Is there a gender gap in life insurance? – InsuranceNewsNet

CHICAGOJuly 1, 2022 – (

iQuanti: Gender gaps exist in many places, even places you might not expect – such as in the world of life insurance. According to LIMRA’s 2021 Insurance Barometer survey, only 1 in 5 women feel “very knowledgeable” about life insurance, which is less than the 33% of consumers overall who feel confident. In addition, life insurance ownership for women is only 47%. This is far less than the 58% of men who have a policy.

It is clear that there is currently a gender gap and there are many advantages for women to bridge the gap and obtain life insurance. This article will explore several reasons why women should get life insurance, then discuss term and permanent life insurance for women.

Reasons for women to take out life insurance

There are several reasons why women should close the gender gap in life insurance:

Women are earning more than ever before

Women are increasing their incomes faster than men. This gives them more financial opportunity to invest in useful financial instruments such as life insurance. Many women may find that using a portion of their income to financially protect their loved ones is worth the cost for the peace of mind it provides.

It can help women in any family situation

Life insurance can be a valuable financial tool whether you are single or married, with or without children. If you are young and single with no children, life insurance may be a good idea if you have loans or other debts. After all, someone will receive your assets if you die early, and a death benefit can help them receive more of that tax-free.

If you are married, the advantage is that you can provide for your spouse and children if you die. But it can be even more important if you’re a single mom. If you die early, a life insurance policy can give your children the financial security they need.

It can help stay-at-home moms

Staying at home to raise your kids is a full-time job. If you die early, your spouse may not be able to take care of the children and the jobs they have at the same time. A life insurance policy can provide the funds needed to hire someone to take on these tasks if necessary.

Types of life insurance women should consider

There are two broad types of life insurance that women can consider:

Term life insurance

Term life insurance lasts for a specific period that you can choose from, usually 10 to 30 years. If you die during the policy period, the death benefit is paid. There is a risk of outliving the policy, but the premiums are much cheaper than permanent life insurance.

Permanent life insurance

Permanent life insurance costs more than term life insurance, but it provides guaranteed coverage for life as long as you keep up the premiums. Additionally, it comes with a cash value growth component. Your insurer puts a portion of each premium into this component, which then grows at a certain rate depending on the type of permanent life insurance policy you get.

Closing the gender gap in life insurance

There is still a significant gender gap in life insurance. These days, however, women earn more on average than ever, making it even more important to further protect themselves and their families with a life insurance policy. In addition, life insurance can be tailored to your situation, regardless of marital status, parental status and employment conditions.

The key is to determine whether you want to save money with term life insurance coverage or pay more for lifetime coverage and savings with a permanent life insurance policy. Researching the ins and outs of these policies will help you feel more confident shopping for life insurance policies and lock in a great rate on a policy that fits your needs. Ultimately, this will go a long way towards closing the gender gap.

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