Life Insurance for Women – It’s Affordable and Absolutely Important

If you’re a woman and you do not yet have life insurance, we’re here to tell you how affordable and important this addition can be to your family’s financial future. Don’t think that just because your spouse has life insurance, or because you’re single and don’t have kids, that life insurance is not for you. Women today can receive some of the most affordable life insurance policies and have arguably the highest need for life insurance coverage.

Why Should Women Think of Getting a Life Insurance Policy?

life insurance for women

Let’s be honest…it’s 2018 and women are working harder than ever to provide for their families. Most women— who make up more than 57% of the U-S workforce and contribute to the household income— share in the same responsibilities as men who buy life insurance to protect their family, replace lost income if they die, or pay off mortgages and the kid’s college educations.

“Mothers are the primary or sole earners for 40 percent of households with children under 18 today, compared with 11 percent in 1960.”

– US Department of Labor

Most families nowadays depend on two incomes to make ends meet. In these dual-income homes where both spouses bring home a paycheck, the decision to buy dual life insurance policies is a no-brainer. It not only shows that the couple is committed to supporting the family, but it is also smart financial planning that offers much-needed security for the future.

Is Life Insurance for Women Affordable?

Life insurance can be one of the most cost-effective portions of a family’s financial planning, especially for women. Term life insurance, which lasts a specific length of time (usually 10-30 years) is at historic low rates because people are living longer. Life insurance companies especially reward women with cheaper premiums because female life expectancy is even higher than that of men. For instance, a perfectly healthy 45-year old woman can pay under $500 a year for a $500,000, 20-year level term policy!

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Women Are Behind Men When it Comes to Life Insurance

Despite their longer life-spans and more affordable rates, women historically have either been uninsured or had too little life insurance.

About 30-years ago, men accounted for 57 percent of all life insurance policies purchased in this country, according to the American Council of Life Insurance. Those statistics have improved, and today 59% of women have at least some life insurance coverage. But the coverage amount for women is still way behind that of men.

Take it from expert Beth Wood, Assistant Vice President at MassMutual Life Insurance Company:

“I think underinsuring the female, whether she is a working or stay-at-home Mom makes no more sense than underinsuring the male. There are just too many uninsured couples putting their families at risk.”

Both non-working married mothers and working moms are vital when it comes to the contribution they make to the family. Not only are stay-at-home services priceless, but they also carry a financial value. How would the spouse replace and pay for those services without you?

It might mean dipping into savings to cover the cost of childcare, hiring a caregiver or putting the child in daycare. It might be a line item worth tens of thousands of dollars in the family’s annual budget. Not to mention the devastating emotional loss it would have to the children and the entire family structure.

Is Life Insurance For Married Women Only?life insurance for married women

That being said, it is equally important for unmarried women to get life insurance as well. Two income households or married “economic partners” who depend on both paychecks should definitely carry an equitable amount of life insurance (depending on the income levels of each).

Adequate life insurance can replace each spouse’s income, help pay for funeral expenses, mortgages, other debt, and guarantee the family’s financial future overall.

Likewise, as a single parent, you may be the sole financial supporter of your children. Obviously, life insurance is essential for you to provide funds to support your child if you were to die. Even if you’re divorced, and your former spouse and child’s dad picks up the financial responsibilities in your absence, it may not be enough to secure your child’s future; not to mention that the death benefit from your life insurance would be your legacy to your child.

If you’re a single woman with no kids, divorced, or widowed, your needs for life insurance might seem less significant, but they are not non-existent. A small life insurance policy for women will take the financial burden off your parents or anyone else you care to cover loans or funeral expenses if you die. If you get married and have children later, you already have an inexpensive policy in place that will take care of your new family responsibilities.

It Pays to Be Young and Healthy

It’s true, women get more than enough messages about the value of youth in our society. But when it comes to life insurance, being young can save you money. Remember, women already pay lower premiums than men because they are expected to live longer, so buying a life insurance policy while you are young and healthy will help you get the cheapest rates. This is because life insurance companies reward applicants who have a lower risk of dying due to young age and good health with lower premiums.

Besides the age factor, getting and staying healthy is another way to ensure you’ll receive the best life insurance rates possible, especially when it comes to smoking.

On average, cigarette smokers pay about double the rates for term life insurance coverage than non-smokers….which means if you’re a woman who smokes and you want life insurance, now is the time to seriously consider quitting.

Women, Smoking and Life Insurance

It is a fact that has been documented since 1980 when the first U-S Surgeon General´s Report on women and smoking was released; cigarette smoking plays a major role in shortening a woman´s life. Since then, about three million women have died of smoking-related diseases, including lung and other cancers, heart disease, stroke, and chronic lung diseases such as Emphysema.

90% of all lung cancer deaths among U.S. women smokers are attributable to smoking.

The link between smoking and other cancers among women is strong and is consistently associated with an increased risk for cervical cancer. Research also shows that female smokers have natural menopause at a younger age than do most non-smokers, and they may even experience more severe menopausal symptoms.

As women age, another health risk emerges among women smokers: bone density and fracture risk. There is medical evidence to suggest that postmenopausal women smokers have weaker bone density than women who never smoked.

If those sobering statistics don’t alarm you, then at least consider the financial cost of smoking. It isn’t hard to figure out how much you spend on smoking:

Multiply how much money you spend on tobacco every day by 365 (days per year). Now multiply that by the number of years you have been using tobacco and that amount will probably alarm you. Multiply the cost per year by 10 (as in the next 10 years of your life) and ask yourself: what you could do with that much money instead.

Maybe pay for a life insurance policy? And these costs don’t even include the higher costs for health and life insurance coverage, as well as the possible health care costs due to other tobacco-related conditions.

*Information provided by The U-S Surgeon General´s Report

Let’s compare rates between smoker and non-smoker women:

Average Cost of Life Insurance for Women by Age, Smoker vs. Non-Smoker (20-yr Term, $500,000)

Age Smoker Non-Smoker
25 $45.11 $16.81
30 $54.91 $17.57
35 $72.64 $18.49
40 $102.24 $25.32
45 $153.88 $38.75
50 $223.69 $55.62

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Shop, Shop, Shop Till You Drop for Life Insurancebuying life insurance as a woman

Talk about power shopping; shopping for life insurance online is quick and easy. Technology has improved the online life insurance shopping experience significantly. You never even have to speak to a life insurance agent unless you decide you want extra assistance. Getting multiple quotes from some of the nation’s top insurance companies takes only minutes and you can do it from the privacy of your home or business computer. Maybe it’s not as exciting as finding that perfect pair of shoes, but comparing prices for a life insurance policy to insure your family’s future may just save you enough money to buy fantastic footwear!

If you have any questions regarding life insurance for women, call us directly at 1-800-521-7873 or you can visit our life insurance quotes page to see what we can do for you!