Life Insurance For Women New Insurers For 2024

life insurance cover for women

Life insurance can provide ladies with a safety net in the event of emergencies. Do you need life insurance as a woman?

The simple answer is yes, you do. Even if you don’t have dependents, there are huge advantages to having life insurance for women.

In this guide, we explain the importance and benefits of life insurance and help you discover the best insurance options available.

Don’t worry. Getting a policy is faster and more affordable than you think.

What Is Life Insurance for Women?

Life insurance for women encompasses different types of policies that are better suited for ladies.

In general, life insurance coverage is always tailor-fit to your circumstances. This means life insurance can have different prices based on your gender.

  • Average Lifespan: The average lifespan of women in the UK is significantly longer than that of men. This can positively affect the final price of a life insurance policy.
  • Medical History: Some illnesses, like breast cancer, are specific to women. You’ll want to get a policy from a specialised insurance company to avoid extra medical expenses.
  • Household Contributions: Sometimes, the woman may handle household expenses and childcare. Insurance agencies consider your household contributions and advise you on the best policies.
  • Criminal Background: Insurance companies will assess your background and any criminal history. Statistically, women are less likely to have a criminal background, which lowers the price of life insurance.

Life insurance for women accounts for all these factors. It aims to provide a safety net for unexpected expenses, rescuing your family from financial strain.

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Why Do Women Need Life Insurance Coverage?

Today, more women are bringing home bigger cheques than their counterparts. Yet, according to Forbes, only 47% of women have life insurance compared to 58% of men.

The reason for this may be because of the misconception that only primary breadwinners need to have life insurance.

In reality, whether you’re a breadwinner or a woman with no dependents, there are advantages to getting insurance. Below are a few reasons why.

Terminal or Critical Illness Coverage

    Aside from a death benefit, some policies offer illness coverage. Simply put, if you’re diagnosed with a critical illness, you can get early cash benefits through life insurance.

    This is helpful because you may use the funds to cover your medical bills. It can lighten the financial load for you and your family.

    Life insurance coverages can become a retirement supplement for men and women alike.

    Mortgage Costs

      Unfortunately, your mortgage doesn’t end when you pass away. Some mortgage lenders require insurance before contract signing.

      Life insurance ensures your mortgage and any unsecured credit continue to get paid even after your death. It can also help pay for the taxes your next of kin might have to pay for the sale of your property.

      Getting mortgage life insurance is great, especially if you have dependents and other family members.

      Funeral Costs

        It’s understandable if you don’t want to think about your death. However, preparing for it can help your family in the long run.

        According to the Gazette, the average cost of a funeral in the UK is £9,658 in 2024.

        Only 54% of people prepare for their funeral expenses. As a result, the families they leave behind must pay for the funeral costs.

        Having life insurance can ease the adjustment period for your loved ones and set them up for a future without worry.

        Family Lifestyle Coverage

          People estimate that stay-at-home mums do more than £26,000 worth of chores yearly. On top of this, they also earn an average yearly salary of £34,718.

          There’s no doubt that women contribute to a family’s financial stability.

          When you’re gone, your loved ones may struggle with the additional cost of maintaining their lifestyle. The equivalent price of external childcare alone can reach over £300 a week.

          As a woman, it’s vital to consider your family’s quality of life. No matter how small, a life insurance policy can make a significant difference to their daily activities.

          College Savings

            The Department of Education estimates that childcare in the UK costs £300 a week. Yet, that’s not all your family has to pay if you get into an accident.

            You should also consider family finances in a few years. For example, your kids may need funds for their college education, which can cost anywhere from £11,400 to £38,000 per year.

            The good news is that women can get life insurance that covers college tuition. Thus, you no longer have to worry about sending your children to college even after you’re gone.

            women's life insurance policies definition

            How to Get Life Insurance for Women in the UK

            Learn About Your Options

              First, you should contact an insurance company or brokerage to find out your options. Having a goal and determining the beneficiaries of the insurance helps.

              During this process, you may have to answer questions such as your age and medical history. You must also inform the agent about any risks you encounter at work or through hobbies.

              Receive a Quotation

                Your information lets insurance companies propose the best policy for your needs. They’ll offer a quotation and run you through the nuances of the policy.

                Our tip is to compare quotations from different insurance firms. Each insurance company has its specialities and perks, so you should take advantage of the options.

                Contacting an insurance brokerage gives you access to various companies at no extra cost.

                Pay for Monthly Dues

                  Once you find the best type of insurance for your needs, sign the contract and pay the monthly fees.

