Affordable Term Life Insurance for Women

by Jeff Rose on June 20, 2017 · 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.

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, but that could be one of the worst mistakes that you could make for your family.

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. Be sure and figure out if term vs whole life makes the most sense for your situation.

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. Hopefully, this will answer any questions that you have about life insurance as a mom.

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.

Getting Affordable Life Insurance For A Stay-At-Home Mom

There are several ways that you can get cheap life insurance protection for your family. It’s important that you get a life insurance plan that you can afford. Making a few simple changes could help you save thousands of dollars on your life insurance plan.

The first thing that you should do is eliminate any tobacco that you currently use. As we mentioned earlier, tobacco usage is going to play a huge role in how much you pay every month for your life insurance protection. Smokers should expect to pay a lot more for their protection. In fact, smokers are going to pay twice as much for their life insurance versus what a non-smoker is going to pay for the same sized plan. If you want to save money on your life insurance, you’ll need to kick those bad habits once and for all.

The next thing that you should do is improve your overall health. Before the insurance company approves your application, they are going to require that you take a medical exam. The results of the medical exam are going to play a huge role in how much you pay every month. If you want to save money, you’ll need to get better results from the exam.

There are two simple ways that you can do this, getting exercise and improving your diet. These lifestyle changes could help you lose weight, lower your blood pressure, and reduce your chances of being diagnosed with any health complications like diabetes or cardiovascular complications.

The best way to ensure that you’re getting the lowest insurance premiums is to work with an independent insurance agent. Unlike a traditional insurance broker, independent agents work with dozens of highly rated companies across the nation. Every insurance company is different, which means that you’ll get drastically varying rates depending on which company that you get the quote from. If you want to save money, it’s vital that you compare dozens of quotes before you decide which one is going to work best for you. Instead of wasting hours and hours on the phone, let one of our brokers do all of that work for you. Simply contact one of our agents or fill out the quote form and all of the best plans will be sent directly to you. It can’t get any easier than that.

We know that getting a life insurance policy can be a long and difficult process, but it doesn’t have to be. Our agents are here to help make it as quick and simple as possible. It’s our mission to ensure that you’re getting quality insurance coverage at an affordable price. Our agents have years of experience working with all types of clients and highly-rated companies.

You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the coverage that your family deserves. If something tragic were to happen to you, and you didn’t have life insurance, your family would suffer without you being there, and it can be a financial disaster to replace you.

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

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