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Life Insurance for Single Women
Single men and women alike rarely consider their life insurance needs, typically believing that without dependents, they do not need life cover at all. Of all Americans, single women are by far the least likely to have adequate life insurance. However, it’s important for women to realize that they do have life insurance needs, whether they’re unmarried or are divorced or separated with dependent children.
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Life insurance is an obvious necessity for all single parents. A single woman who is the head of a household with dependent children has a much greater need for life insurance than does a married woman. The need for single women without children is less clear, however. Why obtain life insurance as a single woman without dependents?
Many single women have financial obligations—loans and other debts, for example—and the responsibility for those obligations falls onto other family members if the worst should happen. There are funeral and other death-related expenses to consider, too, and these expenses can be met by purchasing life insurance. More importantly, a single woman can use a cash value life insurance policy to help meet expenses after retirement. Nearly 60% of American women are living alone by the time they reach 85 years of age, and a cash value life insurance policy can be a very practical way of providing for yourself after retirement.
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Many single women do not obtain life insurance because they believe it’s not affordable. However, single women, particularly those who do not yet own their own home, typically have lower insurance needs than do women with a mortgage or dependent children. In addition, women can obtain life cover at more affordable rates than men, because they are likely to live longer. This increased longevity translates into lower risk for insurers, and therefore lower insurance premiums for women.
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