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Craig Lundquist, MBA, ChFC®, CRPC®
VP of Wealth Management
651-773-2757
Kristin Becker
Senior Administrative Assistant
651-773-2821
Ideal Wealth Advisors
Located at Ideal Credit Union
8499 Tamarack Road
Woodbury, MN 55125
CRPC conferred by College for Financial Planning
July/August 2025
Protecting Women's Financial Contribution
Women continue to comprise a bigger part of the workforce, usually while maintaining traditional roles at home. Both roles prove women create significant economic input. Because of their economic contributions at home and away, women may need life insurance.
A Snapshot
Women are involved in every facet of the workforce. According to the Department of Labor's Bureau of Labor Statistics (BLS)*, there are 79.5 million women in the civilian labor force. Women are 47% of the workforce, and they own close to 15 million businesses.More often than not, women combine career with motherhood. About 72.9% of women in the workforce are mothers with minor children. Of the 33-35 million mothers with kids under 18, roughly 40.5% are single mothers who are the primary or sole earners, compared to just 11% in 1960.
Figuring Value
While the value of women in the workforce continues to grow, the value of full- and parttime stay-at-home mothers is significant. It is relatively easy to gauge how much life insurance a person in the workforce needs, but the economic value of a stay-at-home mom is a little more difficult to discern. You might start with the cost of day care and after-school care needed for young children. Women also may don the hats of personal shopper, chauffeur, housekeeper, chef and more. If you were to pay for these services with overtime pay making up a significant part of your equation, it is easy to see how a stay-at-home mom is worth at least six figures a year.Choosing an Amount
Of course, life insurance is about more than funding the cost of a woman's household services. Buying a life insurance policy is a deeply personal experience, because it addresses an event we would rather not ponder. Still, life insurance is about preparing for the worst financially and hoping for the best.It's clear women are a growing economic force, and that they need life insurance as much as the guy in the next cubicle — or corner office. Talk to your licensed financial professional to learn more.
* Bureau of Labor Statistics; U.S. Census Data, 2023
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Ideal Credit Union and Ideal Wealth Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Ideal Wealth Advisors, and may also be employees of Ideal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Ideal Credit Union or Ideal Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
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