Women and Life Insurance

Women and Life Insurance: 6 Things You Need to Know

If you’re a woman and don’t have life insurance, start thinking about it.

According to a 2021 Insurance Barometer Study conducted by Life Happens and LIMRA, only 47% of women have life insurance coverage, compared to 58% of men. It’s time to close the gap and for women to realize they are just as likely to need coverage.  

Who Needs Life Insurance?

Working Women

Today, many families rely on the income of two working parents. If you’re a working mother, the loss of your income can significantly impact the quality of your family’s lifestyle. Life insurance can protect your family by providing financial support should you pass away. 

Single Women

If you think you don’t need life insurance because you don’t have any dependents, you need to look at it differently. Life insurance can provide the necessary funds to pay off car loans, education loans, debts, a mortgage, taxes, and funeral expenses that might otherwise be the responsibility of family members. 

Single Moms

Whether you’re divorced, widowed, or simply a single mom, there is a chance you’re likely primarily responsible for your child’s support. If you die prematurely, life insurance can provide ongoing income to cover child-care costs, medical expenses, debts, and future college costs.

Stay-at-Home Moms

Being a stay-at-home mom usually is a full-time job, and if you had to pay someone to do what a stay-at-home mom does, it could add up quickly. If you should pass away, your working spouse may have to pay for child care, housekeeping, and more. Having life insurance can ensure the services needed for the children are available. 

Business Owners

As more and more women become business owners, if you pass away, life insurance can be used to provide cash for company expenses such as payroll and operating costs while your estate is being settled. 

Life Insurance Is Cheaper for Women Than Men

Statistically, women live longer than men and are more likely to live past a life insurance policy’s term length. This is the reason coverage is usually cheaper for women. For example, according to Policygenius, the average monthly cost of a 20-year term life insurance policy with a $500,000 death benefit for a healthy 35-year-old woman who doesn’t smoke is $25.23. However, the average price of that same policy for a healthy 35-year-old man who doesn’t smoke is $30.03 a month.

Coverage Offered Through Your Employer May Not be Enough 

Some employers offer a group life insurance benefit at a low cost or sometimes even for no cost. This is great for basic coverage, but an individual policy should be the foundation of your life insurance plan. Typically, if you leave your employer, you aren’t able to keep your supplemental life insurance policy. 

If you want to calculate how much life insurance you need, add up the debts and expenses you want to cover, such as a mortgage or college tuition for your kids. Then, subtract the amount you already have to cover these costs, such as existing life insurance and college savings. The difference is an estimate of how much life insurance you need. Life Happens has a neat calculator you can use to get a good estimate. 

Health Issues Shouldn’t Prevent You From Applying for Life Insurance 

If you have health issues, you may be worried they will prevent you from getting the necessary coverage. Obtaining coverage is possible even if you had breast cancer or another condition. It’s essential to work with a qualified independent broker like myself. I work with different insurance companies rather than just one, and I can find one that will insure special cases or offer a better rate. 

Also, if you’re pregnant, you can apply for coverage. However, be sure to apply for coverage before the birth of your baby. This is because women can develop conditions during pregnancy, such as gestational diabetes, or conditions after giving birth, such as postpartum depression, which could make it harder for them to get coverage or get a reasonable rate.

Insurance for Your Spouse Might Not Work for You

Insurance is highly personalized, and you shouldn’t purchase a policy just because your spouse has the same one. If you work with me, we will consider all life insurance coverage options and find one that best suits your needs. 

Be an Educated Shopper, and Don’t Just Choose a Brand You Know 

Comparison shopping is a great way to find the best rate and provide you with a better understanding of the products you have available to you. It also may be tempting to use the same insurance company that provides your auto or homeowners insurance to provide you with life insurance. Don’t let that be your deciding factor, though, because often, the company you are using or know of might not offer the best rate.

Women and Life Insurance: Getting it Can be Fast and Easy 

Buying life insurance now is easier than ever, and the process can be quick and easy. If you are interested in the various policies available to women, let’s connect. In some cases, we can get approval in just a few minutes. But don’t wait until it’s too late to protect yourself, loved ones, and your family. Life insurance for women is vital and provides a financial safety net should something happen to you. 

If you’re interested in applying today, you can use the free tool on my website. No medical exams or blood tests are required. Just answer a few health questions online, and you can get same-day coverage on affordable policies from our top-rated carriers.