Life Insurance for Women
Most life insurance information has historically been targeted towards a male audience. They're the ones that most often buy life insurance, and most women have too little life insurance or even none at all. In fact, as recently as 1999, just 59% of women had life insurance compared to 64% of men. While the gap may be closing, it most definitely does exist.
Men typically buy life insurance as a means of replacing lost income, paying the mortgage, or covering funeral and other death expenses if they die or become unable to work, to help provide financial security for their families. Life insurance can also be used to finance long-term goals such as children's college education, can provide effective protection for single people, and can also be a means of providing financial security after retirement.
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Importance of Life Insurance for All Women
These days, it's just as important that women buy life insurance, for exactly the same reasons. The protection that life insurance provides is important for all women, regardless of their age or marital status. The question is not whether life insurance is necessary for women, but rather how much life insurance is needed. The same study that revealed that women are less likely to be insured than men also indicated that on average, women have less than half as much life cover as men do. Most women who do have insurance simply do not have enough to protect their families from financial hardship in the event of their death.
The amount of life insurance a woman needs depends on a number of factors, such as her current salary, age and marital status, the number of dependent children she has, and the amount owing on debts and loans. All of these factors together will determine the income replacement needs of the family.
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