Women may need more life insurance coverage

Apr 06, 2012

Women may need more life insurance coverage.

Last year, LIMRA reported that the life insurance coverage gap between men and women was starting to close, but Money Expert reports that a U.K. life insurance provider said women are devaluing the amount they are worth by having less insurance.

Scottish Provident said women are failing to safeguard their future and the future of their family by not putting enough money into a life insurance policy. The study found men usually have about 50 percent more life insurance coverage than women buy for themselves.

“It's a worrying situation, especially so when you consider factors like the increase in single-parent families,” said Jennifer Gilchrist, a senior product development manager at Scottish Provident. “Increasing numbers of women working mean more families are now dependent on a woman's salary as the main earner in the household.”

LIMRA reported in March 2011 that 60 percent of women owned some kind of life insurance in 2010 compared with 69 percent of men. Most households have a dual income now, so this is a great opportunity for women to make sure their future and their family's future is secure with life insurance.

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