Life Insurance for Women
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UPDATED: Jul 19, 2021
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Over the years, the role of the woman in the family and in business has dramatically changed, and with this change also comes the change in a women’s need for life insurance.
Many women today are single parents and head of the household which creates a definite financial responsibility and a need for protection from the loss of their salary in the home in the event of death.
Life insurance for women is critical regardless of career or marital status. Because women’s life insurance rates are typically cheaper than men’s, you should make an effort to fit a life insurance policy into your budget.
Cheaper Life Insurance for Women
Life insurance for women usually has a lower premiums than life insurance for men. This is because statistics indicate that women tend to live longer than men. It’s also why retirement planning advice for women stresses the importance of saving as much money as possible for retirement, as women usually have to pay retirement expenses for more years than men.
As a result of living longer, the probability of having to pay a death claim is lower for women at each age, which means young women can typically find a very good rate on life insurance.
Of course, if you are an unhealthy female, you would not get a gender discount. However, if you are healthy, buying young will give you an even more affordable rate.
One thing to keep in mind is that women statistically have a higher rate of disability. This is for many reasons including the fact that women live longer and therefore the chances of being disabled before death is higher. It is smart to buy life insurance young with a disability waiver rider which will ensure your premiums will be paid by the insurance company in the event you become disabled and unable to work.
TIP: Buy life insurance young with a disability waiver rider will ensure that if you become disabled, your premiums will be paid automatically
The Value of Stay at Home Moms
Even women who are not wage earners in the corporate world offer a measurable value that can be insured with a life insurance policy. Consider this. Who much would someone have to pay to replace a stay-at-home mom’s daily duties?
From transporting the kids to and from school and soccer, fixing meals, washing clothes, cleaning the home, managing the home finances – the value adds up. Some estimate that this cost would be around $60,000 a year. A life insurance plan for the woman in the home ensures the household will be able to continue.
Don’t underestimate your value. Whether you are a stay-at-home mom or you work but your husband makes more, your death will cause financial hardship. Do not assume you should lower your death benefit because you make the least or do not work.
Take into consideration all of the things that you do for the home (not just the monetary paycheck) when designing a life insurance plan for yourself. Not doing this could leave you underinsured or uninsured and ultimately leave your family in a financial rut.
TIP: Don’t lower your death benefit because you make the least or do not work! Your contributions to the home are critical and can be insured.
Find the Right Type of Life Insurance
When it comes to the types of life insurance for women, you have a lot to choose from just like your male counterpart. You can choose a term life policy at a cheaper premium for a fixed amount of time, or you can select a permanent plan to last the duration of your life and provide you with additional financial planning.
The type you choose and the amount you buy totally depends on your goals, needs, budget, and family situation. If you are a young, single woman then your life insurance needs will not be the same if you are married or raising a family, and your policy needs to reflect that.
TIP: As your needs change, your life insurance can too. You can always add a term life insurance plan to provide additional coverage during a time when you have people who rely on you in your life.
Get the advice of a life insurance agent or financial advisor that will help you determine how much life insurance is right for you. They can also help you figure out which type best fits your needs and your budget. To get a quote on an affordable life insurance policy, click here and take advantage of the Free Advice quote center today.
Read more articles to help you find the right life insurance policy for your needs by clicking here.