independent Insurance Agents and Brokers of America.