Best Life Insurance Policy For a Woman

AdminJuly 11, 2022

0 1,176 2 minutes read

The pay gap isn’t the only gender gap affecting the financial welfare of women and their families. The life insurance gender gap could cause additional financial hardship for families grieving the loss of a loved one Best Life Insurance Policy For a Woman.

According to a 2020 study by Life Insurance and Market Research Association, only 47% of women have life insurance, compared to 58% of men. And Best Life Insurance Policy For a Woman. The average level of coverage is significantly lower. But there’s reason to believe women may need more life insurance than men, not less.

About Life Insurance

Life insurance doesn’t have to be complicated. Understanding the basics can help you make an informed decision on the best options out there to cover your needs and protect your family. For women, the concept is no different, but there are three key factors you might want to consider.

Life insurance is more affordable for women : Women tend to live longer than men and tend to get a better deal on life insurance. Because of this women typically less, on average, for life insurance policies than men. It’s true! It’s possible for women to get more coverage for less.

Term And policies

It’s straightforward and inexpensive—especially if you apply when you are younger and in good health. With term life insurance, you pay a monthly premium over a set period, often for 10, 20, or 30 years. If you pass during the term, your loved ones will receive your benefits.

Parents and Breadwinners

Women provide incredibly valuable contributions at work and home, yet they are still comparatively underinsured, both in terms of the number of women insured and the amount of coverage.

Three Reasons Women Consider Purchasing Life Insurance Policy

Did you know that women are far behind men when it comes to owning life insurance? Research from the Life Insurance Marketing and Research Association (LIMRA) found that only 56% of women in the U.S. have active life insurance policies, roughly 10% less than their male counterparts (62% of men own life insurance). And of the women that do, their policies typically provide much less coverage than men’s, despite having the same needs.
43%  Adult Women Have No Life Insurance Plan
Among those who are insured, many are underinsured, carrying roughly a quarter of the coverage necessary for their needs. Women now comprise 57% of the U.S. workforce, according to a Bureau of Labor Statistics study, yet they carry 31% less life insurance than their male counterparts.

Why Women Need Life Insurance

While women’s life insurance coverage has increased significantly in the past decade, according to LIMRA, approximately half of women think they still need more.

What life insurance is for

The goal of life insurance is to protect your loved ones. The specific people you can name in your life insurance policy are called your beneficiaries. If you pass away while your life insurance policy is active, the death benefit that your beneficiaries would receive could help ease a number of financial burdens. That’s why no matter what they do, all women should look into their life insurance options.

Stakes Changing

According to the US Bureau of Labor Statistics (BLS), approximately 57% of women are in the workforce, and nearly 55% of married couples are dual-income households. Additionally, women are also increasingly the primary breadwinners for their family, and that includes significant rises in dual-income households over the past few decades.