Best life insurance for women

According to a Haven Life survey, only 67% of female respondents had life insurance, compared to 79% of male respondents. According to the study, women may underestimate their financial contribution to their family and, as a result, underestimate the importance of purchasing life insurance. Women continue to bear many household responsibilities, such as childcare and cooking, but they may also provide significant financial support to their families. Life insurance is intended to protect a family's finances in the event of the death of a caregiver or primary breadwinner, to compensate for lost wages, and/or to finance domestic services such as cooking, cleaning, and childcare.

If you are a woman looking for life insurance, it is critical that you understand your options and how insurers compare based on your personal criteria. The editorial team at StrongInsurance compiled a list of some of the best life insurance companies for women, each chosen based on the company's policy offerings, riders, endorsements, no-exam options, and other characteristics.

Life insurance for women

Using life insurance to leave a financial cushion for loved ones is a practical form of financial protection, especially since many women are both breadwinners and caregivers. However, there are other reasons why more women may want to prioritize life insurance. In the event of a divorce, for example, the right kind of life insurance coverage can close the gender inequality gap.

Lauren Blair, a FreeAdvice.com lawyer and insurance expert, has over 25 years of family law experience. "Given the continuing income disparities between men and women," she says, "it is critical to ensure that the wife receives an equitable division of property and assets in a divorce." A properly structured life insurance policy can be a valuable, divisible asset.

Knowing the difference between term and permanent life insurance can help you choose a policy that best fits your situation and goals, whether you want life insurance to finance domestic activities like childcare and cooking or to compensate for your lost salary after you die. A term life insurance policy is valid for a set number of years, such as when your children are young. A term policy does not include any cash value savings or investment accounts.

A permanent life insurance policy lasts your entire life and accumulates cash value with each premium payment. Monthly premiums for permanent life policies are typically higher than for term life policies due to the higher likelihood of a payout.

Best life insurance companies for women

Gender is one of the most important factors considered when determining life insurance rates. Because women have a longer life expectancy and fewer health risks than men, life insurance is generally less expensive for women. Everyone's life insurance needs vary depending on their situation, but we did some research to find and compare some companies that may be a better fit for women. These insurers were chosen after carefully examining each company's policy offerings for term, life, and universal life insurance, as well as available riders. We looked for the availability of a no-exam life insurance option in our category "Best for fast coverage with no medical check." These insurers may be best for women based on their unique circumstances, but you'll need to speak with an agent and compare policies for yourself to find out.

Protective

Protective Life Insurance, which offers a variety of riders, may be a good option for women looking for more personalized coverage. Mothers should think about adding a child rider to their policy. If you intend to name your child as a beneficiary, make sure to appoint a guardian, as minor beneficiaries cannot receive a death benefit payout unless they are represented by a legal entity, such as a trust. If no guardian is appointed, the courts will step in to appoint one, which can be a lengthy and potentially expensive process.

Child riders from Protective are available for infants as young as 15 days old and provide a death benefit if your child dies. Regardless of your child's health, the rider may be convertible to a permanent policy, which could offer an affordable way to insure your child for life while they are young, healthy, and eligible for low premiums.

State Farm

State Farm offers quick and simple online life insurance quotes. Women who want an instant-approval life insurance policy that doesn't require a medical exam should look into State Farm's LifeRate quote service. The quote-generation process takes less than 10 minutes and guides you through tools and calculators that can assist you in determining how much life insurance you require.

Prudential

If you make a lot of money, you can figure out how much life insurance you need by multiplying your salary by five or ten years. If you end up with a large number, Prudential may be a good fit because policyholders can assign a benefit of up to $10 million. In addition, the company provides three different types of universal life insurance that provide flexible options for saving.

In terms of whether the funds will be available when your beneficiaries require them, Prudential has received an A+ (Superior) rating in financial stability from the credit reporting agency AM Best, which reflects the insurer's historical ability to meet claim obligations.

Northwestern Mutual

Women who consider life insurance to be an important part of their estate and financial planning may find that Northwestern Mutual has a few advantages in this category.

Northwestern Mutual's dividend-earning whole and universal life policies provide excellent savings opportunities, and because the company is a mutual one, policyholders are eligible for dividends. Furthermore, you will have access to a certified financial planner who can assist you in developing a financial plan that evolves as the cash value of your policy grows.

Principal Financial

A pre-existing medical condition may make it more difficult to qualify for life insurance or low-cost rates, but Principal Financial may be more willing to work with those who have health issues. Principal, for example, insures people with adult-onset/Type 2 diabetes. In contrast to many insurance companies, an applicant with diabetes may still be eligible for standard, preferential, or second-tier premiums.

Types of life insurance for women

There are two types of life insurance: permanent and term. Term life insurance is typically the least expensive option because it is active for a set period of time, usually between 10 and 30 years. Permanent policies are typically much more expensive because a payout is unavoidable, but the following features may appeal to some women:

• No expiration: Your coverage should not lapse as long as you pay your premiums and keep your policy up to date. This aspect may be advantageous because women typically live longer lives than men.
• Has a death benefit and cash value: The death benefit is the amount left to your beneficiaries. The cash value amount is comparable to a savings or investment account that you can access and borrow from.
• Financial return options: The cash value account can earn interest like a savings account or be invested in stocks or an index fund.

Term life insurance, on the other hand, is likely a better option if you only want coverage for a specific period of time, such as when your children are young.

If you decide on permanent life insurance, a licensed insurance agent or financial planner may be able to assist you in determining which type of permanent policy is best for you:

• Whole life insurance: The premiums are fixed, and the cash value of this type of policy earns interest.
• Universal life insurance: The premiums are flexible, and the cash value earns interest.
• Variable universal life insurance: The premiums are flexible, and the cash value can be invested in stocks, bonds or mutual funds.

Everyone has different financial goals, and for some women, a term policy with lower premiums may be the better option. In addition to speaking with a licensed expert, doing some research on life insurance companies and comparing quotes may help you narrow down your top choices.

Frequently asked questions

What is the best life insurance company for women?

There are numerous life insurance companies to choose from, and everyone's needs differ, so the best life insurance company for women will differ for each individual. Speak with a licensed insurance agent or financial advisor, and compare rates and policy features to determine what is best for you.

Can I name my unborn child as a beneficiary on my life insurance?

Many insurance companies will require you to wait at least 15 days after your newborn is born. When you name your child as a beneficiary, make sure to appoint a dependable guardian to manage the death benefit until the child reaches the age of majority. If you do not, the courts will appoint one for you, which may be costly and time-consuming.

Should I get life insurance for my child?

It is entirely up to you whether or not to purchase life insurance for your child. While child mortality rates continue to fall, some parents choose to purchase life insurance for their children in order to make them more insurable in the future or to cover unexpected funeral costs. For example, if your child develops a health problem later in life but already has life insurance, they will most likely be able to lock in a low premium.