Women and Permanent Life (CV) Insurance

Insurance policies… premiums, benefits, term, life, and beneficiaries date back hundreds of years (Google maritime insurance) with cash value life insurance in the US dating back to about the time of the civil war. I think it can be safely assumed that these personal policies were largely written by men, were backed by companies owned by men, administered by men, and were bought by men. To give men their fair shake, I also think it that those same policies were bought with spouses in mind. Of course the world was a much different place then.

In the here and now, women are charged more than ever with financially providing for their family as well as protecting them and leaving a legacy. Certainly if a woman is single, widowed, divorced, etc is certainly no reason to not consider protecting herself (and family) via life, health, and diability insurance….especially CV Whole Life.

(The insurance “conundrum”…if you are a young, single, “career-woman” it would seem that that is when protecting you life and assets, and saving for retirement might be low on your priority list but in fact, may be the crucial time to actually do it based on your age, health, and compound interest. It’s hard to imagine that we won’t always be young, healthy, vital and enjoying an ever-increasing salary, but life happens. Also take into account that you not only need to protect what assets you have now, but your future earning power, your #1 asset.

Creating a CV policy now, gets you the smallest premium you may ever have, couple with the greatest amount of time for your guaranteed cash value to accumulate, as well as leaving a tax-free legacy for your family/ heirs/ charity. Not to pander but to illustrate, I want to include a quick blurb about the founder of The Pampered Chef, Doris Christopher. Doris started the company, which she eventually sold to Warren Buffet’s Berkeshire-Hathaway in a multi-million dollar deal, with $3000 worth of “seed money”. Extraordinary in and of itself, the source of the $3000 was a loan from her husband’s cash value life insurance policy. Joining her in using CV insurance as a source of funds (as well as achieving a modicum of success) were Walt Disney, James Cash Penney, and Ray Kroc.

I hope the takeaway is that these options for protection and retirement savings are there for you to take advantage of as you see fit, regardless of gender or marital status. The norm is for women to live longer, and more vital lives. However, both my own mother and mother-in-law predeceased their husbands, both with very minimal life insurance. Might just be time to take charge, no male is needed to apply! As always, please reach out to me with questions at cmoye@pegplanning.com, or www.colliemoye.com.

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