Drawing of a woman riding a bicycle
Insurance 101

5 types of women who should consider term life insurance

Insurance 101

5 types of women who should consider term life insurance

From CEOs to cat moms (or both), life insurance for women can be vital.

A LIMRA (Life Insurance Marketing and Research Association) consumer study found that only 47% of women have life insurance, compared to 58% of men. In addition to this, the study also found that women are more likely to possess less coverage. There could be a number of reasons for this. Regardless, women are just as valuable as men. And it doesn’t matter what kind of woman you are, term life insurance can be a great benefit to your situation. For example, when it comes to male vs. female life insurance rates, women tend to pay cheaper premiums. So boom, a win right there. But here are 5 types of women we think could benefit from a life insurance policy.

  1. Working women
  2. Married women
  3. Single women
  4. Stay-at-home moms
  5. Single moms
  6. Conclusion

Working women

According to the Council on Contemporary Families, more than 40% of American mothers solely or primarily support their minor children with their own salaries each year. Add in the fact that there was a 21% increase in women-owned businesses between 2014 to 2019, and we can see women are increasingly becoming the primary breadwinners in their families.

So it makes sense that working women and entrepreneurs should consider getting term life insurance. Even if you think your family needs will be met, you can use your coverage to tackle payroll, expansion costs, or generally invest in the business you might leave behind. All in all, business-minded women can benefit from a term life insurance policy for themselves, their families, and their work.

Married women

More than 51% of households are dual-income, according to nationwide data. That means a majority of homes have at least two earners so they can remain middle class. Even for women who are not part of a two-income household, having a term life insurance policy can give you peace of mind. Suddenly losing out on a partner’s financial input can be devastating. You can take out a policy on yourself, or you can take a policy out on your spouse through Spouse Life Insurance.

Single women

People often think life insurance is only for funeral expenses or for people with families, but that’s not always true. Single women can benefit greatly from term life insurance since it can also tackle debt. Now you may be thinking that your debt magically disappears when you die, but if you have co-signers on any of them, they’ll be on the hook for repayments. So if your parents co-signed your student loans, those costs would transfer to your folks in the event of your untimely death.

And it’s not just about debt either. If you have roommates, your sudden death might make it difficult for them to continue to meet the rent. Or, if you are a caretaker to any aging or disabled family members, having a term life policy can give you confidence that they’ll have resources should you die suddenly.

Stay-at-home moms

Parents who work as caregivers to children are worth way more than people give them credit for. Salary.com notes that if stay-at-home parents were paid for the amount of labor they do, they’d be paid approx. $162,000/year! That’s nothing to scoff at. So it makes sense that, even if you’re a stay-at-home mom without “income,” the financial contributions to your household are immense. Having a term life policy could mean your family can continue to take care of your kids and household, should the worst happen.

Single moms

Nearly a quarter of all US children live with only one parent and no other cohabitating adult. And 86% of those parents are single mothers. Term life insurance can be a great way to ease some of the stress that single moms might be facing. It can be a scary thought, dying without knowing if your child will be taken care of. But it might be helpful to know that the right amount of term life coverage for a single mother might help with future education, income replacement, or your child’s costs of living.

Graphic of the 5 types of women;  Working women, with a graphic of a briefcase and coin  Married women, with a graphic of two wedding rings  Single women, with a graphic of a single woman  Stay-at-home moms, with a graphic of a two-story home  Single moms, with a graphic of a woman and her child


Conclusion

Life insurance for women doesn’t have to be complicated. And you don’t have to limit yourself. Insurance is about protecting your loved ones and giving you peace of mind. So shop around and find out what works for you and your situation. No matter the stage in your life, it’s always good to have some reassurance. And while you’re at it, check out our Wysh Builder which allows you to create a customizable coverage policy tailored just for you.

The opinions we expressed in this post are for general informational purposes only and are not intended to provide specific advice or recommendations.
illustration of a man and woman holding hands
Insurance 101

What is a beneficiary? And other burning questions answered

5 things you must know before deciding who gets your life insurance money.

illustration of a man with computer screens flying around his head
Insurance 101

Insurance underwriting: what’s with all the questions?

An industry expert explains how insurers use data to guess how long you’ll live.

two breakfast plates with eggs and bacon making a smiley face.
Insurance 101

Stay-at-home parent? You’re worth more than you think

Joint life insurance could cover at-home responsibilities if the worst were to happen.