Guide to Life Insurance for Women

No matter a woman's career or marital status, life insurance is critical. Anyone who has people in their lives that would be affected by the loss of income after death needs to purchase women's life insurance. And since it's hard to predict the future, it's always better for women to buy life insurance for women at a young age when rates are cheap, even if there is no one yet who would benefit from a death claim.

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Aug 12, 2021

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Life insurance, do you need it? The resounding answer is yes. 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 heads 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.

If you want to find and compare women’s life insurance quotes, use our free quote tool above.

Cheaper Life Insurance for Women

Life insurance for women usually has lower premiums than life insurance for men. Why is life insurance cheaper for females? 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

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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.

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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.

Finding 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 life insurance policy 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.

Frequently Asked Questions: Women’s Life Insurance

If you still have questions about a woman’s life insurance policy, read on. We will cover the most frequently asked questions about life insurance for women.

#1 – Do women buy life insurance?

Yes, many women purchase life insurance policies. It is a smart financial move for women to ensure their loved ones are taken care of.

#2 – Which term insurance is best for women?

If you are wondering how to shop for term life insurance for women, the answer is that one term policy won’t fit everyone. It’s important to consider your financial needs, which companies are best, and what death payouts you want.

#3 – What is the average life insurance cost per month?

There is no set fee, s life insurance costs vary based on demographics and policy type. The average cost per month can vary anywhere from under $50 to well over $100.

#4 – How much life insurance should a housewife get?

A stay-at-home parent contributes significantly to the running of the household and child-rearing. It is estimated that replacing a stay-at-home mom’s tasks with outside services would cost $60,000 a year.

Based on this, a housewife should buy a policy that is on the higher end to cover the household costs than one with a lower death payout.

#5 – How does age affect life insurance?

Premiums increase as policyholders age, which is why it’s prudent to buy a life insurance policy at a young age.

#6 – How much life insurance do I need at 58?

You should speak to female life insurance agents to determine how much is too much life insurance so that you buy the policy that fits your wallet.

To find a reasonable quote on life insurance for women, enter your ZIP code in our free tool below.

Read more articles to help you find the right life insurance policy for your needs by clicking here.

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