Benefits of Life Insurance for Women

Benefits of Life Insurance for Women

You might be surprised to learn that only about 56 percent of women have life insurance, 10 percent less than their male counterparts. These figures are based on statistics and research from LIMRA, a worldwide research organization servicing members of the insurance and finance services sector. Not only do fewer women than men have life insurance but the death benefit is also well below that of men—about 22 percent less.

When it comes to life insurance, only one-third of women have their own policy and for half of these women this is simply a funeral insurance policy. This means that only one-sixth of South African women have actual life insurance, which is a mere 16,7% – making women in this country massively underinsured.

Women have become increasingly dominant players in today’ workforce. Some women are the sole breadwinners for their families and as such, are looking for the financial security a life insurance policy can provide. Whether a woman has an executive position or is a stay-at-home mom, life insurance is an important protection to have. Here are a few of the top benefits for women who have life insurance.

Financial Security for the Family

For women with a family, especially those who are the primary breadwinner, they are worried about how their family will be taken care of financially should they die suddenly. A life insurance policy can give peace of mind knowing that the family’s financial needs will be taken care of and financial obligations met.

Living Benefit when Diagnosed with a Chronic/Terminal Illness

Have you ever given any thought to what you would do if you were diagnosed with a chronic/terminal illness? How would your bills get paid and who would provide for your family’s financial needs? You can use the money to pay for medical expenses or for living expenses for you and your family.

Taking Care of Elderly/Disabled Family Members

The role of caregiver is familiar to many women and as you began to approach middle-age, you may have elderly or disabled parents or other family member to care for. You can have the security of knowing their care will continue after you are gone by adding them as a beneficiary to your life insurance.

How Much Life Insurance Do You Need?

By speaking to a Financial Planner you can do a Financial Needs Analysis to determine what the recommended values will be for you. When you are doing the analysis think of how much life insurance you need, think about the monthly expenses that would need to be covered and how much it would cost to pay off outstanding debts (tuition fees, student loans, mortgages, car loans, etc.). 

Additionally, if you have dependents/spouse, what amount do you feel would be adequate to help them live comfortably? When looking at life insurance you must also consider the needs for Critical Illness Cover, Disability Cover and Income Protection. 


Generally, the sooner you purchase a life insurance policy, the better. Life insurance rates are statistically lower for women than for men because of a longer life expectancy and a overall good health expectancy when compared to that of men. If you buy a policy when you are young, the rate will be lower than if you wait until you are middle-aged or a senior. If you are thinking about purchasing life insurance, then speak to a Financial Planner



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