Why Do Software Developers need life insurance?
Life insurance for software developers is essential to protect your family and loved ones in the worst-case scenario. Life insurance has long been a part of estate planning in the United States. Although life insurance does not need to be a part of every person’s estate plan, it can be useful, especially for parents of young children and those who support a spouse or a disabled adult or child. In addition to helping to support dependents, life insurance can help provide immediate cash at death. Insurance proceeds are a handy source of cash to pay the deceased’s debts, funeral expenses, and income or estate taxes.
What do Software Developers do?
Software developers are the creative, brainstorming masterminds behind computer programs of all sorts. While some software developers may focus on a specific program or app, others create giant networks or underlying systems that help trigger and power other programs. This is why there are two main classifications of software developers: applications software developers and systems software developers.
A software engineer uses computer science principles to develop software solutions that will satisfy the wants and needs of businesses and consumers. Software engineers create many types of solutions such as desktop and web applications, mobile apps, games, robots, operating systems, network systems, etc. They do so using programming languages, frameworks, databases, servers and other technologies to turn an idea into a final product.
Software Developer vs. Software Engineer
In the industry, the terms ‘software developer’ and ‘software engineer’ are used interchangeably. But since this is a common question, here’s a quick explanation for what is the difference between a software developer vs. software engineer: A software engineer is someone who applies computer science and engineering concepts to create software solutions. A software engineer understands why the code works, and the best, most efficient way to write it. On the other hand, a software developer is the creative driving force behind making the solution come to life. In more concrete terms, a software engineer architects software solutions by making plans and designing the system, so the software developer can build the solution with code.
Who are Software Developers?
The average employee age for software developers is 39 years. The software engineer workforce reached a whopping 687,276 in 2020! Among software engineers, we discovered that 25.1% of them are women, while 67.0% are men. The most common race/ethnicity among software engineers is White, which makes up 53.9% of all software engineers. Comparatively, there are 31.2% of the Asian ethnicity and 7.2% of the Hispanic or Latino ethnicity. The majority of software engineers are located in CA, San Diego and NY, New York.
After extensive research and analysis below are some statistics about the demographics of software developers:
- There are over 687,276 software engineers currently employed in the United States.
- 25.1% of all software engineers are women, while only 67.0% are men.
- The average age of an employed software engineer is 39 years old.
- The most common ethnicity of software engineers is White (53.9%), followed by Asian (31.2%) and Hispanic or Latino (7.2%).
- The telecommunication industry is the highest-paying for software engineers.
- 15% of all software engineers are LGBT.
- Software engineers are more likely to work at public companies in comparison to private companies.
Types of Life Insurance for Software Developers
In order to protect your family, there are different types of life insurance for software developers that can be utilized. Each type of life insurance can be right for you depending on your own unique situation. The three main types of life insurance are whole life insurance, universal life insurance, and term life insurance. Whole life insurance is a type of permanent life insurance, which means the insured person is covered for the duration of their life as long as premiums are paid on time. Permanent life insurance is different than term life insurance, which covers the insured person for a set amount of time (usually between 10 and 30 years). Universal life insurance is permanent life insurance with an investment savings element and low premiums that are similar to those of term life insurance. Most universal life insurance policies contain a flexible-premium option.
What can you do?
If you have any questions regarding your financial situation or what type of life insurance policy is correct for you and your family please reach out to a financial profession to get tailored advice to your unique situation.