Broker Check

Why Women Should Take Life Insurance Seriously

| March 22, 2021

Do you have loved ones that rely on you, whether physically, emotionally, or financially? If so, do you have a life insurance policy in place to protect them in the future?


Buying a life insurance policy is no easy task; but, if you have loved ones who rely on your income, you should consider buying one. It may even be more accessible and less expensive than you think!


According to a recent Finder survey, if you're a woman, it may only cost $43 a month to cover 75% of a $4000 monthly income, compared to $31 for a man to cover the same pay. While women continue to break glass ceilings and shrink the workplace wage gap, there is still much work to be done.


Regardless, many families have come to rely on a woman’s income, whether they be the primary breadwinner or contributing to family finances. If your income goes towards your home, car, or loved ones, having a life insurance policy can help ease the burden of these expenses long into the future.


If women’s earnings have become such a vital source of income for many families, why do so few women have life insurance?


A recent Finer study showed that only 33% of women reported having a life insurance policy than 48% of men. Life insurance is so much more than supplying income to your loved ones when you die, such as providing a cash benefit while you are still living, replacing wages in the event of disability or illness, and even paying out early.


If you’re still not convinced you need life insurance, consider the following questions:


  • If you became too sick or injured to work, what would happen?
  • Could the rent or mortgage be covered without your income?
  • If you are married or have a partner, is one source of income enough to support everyday expenses?
  • If you’re a parent, would your children be financially secure without you?


These are questions every woman should consider regardless of employment status. One way or another, life insurance leaves you and your loved ones covered in the wake of a tragedy, providing a sense of certainty in a time that can feel most stressful and uncertain.


While having life insurance is a great benefit, there is much to consider before deciding on a policy. Research shows the majority of those who are insured are so through an employer plan. While this is often an easy and more affordable option of life insurance, it is not always sufficient.


Although alternative options may be more expensive than an employer group policy, they may afford more flexibility and coverage to ensure your loved ones are protected. If you are considering buying an individual life insurance policy, contact us today to see how we can help you plan for the future.