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SPRINGFIELD, Mass., Oct. 12 /PRNewswire/ -- In these tough economic times, families may be putting themselves at greater risk by placing more value on the man of the house. Women are less likely than men to have life insurance, and if they die their families could be thrown into financial chaos.

"I think underinsuring the female, whether she is a working or stay-at-home Mom makes no more sense than underinsuring the male. There are just too many uninsured couples putting their families at risk," says Beth Wood, Assistant Vice President, Business and Women's Markets at Massachusetts Mutual Life Insurance Company (MassMutual).

It may be difficult for families to discuss the sensitive issue of life insurance, but MassMutual has developed a Family Risk Discussion Guide to help families begin the conversation.

The guide is available at www.massmutual.com/mmfg/pdf/discussionguide.pdf

"According to the latest figures from the Bureau of Labor Statistics, almost two-thirds of today's families depend on two incomes to make ends meet," says Marvin H. Feldman, president and CEO of the LIFE Foundation.

Life insurance generally pays a tax-free, lump sum benefit if the person who is insured dies while the policy is in force. In its most recent findings, LIMRA reports only 36 percent of women are protected with group life insurance at work and only 40 percent have their own individual policies. LIMRA also says women who do have life insurance on average have much less coverage than men.

"If a working woman dies or becomes disabled and cannot work or take care of the family, her husband may have to cut back his hours to stay at home or hire someone to care for the children -- and that makes financial matters worse," says Wood.

If a family loses the benefit of a working mother's salary and she is uninsured or underinsured, her husband may be forced to pay bills by dipping into his retirement funds or using money he and his wife had saved for their children's education.

Women who do not work outside the home also bring extraordinary value to the family, says Wood. According to the May 2008 Mom Salary survey from Salary.com, a stay-at-home mom brings $116,805 in services to the family each year -- from cooking and cleaning to shopping, shuttling children around and a range of other domestic duties.