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Home > Consumers > Life > Considerations for women
Considerations for women
Historically, women have almost never been adequately insured. On average, women have $129,800 of individual life insurance, while men have $187,100 of individual life insurance coverage. Additionally, women with high personal incomes ($100,000+) are less likely to have individual life insurance or group life insurance than men with similar personal incomes (LIMRA International, 2011).

However, more and more women are purchasing life insurance. The gap in average life insurance coverage between husbands and wives with similar personal incomes has narrowed over the past six years—primarily because insured wives have experienced smaller declines in amounts of individual life and group life coverage than have husbands with similar personal incomes (LIMRA International, 2011).

Women need life insurance for many of the same reasons men do. No matter where you are in your life (married, single, working full-time, homemaker), chances are there are people who depend on you. Life insurance makes it possible for you to protect your loved ones, meet your objectives and fulfill your responsibilities.

The cash provided by life insurance can do more than just pay funeral expenses. It can pay the mortgage and other household expenses, fund future education costs, supplement retirement savings and help pay estate taxes. Without life insurance, your family might be forced to sell assets to pay outstanding bills or taxes.

Women need insurance if they are:
  • Part of a two-income family: Husbands and wives are economic partners who often depend on both paychecks to make ends meet. If anything happened to you and the income you generate, would your family be able to remain in their home? Would your children be able to achieve their education goals? Would your family suffer a severe financial loss? Adequate life insurance can replace your income, remove uncertainty and help guarantee your family's financial security.
     
  • Single head of household: Despite your major financial responsibilities, in this role, chances are you have little, if any, life insurance. As sole breadwinner, you are responsible for the support and care of your children. Your need for life insurance is even more crucial than that of a dual-parent household. Many single women will forego buying insurance because they think it will cost too much. You may be surprised. Insurance costs for women can be very reasonable because statistically, women are more likely to outlive men.
     
  • A full-time homemaker: Many women choose to stay at home to be full-time mothers and homemakers. The services you provide each day would cost tens of thousands of dollars a year if they had to be purchased. The cost for childcare alone can average $8,800 per year (depending on where you live).
     
  • Single, living alone: Being single is not always the same as being without responsibilities. You may have loans. Plus, should anything happen to you, there will be final expenses that can run into the tens of thousands of dollars. If you do not have life insurance, these obligations will fall on loved ones. In addition, buying life insurance now can help protect your future insurability as you get older.

North Dakota Insurance Department
600 E. Boulevard Ave.
Bismarck, ND 58505-0320
Phone 701.328.2440
Toll free 800.247.0560
Fax 701.328.4880

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