9 Reasons Why Life Insurance for Women is Important

9 Reasons Why Life Insurance for Women is Important

Many people are aware of the wage gap between women and men, but less known is the discrepancy in life insurance coverage. According to a 2021 study by Life Happens and LIMRA, only 48% of women own life insurance, compared to 58% of men. A 2022 study from LIMRA found that women who don’t own life insurance often consider “covering final expenses” as the primary reason to own it. However, life insurance is meant to provide financial security, covering much more than funeral costs and other final expenses.

Here are nine reasons why life insurance for women is important to consider:

1. Covering Final Expenses The average cost of a funeral in the United States, with a viewing and burial, was $7,848 in 2021. Having a policy to cover these final costs will ease the burden on loved ones during their time of grieving.

2. Replacing Income Women make up more than half of the U.S. workforce, and most families depend on two incomes to cover household expenses. Life insurance coverage is key to smart and long-term financial planning for your family’s future.

3. Paying Off Debts Life insurance can alleviate the financial burden of outstanding debt, such as car, home, student loans, or medical bills, ensuring your family remains financially secure in the event of your passing.

4. Covering Household Contributions The value of a stay-at-home mother’s job is estimated to be $184,820, considering household cleaning, cooking, childcare, and other factors. Life insurance can help cover the cost of replacing these services.

5. Paying for College With rising education costs, life insurance can help alleviate the financial stress of college expenses in the event of a parent’s death, ensuring your child can continue their education.

6. Living Benefits for Chronic Illness Certain long-term illnesses, such as lupus and fibromyalgia, are more common among women. Some life insurance policies offer a Chronic Illness Rider to help cover care costs.

7. Affordable Life Insurance for Women Group Term Life Insurance policies, like those offered by WAEPA for current and former Civilian Federal Employees, can provide affordable coverage. A 40-year-old woman can get $500,000 in coverage for $29.40/monthly.

8. Protecting Your Business For women business owners, life insurance can provide protection for the family, company, business partners, and employees if the owner passes away. It can be used to pay off debts or keep the business afloat.

9. Peace of Mind Life insurance is a critical financial planning strategy, providing confidence that your family’s financial future is secure, whether you’re single, a breadwinner, or a stay-at-home mom.

WAEPA’s coverage is exclusive to current and former Civilian Federal Employees, offering competitive rates and additional benefits like partial premium refunds and portable coverage.