Men tend to insure their lives more than women. According to the Life Insurance Marketing and Research Association, 56 percent of women and 62 percent of men had life insurance coverage in 2016 — down from 57 percent but up from 61 percent, respectively, from 2010. How strange!
Before we get into it, let’s just break down life insurance in layman terms – life insurance provides financial protection to the family once the insured has passed on. It’s used to fund college education expenses, to pay off mortgages, to pay for the burial of the deceased and to pay miscellaneous bills and fees. It provides sufficient income so that a family can maintain their same standard of living.
So why are women still skipping out on life insurance? Here are a few reasons it shouldn’t be that way:
More families have dual breadwinners now
A lot of women make as much as, or even more, than their husbands these days. What happens when she is no longer around? How about her financial responsibilities? Will it magically go away when she is no longer around?
Ladies, life insurance will keep your family afloat in the event of a sudden death, and will help them manage debts and responsibilities that you leave behind. Your contribution to your family is priceless, and life insurance will continue that contribution on your behalf once you’re no longer around.
Women are more likely to be a primary parent to children
Because men are more likely to die before their spouses, women often end up being the primary caretakers of their children. Even in the case of divorce or annulment, women are usually awarded custody of their offspring. Fathers are also more likely to be incarcerated than mothers.
As primary caregiver and financial provider to your children, it is important to prioritise your financial health – and a full financial plan always includes life insurance. Never take your life for granted!
Women are more likely to take care of elderly loved ones
Even if you don’t have a husband and children (yet), that does not mean you are exempt from getting a life insurance plan. Globally, more and more women these days are taking care of their elderly parents.
Women, don’t leave your parents in a lurch – they will definitely need financial assistance when the unforeseeable happens, especially if you take care of all their expenses.
Life insurance is less expensive for women
If you needed one more reason, let it be this – women pay less for life insurance because women are less likely to die earlier than men! Never take your life expectancy for granted, though – just sign up for an eLife Protector+ plan today, and get peace of mind in 5 minutes!
All in all, women do need term life insurance because of their immeasurable human life value.