Women make major contributions to a family household. However, a survey by a major health insurance company reveals that many women underestimate their financial worth.
The survey found that the median individual life insurance coverage for women is $96,000, approximately half the amount the average man has. Despite having smaller policies, nearly 10 percent more women than men said the funds were important to protect a family.
A representative from the insurance company says women are selling themselves short by not purchasing more coverage.
"Despite all the advances women have made in the workplace, it is disheartening to learn that women still feel behind when it comes to planning for retirement or other financial goals - and they're literally missing out on many important benefits by undervaluing themselves."
It can be difficult for both men and women to determine just how much life insurance they need. It's important for people to consider income and expenses among other things when determining how large of a policy to take out.