                  The cost of the monthly fees depends on your circumstances, but there are plenty of affordable options. All you have to do is continue your payments until the end of your term.

                  Finally, remember to review and update your insurance policy whenever you experience major changes in your life.

                  What Is the Best Life Insurance Policy for Women?

                  The best life insurance for a woman depends on her circumstances. To get maximum benefits, you’ll want to know your goals and needs.

                  • Insurance Duration: Insurance can be permanent or temporary. For those with underage children, term coverage may be ideal, as it lasts until they become independent.
                  • Dependents: There are special policies for women with children, dependent parents, and partners. The best policy will cover all of your loved ones.
                  • Flexibility: Insurance coverage isn’t one-size-fits-all. The best life insurance policy is flexible and can meet your needs.
                  • Ease of Attainment: Have other life insurance companies declined you? The best brokers will help you through your struggles and make obtaining insurance easy.
                  Coverage OptionsTerm Life, Whole Life, Over 50s, Mortgage Cover
                  Special ConsiderationsMaternity coverage, pre-existing conditions, medical exams, and final expense needs.
                  BenefitsAffordable premiums, financial protection, and legacy planning.
                  Common ProvidersLegal & General, Aviva, AIG, SunLife, Royal London, LV=, and Saga.
                  Policy Terms5 to 30 years, with monthly and annual premium payment options.

                  Types of Life Insurance Policies for Women

                  What types of life insurance can you expect when you contact an insurance agent? Here are a few life insurance basics you should be aware of.

                  Life Insurance for Mums

                    Mum’s life insurance protects your loved ones from unnecessary financial hardships. Getting one is an act of love and empowerment.

                    Today, the cost of raising a child is £160,692 for a couple and £193,801 for a single mother. If you have dependent children, you must ensure they’re always financially cared for.

                    Life insurance for mums can cover the cost of raising a child. It may include housing, food, education, clothing, and childcare, depending on your plan. Some health insurers can also cover delivery, maternity care, and baby care costs.

                    You may want to update your policy each time you welcome a new child to the family.

                    Term Life Insurance for Women

                      A term life insurance policy provides death benefits for only a specified period. Depending on your plan, some last for 10, 20, or 30 years.

                      Term policies are beneficial for women with certain goals. For instance, it’s great if you want to get insurance while your children are growing.

                      Simply put, a term life policy is for those who want to stop paying for insurance once their kids become independent.

                      For some, a term life insurance policy is better because it’s cheaper than permanent coverage. You may also renew it for an additional term if you ever change your mind.

                      Whole Life Insurance for Women

                        In contrast to term insurance, whole life insurance, or permanent insurance, gives you coverage for your entire life. The permanent policies suit those who don’t want any guesswork regarding their death benefits.

                        You can pick a whole life insurance that pays dividends yearly, and the premium payments shouldn’t go up. Moreover, paying for a set number of years is an option. No more payments are required after you finish paying for the policy.

                        With permanent insurance, you can designate a percentage each beneficiary will receive. You may need to provide details about yourself, such as your medical and criminal history.

                        That said, we highly recommend getting a permanent life insurance policy.

                        Life Insurance for Women Over 50s

                          Women over 50 have many life insurance options to consider. Some companies won’t ask you to answer health questions or take a medical exam. Others offer coverage from only £6 per month, depending on your age.

                          This type of insurance gives your beneficiary a fixed cash payout between £25,000 and £1,000,000 when you pass away.

                          Insurance for women over 50 may help you after your retirement. It can fund your lifestyle even when you get a terminal illness. Plus, it can pay off small loans, funeral costs, inheritance taxes, and mortgages.

                          Joint Life Insurance for Women

                            Joint life insurance covers two people instead of one. It’s perfect for married couples and business partners.

                            There are two types of life insurance plans. You may choose to get the death benefit when the first person dies. Another option is to get the benefit only after both parties die.

                            For the latter case, the remaining individual must continue paying life insurance premiums. Afterwards, the benefit goes to the couple’s beneficiaries.

                            Joint life insurance is typically more affordable than getting two separate plans.

                            Life Insurance for Single Women

                              There are advantages to having insurance even for single women without dependents. The purpose of this type of insurance is usually to cover funeral costs.

                              When the unexpected happens, your remaining family may have to pay for your funeral, credit or card debt. You may also have pets that need financial support for years after your death.

                              Life Insurance saves your family from financial worry. It may even provide them with a small monetary gift.

