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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.

The idea that stay-at-home moms don’t need life insurance is a false idea that has continued to gain traction with thousands and thousands of Americans across the country, which could be a dire decision.

This article is going to look at the myth of stay-at-home moms not need life insurance and how bad of a mistake that it could be. It’s our goal to help you find the perfect plan.

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?

For the men, this might seem unfair, but there is a legit reason for women getting cheaper coverage. When the life insurance company is deciding on rates, they use mortality tables. The longer life expectancy of the applicant, the longer you’re expected to live, the lower your premiums are going to be.

It’s been shown that women tend to live five years longer than men. For the insurance company, that means five more years of insurance premiums. Women live longer, which means they enjoy lower insurance prices.

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, endometriosis, 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 on 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. They want to see if 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 increase your premiums. If you like to skydive, you’re a high-risk client (obviously), and that means higher rates.

How Much is Life Insurance for Women

Now that you know the factors which change your premiums, you’re probably wondering how much your insurance plan is going to be. Without knowing your specific situation, we can’t tell. There are too many variables to give you an exact number, but we can give you a rough estimate.

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

There are only ballpark figures of the premiums you can expect. Because every company is different, you might be in the exact same situation but get wildly different rates.

If you want to have the ability to compare over 50 companies side-by-side all at once, you should give us a call. As independent agents, we are going to sell you the cheapest policy, regardless of the company who’s selling it.
We tell all of our clients to get life insurance as soon as possible. To get started, call us or fill out the quote form. Either way, you’re going to be connected to one of our experienced agents.

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