Jane Dotson
Life insurance for women is not a standalone product, but there are many policies available to choose from. While life insurers can no longer use gender-based pricing, some target women through their marketing and might offer discounted premiums for both genders. Term life insurance is a common category of life insurance which works in the same way for both men and women. Policyholders pay a fixed monthly premium to insure a pre-agreed sum, and beneficiaries receive a tax-free lump sum of the insured amount if the policyholder dies during the fixed term.
| Characteristics | Values |
|---|---|
| Type of insurance | Term life insurance, whole life insurance, universal life insurance, variable life insurance |
| Cost | From 20p a day |
| Who is it for? | Single women, mothers-to-be, women in the later stages of life |
| How does it work? | You pay monthly or yearly premiums, and your insurer agrees to pay your beneficiaries a death benefit if you pass away during the policy term |
| Benefits | Discounted premiums if you keep active, rewards for healthy lifestyle choices |
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What You'll Learn
Term life insurance
Life insurance for women isn’t a standalone product, but women's priorities and reasons for needing cover may be unique. In the past, opposite-sex couples often relied on the man to be the primary breadwinner, but today, it’s more common for women to contribute equally to the household income, be the higher earner in a relationship or be a sole provider for her family. If you’re a woman who works, it’s likely your family would struggle without the income you provide, which highlights the need for financial protection.
Women have many life insurance policies available to choose from. Other types of life insurance include whole life insurance, universal life insurance, and variable life insurance.
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Whole life insurance
Life insurance for women isn't a standalone product, but women's priorities and reasons for needing cover may be unique. For example, women are increasingly contributing equally to household income, being the higher earner in a relationship, or being a sole provider for their family.
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Universal life insurance
Life insurance for women isn't a standalone product, but women's priorities and reasons for needing cover may be unique. For example, women are increasingly contributing equally to household income, being the higher earner in a relationship, or being a sole provider for their family.
It's important to note that life insurance providers can no longer use gender-based pricing, but some may target women through their marketing and offer discounted premiums for both genders if certain conditions are met, such as maintaining a healthy lifestyle.
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Variable life insurance
Life insurance for women is not a standalone product, but women's reasons for needing cover may be unique. In the past, opposite-sex couples often relied on the man of the house to be the primary breadwinner, but today it is more common for women to contribute equally to the household income, be the higher earner in a relationship or be a sole provider for her family.
It is important to note that, while life insurance for women is not a separate product, some insurers may target women through their marketing and offer discounted premiums for both genders if you keep active and make healthy lifestyle choices. When considering variable life insurance, it is worth shopping around to find an insurer that aligns with your values and offers the best coverage for your needs.
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Why women need life insurance
Life insurance for women isn't a standalone product, but women's priorities and reasons for needing cover may be unique. In the past, opposite-sex couples often relied on the man to be the primary breadwinner, and he would take out life insurance to ensure his family wouldn't suffer financially if he were to pass away. Today, it's more common for women to contribute equally to the household income, be the higher earner in a relationship, or be a sole provider for her family. If you're a woman who works, it's likely your family would struggle without the income you provide, which highlights the need for financial protection.
There are several types of life insurance policies available to women. Term life insurance typically lasts for 10 to 30 years and has no cash value, but offers a large death benefit for the premiums you pay. Whole life insurance has higher premiums, but coverage lasts for a lifetime and offers a cash value growth component. Cash value grows tax-deferred at fixed interest. Universal life insurance offers lifelong coverage, cash value, and adjustable premiums and death benefit. Cash value grows tax-deferred based on market rates. Variable life insurance has lifelong coverage, cash value, and adjustable premiums and death benefit.
Life insurance works the same way for women as it does for men. You pay monthly or yearly premiums, and, in exchange, your insurer agrees to pay your beneficiaries a death benefit if you pass away during the policy term. Term life policies are often taken out alongside a mortgage to cover home loan debt.
While life insurers can no longer use gender-based pricing, some target women through their marketing and might offer discounted premiums (for both genders) if you keep active and make healthy lifestyle choices.
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Frequently asked questions
Life insurance for women is a standard life insurance policy that protects the life of a woman. It works the same way as it does for men. You pay monthly or yearly premiums, and, in exchange, your insurer agrees to pay your beneficiaries a death benefit if you pass away during the policy term.
There are several types of life insurance policies available for women, including term life insurance, whole life insurance, universal life insurance and variable life insurance. Term life insurance typically lasts for 10 to 30 years and has no cash value, but offers a large death benefit for the premiums you pay. Whole life insurance has higher premiums, but offers coverage for a lifetime and includes a cash value growth component. Universal life insurance offers lifelong coverage, cash value, and adjustable premiums and death benefit. Variable life insurance has lifelong coverage, cash value, and adjustable premiums and death benefit.
The cost of life insurance for women can vary depending on the type of policy and the insurer. Some insurers may offer discounted premiums if you maintain a healthy lifestyle. Life insurance through Reassured, for example, starts from as little as 20p a day.
