Why women don't purchase enough life insurance—and why they need more:
, there is a major gender gap when it comes to life insurance and women. The survey shows that while women and men equally believe that their death would have a “substantial” impact on their family, women are not purchasing life insurance as frequently as men, nor purchasing as much. In fact, 67%
of women surveyed said they had life insurance, compared to 79% of men. Of those who had an individual life insurance policy, the women had an average coverage amount of $231,342, compared to men who had an average amount of $423,102.The majority of women and men respondents said their own death would have a “substantial” impact on their family’s quality of life.
Respondents who did not have life insurance were asked to provide a numeric value for what they would purchase; the average coverage amount provided from women respondents was $175,423, while the average coverage amount from men respondents was $355,348. The average income for all women respondents was $52,484 compared to the average income for men respondents at $72,482.Maybe it's because the traditional rule of thumb for how much life insurance is needed is based on your current income, usually around 5-10x. With women still earning less than men over all, and more likely to take on the role of childcare , according to these calculations, women need less life insurance than men.
While the exact amount of life insurance needed is impossible to answer, one thing is sure - we need to rethink how we value the roles in our family. Everyone who has someone that depends on them needs life insurance, because they are providing an immeasurable value to the family. One question that gained almost universal consensus from survey respondents was whether a stay-at-home parent should have life insurance. Both women and men overwhelmingly responded “yes.
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