Women have become more of a power house in the family and business world. Because of this, women need life insurance. If her family depends on her financially, life insurance will cover her family if she passes. Whether you are an executive in the corporate world, single parent, stay-at-home mom, or something else, you need life insurance.
According to the United States Department of Labor, 57 percent of women participate in the labor force. And the Bureau of Labor Statistics reports that women make up about 47 percent of that workforce. Despite these facts, women are consistently under-covered when it comes to life insurance. According to the Insurance Information Institute, 43 percent of adult women have no life insurance. And among those who are insured, they only carry about a quarter of the coverage necessary for their needs.
On average, women have $129,800 of individual life insurance, compared to $187,100 for men. Additionally, women with high personal incomes of $100,000 or more are less likely to have life insurance than men at the same income level.
Women almost always have cheaper options for life insurance than men.
How are life insurance rates determined? They are priced according to the average life expectancy for your gender and age. Life insurance agencies also look into whether you are a smoker or not, if you participate in dangerous activities on a daily basis, and other health related information. If you an overall healthy person, your rates will be fairly low.
Because women on average live five years longer than men do, their life insurance rates will be lower.
The contemporary life insurance market is way more extensive than a source of income for beneficiaries when catastrophe strikes. With a plethora of options, these plans offer you and your entire family peace of mind, and often give your money investment opportunity to allow you to enjoy the money invested during your lifetime.
Choosing the perfect life insurance plan depends as much on your financial needs as it does on your health class rating. We will assess all factors and guide you through every option until we find the perfect plan for you.
Cosmo Insurance Agency is knowledgeable in various options including but not limited to – term, ROP, permanent and whole - from over two dozen A rated carriers. We are familiar with the rate classifications that particular carriers use to determine the health class of enrollees – and there are significant differences between them. No matter what the results of your medical examination are, we will find the insurer that will provide you will the best rating class and thus the lowest premiums.
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