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Home > Consumers > Life > Life insurance considerations for women
Life insurance considerations for women

Historically, women have been under-insured. The amount of women who are the sole or primary earner for their family with a child under the age of 18 continues to increase. However, their amount of life insurance coverage averages only 69 percent of a man (LIMRA International, 2013). Additionally, women with high personal incomes (over $100,000) are less likely to have individual life insurance or group life insurance than men with similar personal incomes (LIMRA International, 2011).
Two out of three single women with children do have life insurance. However, of those, only a third would have enough insurance to cover their family expenses for a significant period of time (LIMRA 2013).

More and more women are purchasing life insurance. But the amount of women that remain without any life insurance is at 43 percent (LIMRA International, 2013).

Women need life insurance for many of the same reasons men do. No matter what your marital status is there are probably people who depend on you. Life insurance makes it possible for you to protect your loved ones, meet your goals 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:

  • Women need insurance if they are: 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.

  • Women need insurance if they are: 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.

  • Women need insurance if they are: 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).

  • Women need insurance if they are: 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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