Women falling behind in life insurance ownership

Mar 30, 2012

Women are lagging in life insurance purchases.

A recent study from Pinney Insurance Center found despite women making strides in the workforce, many still fail to acquire life insurance coverage. The unemployment rate for men and women is equal at 7.7 percent, and women comprise 49 percent of the U.S. workforce.

But 43 percent of female workers still do not have life insurance coverage. Although 27 percent of women are also breadwinners, millions of U.S. families rely on the husband's life insurance policy to protect against financial hardship. If both spouses acquired coverage, however, the protection would be increased and loved ones would be safer.

In addition, a study from Ameriprise Financial showed more men than women have determined how much must be saved for retirement and have set aside money for their golden years.

In an interview with Business Insider, Stephany Kirkpatrick, LearnVest Financial Planner in Residence, said many women struggle to adequately plan for retirement due to a number of logistical factors. First, women live longer, and thus must have savings to cover those years. Plus, many women will take a break from the career path to have children, thus altering their retirement planning.

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