According to statistics, a huge proportion of high-income women believe that life insurance is just an extra expense and that they don’t need it at all. Another part of the female population is convinced that it’s enough when their partner is covered. Others are simply put off by the complicated process of selecting the right insurance product.
Myth No. 1: A Single Person Does Not Need Insurance
In general, single women lead the category of not owning life insurance. Many single females believe that they can live without life insurance. However, the fact is that life insurance is often the only way to help them cover their loans, debts, and other financial responsibilities if they lose their income.
Life insurance policies designed for women are usually cheaper than they are for men because statistics show that females have a longer life expectancy. The younger and healthier a woman is, the cheaper the premiums will be for an insurance policy.
Single parents represent a separate category. It’s perhaps not necessary to mention that this group has a compelling reason to carry life insurance: providing security for children in the absence of either parent.
Myth No. 2: Life Insurance Costs Too Much
You may have heard the opinion that life insurance is too expensive. In fact, women generally pay less than men for life insurance, since they are supposed to live longer on average. Therefore, if you are in good health, you can probably afford life insurance at some amount.
Myth No. 3: The Life Insurance Process Is Too Complicated
The process of choosing life insurance that will fit your needs does not have to be complicated at all. The first and most important step is to speak to an experienced agent and give her details of your health history. A good agent should be able to quickly and clearly explain all the available options to you.
After selecting one life insurance policy, you will most likely be required to take a medical exam. The cost is paid by the insurance company. You should be approved two to six weeks after the exam. Your agent will forward your policy to you immediately. Once all requirements are received by the insurance company, your policy will be in force.
Interesting article. How much is it for a 57 female non for $300,000 Particpating WL?
Thanks for the kind words. Participating Whole Life premiums can flucuate depending on the plan. We will send you a separate email now.
I had a heart attack 9 months and I’m 62 just quit smoking can I get a no medical plan or any other tyoe of life ins?
Thanks for the note note. Based on the information you shared you could qualify for certian Simplified Issue life insurance plans. Since you just quit smoking you would be priced as a smoker. You must have no tobacco use in the last 12 months. The premiums depend on the type of Simplified Issue you qualify for and select and the amount of coverage.
Do women really live longer than men. I mean you never know when someone is going to go?
True on a person by person there are no guarantees and other variables go into the equation it is not just gender, age, smoking status and health factors all impact pricing. But on average woman live longer than man and all things being equal they pay lower life insurance premiums.