Why Don’t Women Own More Life Insurance?
Life Insurance
There is a significant gender gap when it comes to Life insurance.
Women have made significant strides in closing gender gaps. In the U.S., women began earning more bachelor’s degrees than men in the 1980’s, and in recent years this has extended to other advanced degrees including master’s and doctoral degrees.2 Women have increased their presence in higher-paying jobs traditionally dominated by men, and the gender pay gap continues to narrow.2 Today, 45% of mothers are primary breadwinners contributing significantly to household income.3
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But a major gender gap still exists when it comes to Life insurance.
More women say they want Life insurance than actually shop for it. Most understand their financial vulnerability, so why aren’t they purchasing coverage at the same rates as men?
Many face a host of challenges that influence their ability and willingness to secure the Life insurance they want and need:
- Lack of knowledge. The survey suggests that only 23% of women say they are extremely knowledgeable about Life insurance (compared to 34% of men). Those without an income often don’t think they need coverage. Some are unsure how much coverage they should buy. Many simply don’t know how much it costs or think it will be too expensive. Regardless of gender, more than 70% of men and women overestimate the cost of life insurance.4
- Competing priorities. Most women have competing financial priorities. Top financial concerns are saving enough for a comfortable retirement, establishing emergency fund savings, and paying for extended care. But Life insurance should be part of the consideration set since women are not only accumulating more wealth, but are also increasingly responsibility for those in their care.
- Underestimating need. Women have very distinct Life insurance needs. Because they tend to live longer, term Life offers a solution that can help prevent financial hardship for their families. It can also be converted to a whole life policy that offers the benefit of its cash value to be used in retirement.
It’s time to close the gender gap. Term Life insurance is generally the most affordable type of coverage for everyone—especially for women given lower rates due to longer life expectancies. Buying sooner rather than later can help secure the best price. Purchasing coverage today is easier than ever—in some cases a medical exam may not even be required—making it easier for women to check it off the proverbial “to-do” list.
1 C Buchmann, et al. (2025). The Deepening Gender Divide in Credentials, 2000–2020: Continuity, Change, and Implications. RSF: The Russell Sage Foundation Journal of the Social Sciences.
2 Gender pay gap in U.S. has narrowed slightly over 2 decades. Pew Research Center. www.pewresearch.org/short-reads/2025/03/04/gender-pay-gap-in-us-has-narrowed-slightly-over-2-decades, March 5, 2025.
3 Breadwinning Women Are a Lifeline for Their Families and the Economy. Center for American Progress. www.americanprogress.org/article/breadwinning-women-are-a-lifeline-for-their-families-and-the-economy, May 9, 2025.
4 2025 Insurance Barometer Study. Life Happens and LIMRA.
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