Quick Answer: Yes — life insurance for women is both important and affordable. Women typically pay lower premiums than men of the same age and health profile, because female life expectancy is higher. Yet according to the 2024 Insurance Barometer Study, only 46% of women have life insurance — the largest coverage gap between men and women in 14 years of LIMRA tracking. Whether you’re a breadwinner, a co-earner, or a stay-at-home parent, your financial contribution to your family has real replacement value.
If you’re a woman and you don’t 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 assume that because your spouse has coverage, or because you’re single without children, that life insurance isn’t for you. Women today qualify for some of the most affordable life insurance policies available — and the need for coverage is higher than ever.
Why Should Women Think of Getting a Life Insurance Policy?
Women share the same life insurance responsibilities as men — and in many households, more. Women make up nearly half the U.S. workforce and are the primary or sole earners in a growing share of American families.¹
“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.
The coverage gap between men and women has actually grown. According to the 2024 Insurance Barometer Study by LIMRA and Life Happens, only 46% of women have life insurance compared to 57% of men — an 11-point gap that is the largest in the 14 years LIMRA has tracked this data.² But the coverage amount for women is still way behind that of men.
That gap translates to real numbers: approximately 52 million women in the U.S. say they need life insurance or need more of it.² The reasons are consistent: cost concerns (often based on overestimates), uncertainty about how much is needed, and a tendency to deprioritize their own coverage relative to a spouse’s.
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?
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.
The CDC estimates that 80–90% of all lung cancer deaths among U.S. women smokers are attributable to smoking.³
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: Smoker vs. Non-Smoker
| Age | Smoker/Month | Non-Smoker/Month |
| 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 |
Get affordable life insurance quotes online with a simple search
Shop for Life Insurance Online
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!
Frequently Asked Questions: Life Insurance for Women
Do women really need life insurance?
Yes — and more than many women realize. According to the 2024 Insurance Barometer Study by LIMRA and Life Happens, approximately 52 million women say they need life insurance or need more of it.² Whether you’re a primary earner, a co-earner, or a stay-at-home parent, your financial contribution has real replacement value that a life insurance policy protects.
Is life insurance cheaper for women than men?
Yes. Life insurance premiums are based in part on life expectancy, and women statistically live longer than men. As a result, insurers typically charge women lower premiums than men of the same age, health class, and coverage amount. A healthy 30-year-old woman can often pay $3–$5 per month less than a male peer for identical coverage — a difference that compounds significantly over a 20 or 30-year term.
How much life insurance does a woman need?
The standard starting benchmark is 10–15 times your annual income, plus any outstanding debts (mortgage, student loans) and projected education costs if you have children. If you’re a stay-at-home parent, calculate the annual cost of the services you provide — childcare, household management, transportation — and use that as your income replacement figure. For most families, each parent should carry at least $500,000–$1 million in term coverage.
What is the best type of life insurance for a woman in her 30s or 40s?
Term life insurance is the most practical and cost-effective option for most women during peak earning and family-raising years. A 20 or 30-year level term policy locks in today’s rate for the full term, covers the years of greatest financial dependency, and leaves the option to convert to permanent coverage later if circumstances change. Whole life insurance is worth considering for estate planning or if you have lifelong dependents.
Should single women without children get life insurance?
In many cases, yes — for two reasons. First, even without children or a spouse, a life insurance policy can cover funeral expenses and any debts (student loans, credit cards) that might otherwise fall to aging parents or cosigners. Second, buying a policy while you’re young and healthy locks in the lowest available rate. If you later marry, have children, or take on a mortgage, you’ll already have affordable coverage in place.
Does being a stay-at-home mother affect life insurance?
No — stay-at-home mothers (and fathers) can and should have life insurance. Insurers recognize that the services a stay-at-home parent provides — childcare, household management, education — have significant economic value. Most term policies are available to non-working spouses based on the working spouse’s income and the household’s financial needs. Coverage amounts up to $500,000 or more are available.
References
2 LIMRA and Life Happens. “U.S. Life Insurance Need Gap Grows in 2024.” LIMRA, April 2024.
3 Centers for Disease Control and Prevention. “Smoking and Cancer.” CDC.gov.