Women Still Lag Men in Life Insurance Ownership
November 16, 2016 by LIMRA
WINDSOR, Conn., Nov. 16, 2016—A new LIMRA study finds only 56 percent of American women have life insurance coverage. This represents a one percentage point decline from 2010 and remains well below men’s life insurance ownership rate of 62 percent.
“Our research has consistently found that women are less likely to have life insurance coverage than men,” said James Scanlon, research director, LIMRA Insurance Research. “But in today’s economy more American families rely on women’s income and resources to be financially secure. According to Pew Research, 60 percent of today’s households with children under 18 are dual-income compared to just 25 percent in 19601. The fact that fewer women have any coverage at all and often times are well under-insured leaves many American families at risk if they should die prematurely.”
A positive trend the study, Life Insurance Ownership in Focus, U.S. Person-Level Trends: 2016, highlights is the amount of coverage women purchase has increased nearly 21 percent since 2010. Unfortunately, it isn’t enough as they still continue to trail behind men’s coverage ($206,357 – men; $160,782 – women).
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