Over time, people have recognized the differing needs individuals have when it comes to estate planning. While they may know that no two people will have the exact same estate plan, depending on the person’s livelihood, relationship with loved ones, and even their sex. This is surprising to most individuals. For example, women may have some unique estate planning needs that most men do not have. These needs extend to all aspects of the estate planning arena, including retirement needs, caretaking responsibilities, and end-of-life care. Below are some common issues that women face when going through the estate planning process, along with how life insurance may be the solution to these difficulties.
One such struggle with estate planning that women face is the earning power challenges that make it difficult to plan for retirement. Considering women still only earn approximately 82 cents for every dollar a man makes—with the amount being lower for women of color—this makes it even more essential to plan ahead for the future. Without adequate savings for retirement, women may feel they need to work even longer in order to be financially secure in their final years of life.