Affordable Term Life Insurance for Women

by Jeff Rose on April 9, 2012 · 0 comments

Term Life Insurance for WomenLife insurance for women is just as important for women as it is for men.

Even if you are a stay at home mom, you should still get life insurance.

If someone would suffer financially if you died, you most likely need life insurance. Being able to protect your family financially is a great peace of mind if something were to happen to you.

Do Stay-at-Home Moms Really Need Life Insurance?

Some stay-at-home moms do not get life insurance because they do not bring in an income. They feel that since they do not bring home an income that a life insurance policy, that is used for protection from loss of income at death, is not necessary.

In a recent survey from Salary.com, stay-at-home moms should be charging $115,000 per year for their work.

This value was derived from the duties they performed in the household.

  • Housekeeper
  • Cook
  • Laundry Machine Operator
  • Chief Executive Officer (CEO)
  • Computer Operator
  • Janitor
  • Psychologist
  • Van Driver
  • Facilities Manager
  • Day Care Teacher

Just because you do not bring home an income, doesn’t mean that you do not have a tremendous value to your home. If something were to happen to you, your spouse would need help doing all of these things on top of his career. This is especially true when raising children. A life insurance policy is the best way to protect your loved ones if something were to happen.

Why is life insurance cheaper for Women?

Life insurance is mainly priced by mortality tables. These tables will show the average life expectancy for your gender and age. If you smoke, participate in dangerous activities, or have health problems will also affect you mortality rate. The biggest reason why life insurance is cheaper for women is that women have a longer life expectancy compared to men.

In a recent study, they have shown that women outlive men by an average of five years.

This is due to a big delay, or advantage that women have over men. Women develop problems with cardiovascular disease, such as heart attack or stroke, later in life than men. Women tend to develop these problems in their 70s and 80s, where men develop them in their 50s and 60s.

Does Pregnancy Affect My Premium?

The simple answer is no, but it depends on how the pregnancy is going. Pregnancy by itself does not affect insurability or the rates you will pay for life insurance. Most companies will even begin underwriting a woman that is currently pregnant, as long as it is a normal pregnancy.

What about an abnormal pregnancy?

If complications from pregnancy arise, it is best to wait until after delivery to apply for life insurance. Applying for life insurance when you have gestational diabetes, pre-clampsia or excessive weight gain will affect your premium. If these complications arrive, it is best to wait till your body returns to normal, after delivery, to apply for life insurance.

When is the Best Time to Apply?

The sooner the better. The younger and healthier you are when you apply, the less you will pay. Since pregnancy does not affect your premium, there is no point in waiting till after delivery. Having life insurance when you start a family is the best way to protect them, so there is no better time than the present.

What Can Affect the Premium I Pay for Life Insurance?

  1. Your Age when you apply for coverage. Since life insurance premiums are based off of mortality tables, your age is a major factor. Applying for life insurance at a younger age is always a good idea.
  2.  Your Health Condition. When you apply for life insurance, they will ask you many different questions regarding your health. This is because certain health conditions have a higher mortality rate. People with certain types of health conditions will have to pay more than a healthy person because of the excess risk the insurance company is taking on by issuing a policy to you.
  3. Your Mental Health can also play a role in the amount you have to pay for life insurance. Someone who is suffering from major depression is a risk for a life insurance company to take on because of the added risk of suicide. Most companies just want to make sure that you are seeking treatment for any kind of mental illness you may have.
  4.  Smoking, Smoking, Smoking! Nothing can add to the cost of life insurance more than smoking. Because of the higher risk of dying from smoking related diseases, life insurance companies charge a hefty premium for extending a policy. This increase in premium can be as much as 2-4 times as expensive as your regular policy. How much you smoke also matters. Some companies will give you a break if you are a light smoker compared to someone who smokes 2 packs a day.
  5. Dangerous Hobbies will affect how big of a check you right to the insurance company. Extreme sports may be a way of life for thrill seekers, but they can also increase the rates you pay for insurance. Some companies may exclude you all together if they see that you are too much of a risk.

Here are some examples of Term insurance quotes for healthy, non-smoking females.

10 Year Policy$100k Face Amount$250k Face Amount$500k Face Amount
Age$100,000$250,000$500,000
30$80$105$150
40$93$130$200
50$149$245$430
60$275$492$920

20 Year Policy
Age$100,000$250,000$500,000
30$100$140$214
40$124$182$305
50$223$372$685
60$465$900$1,735

30 Year Policy
Age$100,000$250,000$500,000
30$125$190$315
40$167$278$495
50$316$588$1,115

Get Your Free Life Insurance Quote Today!

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