                              Don’t worry. Insurance for single women has lower costs compared to other types of coverage.

                              Life Insurance for Women With High BMI

                                Insurance companies often ask about your weight and height to compute your body mass index. This is because those with a high BMI have a higher risk of diabetes, heart disease, and hypertension.

                                Unfortunately, an insurance company can reject your application based on your BMI. They can also give you a pricier policy than necessary.

                                If you’re struggling to obtain life insurance, don’t worry, we’re here to help. We believe that women with high BMIs have the right to get affordable insurance.

                                With proper insurance for women with high BMI, you can receive the support you need and get access to valuable resources.

                                Life Insurance for Specific Jobs

                                  Did you know you can get life insurance specific to your occupation?

                                  Occupation can affect the price of your premium. For example, if you’re a science or woodworking teacher, you may be handling dangerous chemicals or heavy machinery.

                                  Getting insurance for teachers ensures your activities will be included in your policy.

                                  There are also policies available for women working as nurses. Nursing is a high-risk job as you may get exposed to infectious diseases and toxic chemicals.

                                  This type of insurance makes it easier to cash out when you are involved in an accident as a result of your professional duties.

                                  Life Insurance for Vegans and Vegetarians

                                    In general, women who are vegans or vegetarians have a lower risk of heart disease, diabetes, and cancer. However, not all insurance providers recognise this.

                                    If you go to an insurance provider that understands your healthy lifestyle, you can get a life insurance policy for cheaper.

                                    Life insurance for vegans gives you financial security and peace of mind at a more affordable price.

                                    LGBT-Friendly Life Insurance

                                      Unfortunately, discrimination may sometimes happen in the industry. An LGBTQ+ insurance adviser may be what you need to get financial protection.

                                      With an LGBT-friendly life insurance company, you may receive premiums for any age group and sexual orientation.

                                      Get access to HIV life insurance, LGBTQ support groups, and a judgement-free environment. Plus, find excellent options for same-sex couples as well as for those who have undergone gender reassignment.

                                      woman's life assurance benefits

                                      Life Insurance for Pregnant Women

                                      Can you get life insurance when you’re expecting? The quick answer is yes, you can.

                                      Your pregnancy should not affect the cost of getting insurance. Pregnancy is a short-term event that won’t significantly affect insurance plans.

                                      Even so, there are a few pointers to note.

                                      First, you have to disclose that you’re expecting, as a pregnancy has its risks. On top of this, you must mention any health issues relevant to your pregnancy.

                                      When you’re pregnant, you may get illnesses like anaemia, high blood pressure, and gestational diabetes. Full transparency is necessary so your beneficiaries can get their payout without issues.

                                      Tips for Getting Life Insurance When You’re Pregnant

                                      Here are a few tips for getting life insurance for expecting mums.

                                      • Disclose Alcohol Consumption: When you’re pregnant, you may stop drinking or smoking. Still, you should tell the insurance provider about any drinking and smoking habits before pregnancy.
                                      • Secure New Policies: Consider updating your policy each time you welcome a new member to the family so you can cover everyone as your family grows.
                                      • Be Transparent: If you had complications in past pregnancies, you must tell the insurance agency. This part of your medical history is a risk factor that your provider calculates for.

                                      Do You Need to Report a Pregnancy If You Already Have Coverage?

                                      No, there’s no need to tell your insurance provider about your pregnancy if you already have coverage. However, there are benefits to changing your policy to account for new children.

                                      Sometimes, it may be better to cancel an existing policy in exchange for a better one.

                                      Does Life Insurance Change Once You Have Children?

                                      No. Having children doesn’t change a woman’s life insurance coverage. If you want your life insurance to cover any new kids in the family, you need to contact the insurance company.

                                      The cost of your policy will likely increase because of the additional dependence. Still, the rate based on other factors should remain the same.

                                      take care of your family with life cover

                                      Life Insurance for Female-Specific Illnesses

                                      Some illnesses affect women more than men. To prepare for such cases, you can check life insurances that specialise in certain diseases.

                                      Life Insurance for Cancer in Women

                                        Several types of cancers affect women, so it’s wise to have insurance if your family has a cancer history. Cancer insurance for women covers cervical and breast cancer. It also includes ovarian, uterine, vaginal, vulvar, and fallopian cancer.

                                        This type of insurance provides a one-off payment that you can spend on treatment. You can get hospital benefits of up to £4,500 along with a care advisory service. Plus, you can obtain life insurance after a cancer diagnosis.

