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Hoping for the Best, Planning for the Worst

Life insurance for women

Life insurance for women is easy to procure and can be very affordable as well.

Life insurance for women

Despite this, according to the Life Insurance and Market Research Association (LIMRA) 56 percent of people in the United States don’t carry personal life insurance.

There are a number of reasons that women don’t buy life insurance. The three main reasons include:

  1. Lack of information.
  2. Lack of finances.
  3. No faith in the insurance industry.

Lack of Information

If lack of information is your main reason for not carrying life insurance, then it’s time for you to learn what you need to know about life insurance for women. What’s more, you can determine whether you need life insurance at all. Read also: Why Seniors Need Life Insurance?.

You need life insurance if:

  • You’re married.
  • You have children.
  • You want to leave an estate.
  • You have a lot of debt.
  • You have family that will be responsible for paying your end of life expenses.

There are several different options available to you for life insurance.

These options include:

  • Term Life.
  • Whole Life.
  • Variable Life.
  • Universal Life.

Term life is life insurance that, as the name suggests, is only active for a certain amount of time. The amount of time that you can choose for a term policy will range between insurance companies. Typically, however, you can purchase policies anywhere between 5 years and 20 years. The younger you are, the longer you can carry a term policy. Read also: High Rated National and Local Life Insurance Policies for Tragedy.

A term life insurance policy is the least expensive option available for life insurance. The reason for this is that if the policyholder doesn’t die while the policy is in force, then the insurance company never has to pay anything out on the policy.

People who benefit most from term life policies are those individuals who are married or have children (or both). Term life is an excellent way to get a lot of insurance for a low amount of money, which makes it an excellent option for salary replacement for a number of years to support your family.Whole life insurance is an insurance policy that pays out no matter what, so long as your premiums are paid up. The premiums for a whole life policy never change and you only have to pay your premiums for a certain amount of time, usually between 20 – 25 years, before you no longer have to pay the premiums.

A whole life policy is much more expensive than a term life policy. The money you pay into your premiums are invested, but you have no control regarding how the money is invested. You’re guaranteed a certain payout and the insurance company receives the rest of the money from the investments made.

A variable life policy is much like a whole life policy. The big difference between the two is that you choose how your money is invested. What’s more, if you make more money from your investments, then the total value of your policy increases. Conversely, if you suffer losses from your investments, then the value of your policy reduces. A variable life policy is more expensive than a whole life policy. Read also: 10 Year Term Life Insurance Strategies.

Universal life insurance provides you with flexibility because you can borrow money against your policy. What this means is that if you have paid your premiums for 10 years and you find yourself in need of money, you can take money out of your policy. The value of your policy reduces by the amount you’ve “borrowed.” You can repay that amount or you can simply accept the reduction of value in your policy.

Lack of Finances

If money is an issue for you, then you might want to consider a small term life policy. You can switch to a permanent life insurance policy in the future, or increase the amount of your term life policy. You’ll find that a healthy woman under the age of 35 can get a term life policy of $500,000 for less than $20 a month.

Lack of Faith

There is a common misconception among consumers that life insurance companies don’t like to pay out their life insurance policies. The truth is that insurers pay out about 99 percent of all policies.

The two most common reasons for an insurance company not to pay out are not receiving all of the necessary paperwork from the beneficiary, or the death is under investigation by the police. It’s important to ensure that you keep all of your paperwork regarding your life insurance policy in an easy to find place so that your beneficiaries can collect in a timely manner. Read also: The Benefits of Survivorship Life Insurance Policy.

Life insurance for women can make a big difference in the life of others. Whether you’re married with children, single with children or single with other family members, you need to ensure that no one is burdened with excessive costs due to your death.


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