Celebrate Women's History Month and protect the power of the purse: Women-led not-for-profit Insurer offers five tips for financial protection

Mar 04, 2013, 11:00 ET from Royal Neighbors of America

ROCK ISLAND, Ill., March 4, 2013 /PRNewswire-USNewswire/ -- From the classroom to the boardroom, women are making significant strides in economic empowerment. Yet when life takes an unexpected turn, they and their families remain financially vulnerable. "As we celebrate Women's History Month and the economic power women in America wield today, it's important for all women to stay vigilant about protecting their hard-earned assets," says Cynthia Tidwell, President/CEO of Royal Neighbors of America, one of the largest and oldest women-led insurers in the United States.  "As women attain their education and career goals and often become the family's primary breadwinner, it's critical we protect our financial futures with adequate budgeting, savings, and life insurance plans so that sickness, unemployment, retirement, or widowhood doesn't threaten our security."

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Five Steps to Financial Protection:

  1. Create a realistic budget. Living within your means is your financial foundation toward eventual security. Learn the difference between wants and needs.
  2. Build an emergency fund, so when the unexpected happens, you can protect your assets. The general rule-of-thumb is that a healthy emergency fund covers three to six months of living expenses.
  3. Contribute to your retirement. Because women live longer and are often in and out of the workforce, they are economically vulnerable, especially in retirement. Start saving now. Calculate your retirement savings.
  4. Establish and protect your good credit. Try to pay off your credit card balance monthly or get on a payment plan to pay off the credit card altogether. Pay cash whenever possible.
  5. Protect all you've earned with adequate life insurance. An unexpected death and loss of salary can leave loved ones vulnerable. Life insurance can help cover mortgage, childcare, and college expenses. How much insurance do you need?

Source: Royal Neighbors Foundation and Financial Finesse

Royal Neighbors of America, one of the nation's largest women-led life insurance companies, exists for the benefit of its members. It offers insurance products to fulfill financial needs of growth, savings, and protection. Members receive valuable benefits and can participate in volunteer activities through the organization's local chapters to help make a difference in their communities. The organization's philanthropic efforts are dedicated to changing women's lives through its national programs, including the Nation of Neighbors(SM) Program, and through the Royal Neighbors Foundation, a 501(c)(3) public charity.

Headquartered in Rock Island, IL, with branch offices in Mesa, AZ, and Austin, TX, Royal Neighbors serves more than 200,000 members and is licensed to do business in 42 states and the District of Columbia.

For more information about Royal Neighbors of America, call (800) 627-4762, or visit www.royalneighbors.org.                                           

Contact: Rita Toalson, FLMI, ACS
(309) 732-8376

SOURCE Royal Neighbors of America