                                        Can You Get Life Insurance When You’re Diagnosed With Cancer?

                                        It’s a common misconception that if you have cancer, life insurance is impossible to obtain. Yet, there are insurance companies that have plans for cancer patients.

                                        Partnering with insurance agencies specialising in cancer can connect you to affordable plans. You don’t have to go through the whole ordeal alone.

                                        Do You Have to Disclose Cancer to Insurers?

                                        Yes. You should disclose your family history of cancer to insurers when you’re obtaining a new policy.

                                        In addition, you should mention habits that increase your risk of cancer, like smoking and drinking alcohol.  This is so they can offer you the most suitable plan.

                                        Life Insurance for Multiple Sclerosis

                                          Did you know that seven out of ten people with an autoimmune disease, like multiple sclerosis, are women?

                                          Having multiple sclerosis can affect the cost of your premium payments. On top of this, the type, treatment, and severity of the MS have an impact on your policy.

                                          It gets pricier if you don’t have an insurance company specialising in these diseases. It’s best to choose a company that can assess your illness.

                                          Tips for Getting Better MS Insurance Rates

                                          • Consult a Specialist: Opt for insurance brokers that have specialists. They can give you better rates and even provide the guidance you need.
                                          • Manage Your Conditions: Insurers will give you a better assessment if you visit the doctor regularly. Our tip is to choose a healthy lifestyle and adhere to your treatment plans.
                                          • Try Group Insurance: The conditions for getting group insurance are often more lenient. You can try getting life insurance through your association or employer.

                                          Is Life Insurance Expensive for People With Multiple Sclerosis?

                                          With the right insurance company, getting life insurance if you have MS should be affordable.

                                          The cost of this insurance can differ depending on their knowledge and expertise. It’s best to compare quotations first to get the best deal.

                                          How Much Life Insurance Cover Do Women Need?

                                          How much coverage you need depends on your circumstances. For women with no dependents, you should have insurance coverage at least five times your income.

                                          Meanwhile, women with kids should get coverage at least 15 times their income. Those with businesses must also consider their company’s value to ensure its continuity.

                                          Education, debt, and inheritance taxes influence how much coverage you should have.

                                          This all sounds complicated and expensive. In reality, the cost of life insurance can start as little as £5 per month, and women pay lower fees on average.

                                          Your insurance provider can guide you through how much coverage you need.

                                          How Is a Life Insurance Premium Calculated?

                                          Insurance companies use statistical data and other equations to determine the cost of your premium. As a rule of thumb, they consider your age, occupation, medical history, and mental health.

                                          You can use a life insurance calculator to get a general idea of how much to expect. Remember that there’s no one equation. Insurance companies can have different prices.

                                          When Is the Right Time to Take Out a Policy for Women?

                                          There’s no better time than the present. You can take out a policy no matter your age or standing in life. There will be a suitable plan regardless of your budget.

                                          Having life insurance as early as possible can save you money in the long run. However, you shouldn’t be afraid to inquire about life insurance even if you have an illness.

                                          What’s more, it’s wise to get life insurance, especially if you don’t have enough savings. An insurance policy can cover unexpected costs and give you peace of mind.

                                          We’ll guide you through the process and help you find the best life insurance company.

                                          Is Life Insurance Worth It for Women?

                                          Considering the perks and the average cost of life insurance, we believe it’s worth the investment.

                                          Insurance gives you and your family financial strength, safety, and stability in the face of accidents. Additionally, even if you don’t have dependents, you can benefit from early payouts if you get diagnosed with a terminal illness.

                                          Life insurance is particularly useful if you don’t have savings to leave to your family after your death. Those with mortgages, dangerous occupations, debt, and growing children should consider getting one.

                                          Comparing Life Insurance Covers for Women

                                          Life insurance companies offer different policy types, each with advantages and disadvantages. It’s smart to canvas life insurance products to find the best policy for your goals.

                                          The good news is you can easily compare life insurance prices through a brokerage like Insurance Hero.

                                          We can connect you with affordable policies, give you expert advice, and make the whole process of getting insurance easy.

                                          Womens Life Insurance Cover: Final Thoughts

                                          Ultimately, life insurance gives your family security in a bad financial situation.

                                          Women make a significant difference to a household’s finances through childcare and bill payments. When you’re gone, your family will experience a change in their lifestyle if you don’t have savings prepared.

                                          Because of this, you should consider getting life insurance for women even if you’re not the primary breadwinner.