According to LIMRA’s 2020 study, only 47% of women own life insurance, compared to 53% of men. For most women, a personal life insurance policy can protect their loved ones, partner, child or business partner from financial stress if something were to happen to them.

Read on to learn how a policy can help you build a strong financial future, no matter what life brings.

Why women need life insurance

Whether you are single or married, a business owner, working a full-time or part-time job, or a stay-at-home parent, life insurance is an important tool to financially protect your loved ones. For women, life insurance can provide financial support for loved ones, cover small business debts, and even provide for a child’s education or a down payment on a home later in life.

If you have anyone who would be financially impacted by your passing, life insurance is a smart and affordable tool to ensure you leave behind a legacy rather than any debt or expenses for your loved ones.

Best types of life insurance for women

The best policy for you will depend on your financial goals, your budget, your health and age at the time you apply, and your goals for your policy.

  • If you are looking for affordable coverage for a number of years that you plan to have financial dependents, a mortgage, or outstanding debts, a term life insurance policy would be a great fit.
  • If you know that you’ll need coverage for a lifetime, a permanent life insurance policy would best fit your needs.
Factors that can affect policy pricing

Life insurance premium prices are based on your age and health at the time you apply for coverage. On your insurance application, you will need to provide some basic health information, including any past diagnoses. For women, this can sometimes include breast cancer, hormonal disorders and pregnancy-related conditions such as postpartum depression.

Life insurance prices get more expensive as you age, so it’s best to secure a policy while you’re young and relatively healthy. This can save you money in the long term and provides financial protection for your current lifestyle (as well as later in life). 

Financial protection during pregnancy

During pregnancy, a disability insurance policy could be a good fit for working women. This type of life insurance can cover health conditions related to pregnancy and postpartum, which can provide financial support if you were unable to work. 

A short-term disability policy may replace a portion of your income if you have complications during childbirth. Long-term disability policies do not consider giving birth eligible for a disability claim, but complications during pregnancy or a doctor-ordered home leave could qualify.

If you want to ensure that you’ll be covered in case of a disability relating to pregnancy, it’s best to purchase a policy before you start trying to get pregnant.  Many women opt for a disability group plan through their employer or a personal policy. You could also consider adding this policy rider on your term or permanent insurance coverage to add another layer of financial protection.  

Read More

Learn more about choosing a life insurance policy for your growing family on our guide to term life insurance for new parents.

Employer-sponsored coverage

If you have life insurance through your employer, you are off to a great start! However, this coverage is usually not enough to cover your family’s expenses or your mortgage or debts if you were to pass away. Most employers provide coverage that is one or two times your annual salary when most advisors recommend a coverage amount 10 times your salary. Even more, if you were to part ways with your employer, you wouldn’t be able to take your policy with you.

For most women, it makes sense to purchase an individual policy and customize the terms to fit their needs.

Life insurance for single parents

For single parents, life insurance is a must-have. A term or permanent policy could help you ensure your child has a financial safety net if anything happened to you. Term life insurance is a good option for most single parents – plans begin as low as $20 a month and coverage can last until it’s no longer necessary. You can select a term length of 10-30 years, depending on the length of time you’ll have financial dependents.

When naming a beneficiary for your policy, it’s important to select an adult who you trust to make the right decisions for your children if you were no longer around. Naming minor children as beneficiaries can be complicated, as the court must appoint a custodian to manage the death benefit until children reach age 18.

Eliminate debt with life insurance

Another great option for women is the Debt Free Life product from Quility, which is designed to eliminate debts from student loans, auto loans, mortgages and more in nine years or less. Debt Free Life is an insurance policy with a built-in cash value savings component that allows you to build retirement savings and pay off debts, all while enjoying the financial protection of life insurance. 

Apply online for term life insurance or consult an advisor for a custom permanent policy

If you’re ready to get coverage today, get started on our online application for term life insurance. For a customized permanent life insurance policy, our advisors can shop more than 80 insurance companies to help you find the best fit for your goals. We’re always here to help you find the best insurance plan for your life.

Let’s Get Started

If you are ready to get coverage now, our online application takes less than ten minutes.

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Calie Brummer
Head of Digital Communications
Calie Brummer is a staff writer and Head of Digital Communications at Quility Insurance with a focus on financial well-being and life insurance solutions.