Life insurance for women

Life insurance for women – Is it as important as insuring a higher-earning male partner?

A lot is written about the gender pay gap when it comes to men v women in terms of salaries. Sadly, this isn’t the only gender gap that affects the financial welfare of women and their families. There is also a notable gap between the number of men and women who have life insurance, which can cause additional financial hardship for grieving families after the loss of a loved one.

Here are three reasons more women should consider purchasing a life insurance policy:

1) Women are earning more than ever before

The more your family depends on your income, the more important it is to help protect them with a life insurance policy.
Even if you aren’t the breadwinner, any woman who works should consider protecting her income in the event of death or disability, as the loss of even a supplementary income can put considerable financial strain for a family.

2) Women who stay at home provide valuable economic support

When a woman chooses to care for children full-time rather than pursue a career, her labour still has economic value. If a stay-at-home mother were to pass away unexpectedly, how would her spouse pay for childcare or other services that a single working parent might rely on to help keep the household running?

Many women who choose to care for children at home do plan to return to work when their children are older, and since insurance policies are cheaper when you’re younger, buying a policy now may be the most affordable way to protect your family from the loss of future income.

3) Women live longer

Women generally live longer than men – on average by six to eight years. W.H.O May 2021. Yet they typically buy less life insurance coverage and save less for retirement than their male counterparts.*  It is also worth considering life insurance as it can pay for later life care.

*“The Gender Earnings Gap and Retirement” Forbes https://www.forbes.com/sites/margueritacheng/2018/07/12/the-gender-earnings-gap-and-retirement/#1c8ee6317714 July, 2018

Next steps

Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers.

Any quote that your adviser provides you with will take into account your circumstances and medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Please feel free to read our Independent client reviews, or read about the team at Future Proof

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Take a look at our handy guides ‘What Cover is Right for me?’

Do you suffer from a medical condition and concerned you can’t secure Life Insurance?  Please view our ‘Medical Guides’ for further information.

Whilst we will endeavour to help someone arrange insurance, there is no guarantee of success.  All applications are subject to underwriting.

Links to third-party websites exist for information only, and we accept no responsibility or liability for the information contained on any such sites.
The existence of a link to another website does not imply or express
endorsement of its provider, products or services by us or St. James’s Place.

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