Are Women More Likely to Purchase Life Insurance?

urlFor the first time in U.S. history, women are half of all U.S. workers, and mothers are the primary breadwinners or co-breadwinner in nearly two-thirds of American families, according to Center for American Progress senior economist, Heather Boushey. We have undoubtedly noticed an enormous shift from women as homemakers to working professionals. However, even though many women are the primary providers for their family, their duties don’t end there. Women are more likely to be the ones to take care of the home and children and make important economic decisions for the entire family.

One of the decisions that women tend to make is one to get life insurance. From an online survey of American consumers’ opinions and beliefs about life insurance conducted in the summer of 2012 by Praxis Research on behalf of ING U.S. and the ING family of life insurance companies, we learn that women are more likely to bring up the subject of life insurance than men. Furthermore, men have accounted for 73.6% of jobs lost since the recession began in December 2007 and 2 million wives are supporting their families while their husbands seek employment. This trend may reveal a correlation between income earning levels and decision-making power in the household. Since women are increasingly becoming the breadwinner of the home, they are likely the ones making important economic decisions, like getting life insurance.

Also, indicated from ING’s “Insurance Revealed” study is the strongest motivation to purchase life insurance. The “desire to provide for my spouse/family/starting a family” is the strongest factor in the decision to buy life insurance. In addition, the majority of individuals believe that there lies a strong value in life insurance when there is a death in the family, therefore making life insurance an appealing investment.

Although life insurance is clearly a no-brainer for many individuals with loved ones, 50% of individuals do not own life insurance because they do not think they can afford it. This is one of the most common misconceptions about life insurance. In fact, most individuals find life insurance to be extremely affordable. The beauty of discovering whether or not you will be able to afford life insurance is that is it FREE. You can get free life insurance quotes from SelectQuote, America’s number one term life sales agency.

 

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