Life Insurance for Women

Life insurance for women is no different than life insurance for men: it provides protection in the event of death, leaving a lump sum for the beneficiaries, usually family members, that will allow them to continue with a proper standard of living. More and more women are the main providers for their family, therefore coverage is essential in case of unexpected events that can cause financial distress and even the loss of their home.

Throughout history, life insurance for women was less expensive because they have a higher life expectancy and can pay the premiums for a longer period. However, the European Court of Justice enforced a rule in 2012 that makes illegal for carrier companies to base life insurance quotes on gender. Despite this, live coverage is important for many women, even if they are stay-at-home moms that don’t get paid.

Approximately 50 percent of the workforce is represented by women, from which 43 percent have no life insurance, therefore don’t protect their financial value. Almost 30 percent of wives are breadwinners, nevertheless they rely only on the male’s insurance to protect their families. Nowadays, most homes rely on two incomes and because of that, both spouses need coverage. The loss of one income, as well as taking time off work to look after the children would lead to financial difficulties. The cost of full-time childcare is evaluated at $31,000 per year.

Life insurance for women is very affordable, so a woman in her 40s can pay about $25 monthly for a $500.000 policy. There are two types of insurance available, whole life insurance and term insurance. Term insurance is perfect if you want to pay the mortgage and make sure the children get proper education because they have a determined term. The downside is that after the policy expires, you will no longer get a payout. Most people choose whole life insurance because of the saving feature.

It is important for a woman to have life insurance because women are likely to outlive their spouses and that can leave them financially vulnerable. Coverage is important for single parents so they make sure the children are properly cared for. A divorce or losing a job can leave you without any form of insurance. A spouse’s group coverage can offer protection until the employment ends or an unexpected event occurs.

The cost of an insurance can be reduces by changing the risk factors. If you are a smoker and you quit, the cost of a premium can lower. Losing weight and leading a healthier lifestyle will help cut the costs. Alcohol consumption can also increase the amount you pay.