Women Often Do Not Have Enough Life Insurance

The amount of women in leadership positions today highlights the need for coverage even more. Also, the women who stay at home to care for their families still need coverage. 

If a woman who stays at home to care for her family dies suddenly, there is still the need for child care expenses and possible expenses to keep up the house while her spouse continues working. 

The services provided by women who stay at home to care for their families are expensive to pay for out of pocket. 

In some cases, the surviving spouse must hire someone for child care, tutoring, driving, paying bills, doing housework, keeping up the yard and handling a variety of other important duties. With an adequate amount of life insurance, it is possible to obtain all of those services and even pay for college tuition or other expenses.

In addition to this, life insurance is important for covering final expenses. This can include funeral costs and any outstanding debts. 

Both women who work and those who stay at home contribute to the economy and to their families. 

From completing household tasks to making major decisions for large companies, the contributions of women are widespread. 

But, many do not have adequate life insurance or any life insurance at all. Recent research shows that more than 40% of women do not have any life insurance. 

From the number of women in the study who were insured, the majority did not have adequate coverage. 

Experts said they carried about 25% or less of the amount of insurance they needed to have adequate coverage. 

According to a report by the Bureau of Labor Statistics, women made up nearly 60% of the workforce. 

But, they carried more than 30% less life coverage than the men did.

A study found younger women were just as likely as younger men to have insurance. 

In contrast, older women were not as likely as older men to have life insurance. Women of all ages have an average amount of life insurance that is less than the average coverage males of all age groups carry. 

According to the BLS report, the average amount of life insurance that women carry is $130,000, compared to $190,000 for men. 

To learn more about life insurance options and which ones are best for individual circumstances, call us at (616) 205-5222.