The new statistics show that over 65% of all women over 30 years old in America do not have any form of life insurance. Does this mean that women do not have much of a need for life insurance? The answer is no, in many cases they are not any different than men when it comes to having financial liabilities. Women’s income when compared to men shows that they have nearly the same earning potential.
In today’s working world, quite a few women bring in a higher income than their husbands. If their income stopped it could be financially devastating to the family.
The lack of women not having life insurance stems from families not taking into consideration just how much of a financial loss there would be if the females of today passed and did not have any life insurance. A lot has changed throughout the years and there are a lot of female breadwinners in the family.
Term life insurance is recommended when the man and the woman of the house both have excellent occupations and careers.
In our modern times, and poor economy we find people using their credit more and more because of the high cost of living. We also now see the husband and the wife both having to work to make ends meet. If you take the wife’s income out of the formula you will see an immediate financial obstacle being created because her income is not just a case of it is nice to have her income coming in, it is now a necessity to have it coming in. Her income failing to come it will be just as bad as the husbands pay stopping. When comparing Term life insurance quotes, you will find the female rates are about 10-20 % less.
Female Term life insurance rates are lower because of the fact women naturally live longer than men.
Let’s take a quick look at a Term life insurance quote for 30 years in a preferred non-tobacco rate class with a face about of $500,000 for a 30 year old male and female.
Banner Life- $500.00
American General- $504.00
Assurity Life- $370.00
American General- $414.00
As you can see the Term life insurance quotes for the female are much less than the rates for the male. About 25% to be exact in favor of the lower female rates. Term life insurance rates including rates for Whole life insurance and Universal life are affordable life insurance rates to say the least. Naturally if health conditions come into the picture they would have an impact on the premiums.
We use over 40 life insurance companies to give you the advantage of getting the lowest rates possible. Due to the fact all life insurance companies underwrite their policies differently, a comprehensive choice of carriers gives us the chance to choose the company that will offer you the lowest rate class and premium.
Use our quoting engine to compare life insurance quotes from over 40 life insurance companies side by side instantly to see for yourself.
As the years go by women play a greater financial part in a families total income picture. They are now on the same playing field as the males which gives them a need for life insurance to replace their income if a loss of life occurs. Even if the female is a homemaker and has no job at all, she has many duties such as raising kids keeping the finances in order by paying the bills, going to the grocery store and the list goes on and on.
A husband would have to hire a caretaker, a babysitter or a day care center to try to replace his deceased wife which would get very expensive when you consider the wife’s income has come to a screeching halt if there was no life insurance.
A family’s life insurance portfolio has to be strategically constructed and many things have to be taken into consideration.
This is where the professional insurance agent comes into the formula to make sure there are no loose ends which could create a financial problem down the road when the family’s life insurance package is put to the test by means of a death in the family. Many consumers do have life insurance to protect their dependents financial well-being, but in many cases no real thought or planning went into the design of their portfolio and there are many loose ends and shortcomings that can lead into problems down the road.
Feel free to contact us by email or our toll free telephone number and we will help answers your questions and put you in the right direction so you have a properly designed life insurance system that will work for you and give you total peace of mind that you dependents will be well taken care of if the unexpected does happen. Thank you for reading our blog post Why Women Also Need to Purchase Life Insurance.