Life Insurance for Women

By Compuquotes Team on April 23rd, 2008

Life insurance information tends to be targeted towards men: they are traditionally the most frequent buyers of insurance-particularly life insurance. Women need life insurance for all the same reasons men do: to replace lost income, pay a mortgage, provide money for death expenses, provide for the long-term security of family. Life insurance is protection, and most women don't have enough of that protection. Increasing numbers of women are buying life insurance, but most women who have life insurance don't have enough.

How much life insurance do you need? That depends on several factors, including your age, salary, and family status.

Do you need Life Insurance as a Single Woman?

Single people are much less likely to buy life insurance, believing that without dependents, it's just not needed-and single women are less likely than any other group to have life insurance.

Single parents have an obvious need for life insurance, but what about single women without children? Even for these people, life insurance may be needed to cover loans and debts for which the responsibility may fall on other family members. Life insurance is very affordable for women who are young and healthy, particularly since at this stage of your life your life insurance needs are likely to be low.

After Marriage

After you marry or are in a long-term relationship, life insurance becomes more important, even if you don't have children. If you and your partner own a home together, life insurance becomes even more important, and if you have children, it's an absolute necessity. This is true whether you work in the home or out of it.

If you work outside the home, the value of life insurance is obvious. Two-income households often depend on both incomes, and if your income is lost, the financial effects could be devastating for your family.

If, on the other hand, you're caring for your home and family full-time, you still need the protection of life insurance. The work you do in the home has a dollar value, and if you were gone your family would need to spend money on child and home care. Life insurance is the ideal way to make sure your family is cared for, whatever happens.

After Retirement

Women live longer than men: for this reason, almost 60% of American women live alone by the time they reach 85. Partly because women are unlikely to have enough life insurance for their needs (if they have insurance at all), 50% of women aged 75 or over who live alone are living in poverty. Another reason is that women are more likely to take time off work to raise children, and therefore have reduced access to Social Security after retirement.

Insurance can be an affective way of taking care of retirement expenses. It does require choosing whole or permanent life insurance rather than a term policy-this will be more expensive, but provides the advantage of accumulating cash value that the owner of the policy receives as dividends. In addition, it's crucial to consider the effects of inflation when deciding how much life insurance to buy, as even an average inflation rate will reduce purchasing power considerably over time.

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