These days, more and more women are getting makeovers. But these makeovers do not involve cosmetics, surgery or expert stylists but rather financial advisors who can help women provide for the futures of their children and their businesses, giving them peace of mind.
“Getting started doesn’t have to be overwhelming,” reports MassMutual assistant vice president Beth Wood. “A little advance planning can put you on solid footing for weathering the inevitable life events that all of us--and women in particular--go through.”
The fact is that women tend to be underinsured, while at the same time, tend to live longer, leaving them exposed to greater financial risk. Furthermore, women are often left to the role of caregiver in their families and are therefore more likely to experience life events that can leave them in financial crisis.
A 2008 survey conducted by AARP Financial, Inc., showed that 65 percent of women aged 40 to 79 reported having experienced a major financial crisis such as a job loss, divorce, death of a spouse or serious illness or disability of an immediate family member or themselves.
To mitigate the stress financial crises can bring, women need only seek financial guidance and follow their instincts in order to protect themselves from financial hardship. For example, these three women sought makeovers which helped them confront financial challenges.
- Nancy Griffith-Cochran, of Purcellville, Va., sensed the need to protect her young daughter and persuaded her husband to seek greater financial security. Some time later, the couple divorced, and the girl’s father died shortly thereafter. This unfortunately event did not destroy Griffith-Cochran’s hope that her daughter should go to college, however. The cost of her education has been met by a MassMutual life insurance benefit purchased before the couple divorced. (You can see the story told firsthand at massmutual.com/customervoices.)
- Ann MacLaren, of Fortville, Ind., wished to provide for the future of twin sons suffering from autism. With the help of a MassMutual special care planner, she developed a plan to care for the boys and their siblings. The plan includes a letter specifying her wishes for day-to-day care of her children as well as her hopes for their futures. A special needs trust, funded by whole life insurance, will provide financial security for her children in the future.
- Nicole Curreri, of Savannah, Ga., wished to ensure that her adult daughters would be able to continue the kitchenware business that she had started. Specifically, she wanted to be sure they would have adequate resources to take time with decisions about the business, rather than be forced to sell it. She set up a plan funded by whole life insurance to meet her daughters’ needs.
Each of these women sought the guidance of a knowledgeable financial professional and found life insurance to be an essential part of their makeovers.
“Our planning has made such a big difference in the life of my family that my only regret is that I didn’t start 10 years earlier,” said MacLaren. “Particularly as a mother of children with special needs, it’s crucial to realize that getting started early can have a huge positive impact on the lives of your kids.”