Life Insurance Protection For Women: How Much Life Insurance Does a Woman Need?

Women need life insurance protection for the same reason men do - to provide financial protection for their loved ones. However, women's life insurance coverage is often inadequate or completely missing. Statistics from a U.S. Ownership Study by the Life Insurance Marketing Research Association tell the story.

60 percent of women don't own individual life insurance protection.
36 percent of women own no life insurance coverage at all.

Women with individual life insurance coverage usually own half as much coverage as insured men.

Whether she is married or single, working or nonworking, a woman can benefit from owning life insurance. Consider these examples.

Women in dual-income families. Today, it often takes two incomes to support a family. Life insurance can help replace the wife's income if she dies.

"If something were to happen to me, my husband would have two girls to take care of by himself. For him to step in and take over the whole routine - the kids, the cooking, the cleaning, the grocery shopping, the doctor's visits - it would take some time and money.

My life insurance will make sure there's enough money there for final expenses and to replace my income for a while. This way I know that if anything happens to me, he could take time off work to be with the kids, and he would have no money worries."

Stay-at-home wives. A stay-at-home wife assumes many important roles in the family. If she dies, her surviving spouse may have to pay someone for such services as child care, transportation for children, housekeeping, cooking and laundry. The wife's death benefit proceeds can help the surviving spouse pay for these services.

Single women. One of every four single women is the sole breadwinner for a family. These single women need life insurance protection to help replace their incomes if they die. They also need life insurance to help pay for any debt and medical and funeral expenses at their death. Single women may also want to consider a life insurance plan that builds a cash value as a way to supplement their income in retirement.

"As a single parent, I want to provide a means to an end in case of extreme situations. My children can rely on my life insurance as a source of college funding or to care for themselves should something happen to me."

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