Life insurance for women

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A priceless gift for you and your family

On International Women's Day, give yourself a gift that will secure your success and insure your legacy. You’ve certainly earned it!

Unlike chocolates, flowers, or jewelry, which may bring you short-lived satisfaction, a life insurance policy is an investment in your family’s long-term happiness and financial well-being. It’s a selfless present made from a place of self-love.

At Legal & General America (LGA), we believe that life insurance for women is not only essential, but it is also different than for men. Research has consistently found that women are less likely to have coverage when compared to men. However, in today's world, women are exposed to the same or greater financial responsibilities as their male counterparts.

The statistics speak for themselves: 53% of US women are not insured at all, while 43% of women with life insurance are under-insured. We want to close the life insurance gender gap, one woman at a time.

Read on to understand what factors can impact your insurance rates and how to purchase more affordable coverage that fits your specific needs.

female-icon-blue-filled-inWhy women's life insurance is important

As a mother, daughter, or sister, you’re probably financially responsible for someone other than yourself. Here are some common scenarios where purchasing coverage is an efficient way to protect your loved ones from a financial disaster:

You’re the sole provider for your family

Did you know that 41% of mothers are the only or primary breadwinners? Whether you’re married with children or caring for younger siblings or aging parents, a life insurance policy will provide income replacement if you were to pass away.

You’re a stay-at-home mom

Thanks to you, your family is able to save a small fortune on childcare and can afford to invest in other areas. The average cost of childcare is between $9,200 and 9,600 per year, and a housekeeper charges around $28 an hour. Life insurance could help your spouse or another caregiver afford these services while maintaining lifestyle they are accustom to.

You are a “mompreneur” or work part-time

Your contribution is providing your family with a much-needed financial cushion, and coverage would ensure that your children or spouse can continue to rely on that additional income, no matter what happens to you or your business.

You’re a soon-to-be mom

Investing in a policy early can help you save money and protect your growing family.

Your adult children still depend on you

Maybe you’re nearing retirement or are already enjoying that stage of your life, but your children rely on you to support themselves or their families. A life insurance policy is a smart backup plan to keep helping them after you’re not around.

You’re enjoying the single life

Not having any dependents can be freeing, but life insurance comes in handy if you wish to leave a legacy to your loved ones or support a charity you care deeply about.

Factors that impact women's life insurance premiums

Life insurance tends to be more affordable for women, mainly because, on average, women live 4-7 years longer than men. There are, however, a handful of key factors to consider when shopping around for life insurance.

Prices change

Premiums can increase by as much as 9% every year, so it’s wise to buy life insurance as early as possible. For example, if you are a 35-year-old woman you could secure a 20-year term life insurance policy worth $500,000 and pay roughly half the monthly payment amount than you would if you wait until you are 45 years old.

Securing a life insurance policy early gives you the peace of mind that no matter what health changes may occur during your pregnancy (e.g., any complications such as postpartum depression, gestational diabetes, or high cholesterol), you know you’re covered. Aside from routine health considerations, insurance companies also look at things like fertility treatments such as in-vitro fertilization (IVF) when determining your premiums.

A postponed application doesn’t mean you won’t be able to receive life insurance when the baby is here and you are fully recovered. But going through childbirth without coverage can be tricky as even perfectly healthy women can experience unexpected and potentially life-threatening childbirth complications.

To help you receive the most affordable life insurance premiums and protect your family in any circumstance, we advise buying coverage before getting pregnant or in the first trimester.

Chronic conditions

We don’t know what the future holds, but we know that having life insurance can offer protection in the event that you develop a chronic condition, even for conditions like breast, reproductive cancer, or a hormonal disorder.

When looking at your medical history, insurance companies will also look at your family history for these types of conditions. Since the likelihood of developing breast cancer becomes greater with age, buying life coverage early in your life is the best way to ensure you won’t be placed into a lower health classification if you were to get sick.

Mental health

A life policy can also offer protection for women with mental health issues, from depression and anxiety to bipolar disorder and schizophrenia. Getting coverage should be doable as long as you prove that you are consistently working to improving your health by seeking help and receiving treatment. Your payments may vary depending on the severity of your condition.

At LGA, applicants who have anxiety and/or depression can qualify for our preferred health classification (the second-best classification you can receive), even if you take prescription medication. We understand that women have more stressors to deal with than ever before and we offer support through budget-conscious, reliable life insurance.