As economic contributors, household managers, and caregivers, women shoulder a large share of family responsibilities.

Women provide important financial contributions to their families; contributions that should be protected should the unthinkable happen. However, women are not purchasing Life insurance as frequently as men, nor purchasing as much.¹

Why is Life Insurance So Important for Women?

According to Pew Research, 60% of households with children under age 18 are financially supported by both spouses, which is why families today need both Mom and Dad to have Life insurance. Not only are women contributing more than ever, 51% act as their family’s “chief financial officer” according to the latest Allianz Women, Power and Money survey.² With women more likely to be economically responsible for their families, Life insurance becomes more important than ever.

If you don’t bring home an income or manage the finances, it doesn’t mean you should forego Life insurance. Stay-at-home moms’ contributions are frequently and vastly underestimated. The average annual salary a mother would earn if she were paid for her time is nearly $184,820.³ Life insurance can help ensure that if you were no longer around, your family could still meet its daily needs. And keep in mind that even if you aren’t earning a salary today, that doesn’t mean that you won’t one day become a breadwinner for your family.

It’s no secret that women outlive men. Combine that with higher rates of divorce and separation, and women are more apt to be left fully responsible for the care of children and other dependents.

The role of caregiver is becoming more familiar to many women, especially as they approach middle-age and find themselves caring for elderly or disabled parents. For caregivers, Life insurance provides the security of knowing that care could continue should something happen to you.

Widowed, divorced, or never-married single women without dependents are, by far, the most likely to have inadequate Life insurance. But many do have financial responsibilities—loans and other debt—that would fall on others should the worst happen. At a minimum, Life insurance can cover final expenses; the average cost of a funeral today is $7,848.⁴

Why Are Women Underinsured?

43 percent of women say they need (or need more) life insurance, which equates
to more than 56 million women living with an acknowledged life insurance coverage gap.⁵. So why are women so underinsured? Stunning as it may sound, many have simply not taken the time to calculate how much they need. Even those who consider themselves proactive in managing their money often fall short when it comes to Life insurance for themselves.

Many women mistakenly misjudge the cost of Life insurance. Not only is Life insurance affordable, it’s more affordable for women. This is especially true for single women who often have smaller insurance needs than women with mortgages and dependent children. Term Life insurance is an affordable option for women with young families. For any woman, regardless of her life stage, coverage purchased today can protect future insurability as she gets older.

What Can You Do?

Take a look at your own situation. Do you have Life insurance? Is it enough? Will your coverage protect your family and help fulfill your responsibilities? Many factors—lifestyle, income potential, and expenses—will determine how much coverage is appropriate for you. Even if you don’t have financial commitments today, purchasing coverage now can protect your future insurability, as you will never be younger, and you probably won’t be healthier.

Today, applying for Life insurance is easier than ever. You can obtain a quote and apply for quality coverage.

Whether you are a spouse, parent, financial caregiver, or a loved family member, Life insurance for you can relieve the financial burden that could be placed on your loved ones should the worst happen to you.

Learn more about term Life insurance through the Alumni benefits program.

¹ “The Gender, Roles and Life Insurance Survey,” Haven Life, 2019.
²Allianz Life “New Allianz Life Study Finds Majority of Women Now Responsible for Household Finances,” February 2017.
³ Salary.com, 2021.
⁴ National Funeral Directors Association, April 2022.
⁵ LIMRA Understanding the U.S.
Women’s Market, 2022.