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It is no secret that life insurance has traditionally been gender-selective. Men, especially the highly-coveted super-healthy, middle-aged men, are the best prospects for life insurance companies.
Yes, even when it comes to life insurance, women do not have equality. The reason is that men have always been the financial heads of the household so insurance companies target them. Instead of buying their own policies, women have relied on their husbands to make sure the family is covered with his life insurance benefits.
So, statistically-speaking women are sorely under-covered when it comes to life insurance. Research shows that more than half of all the women in this country carry no life insurance coverage at all. And those that do have a policy are often underinsured; carrying about half as much coverage as men do.
Dual-income households are still in the majority in this country. Families depend on that double income so if either spouse dies what percentage of the family income would be lost? Even if the husband out-earns the wife, the loss of the wives' income would still have an impact. If she has life insurance coverage, the death claim that the company would pay her beneficiaries would make up for the loss of her income.
Single working mothers, who are at the helm of their own households, have more to worry about since they are solely responsible for their financial support. One concern might be that the cost of life insurance is out of her budget. But she may learn that life insurance is more affordable than previously thought.
Women are statistically more likely to outlive men, thus their life insurance costs are lower. For example, a healthy 30-year old woman can buy a $250,000, 10-year term life policy for $8.97 a month.
As women age, affordable life insurance is still within reach. For instance, a healthy, 40-year old woman can purchase the same policy as the younger woman for only $10.94 a month.
Women need life insurance protection for the same reasons men do, to ensure that whoever survives them will be provided with financial protection. The same holds true for married women as it does for single mothers; being uninsured can be a poor financial move. A comparison of life insurance rates and policies will show just how affordable peace of mind can be.
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