Women’s insurance

Research shows that both men and women believe their death would have a substantial affect on their loved one's quality of life, yet women are less likely to have adequate financial protection in place[1].

So what is the reason for this cover gap and why should women take out life insurance?

At Reassured we can help you find cover that meets your individual needs and budget.

Life insurance through us starts from as little as 20p-a-day † .

Whether you’re a woman who’s single, a mum-to-be, or in the later stages of life, keep reading to find out everything you need to know about life insurance for women…

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What is life insurance for women?

Life insurance for women is another way of describing a standard life insurance policy that protects the life of a woman.

Life insurance for women isn’t a standalone product, however, your priorities and reasons for needing cover may be unique to women.

Why do women need life insurance?

In the past, opposite-sex couples often relied on the man of the house to be the primary breadwinner and he would take out life insurance to ensure his family wouldn’t suffer financially if he were to pass away.

Today, it’s more common for women to contribute equally to the household income, be the higher earner in a relationship or be a sole provider for her family.

If you’re a woman who works, it’s likely your family would struggle without the income you provide, which highlights the need for financial protection.

Women who choose to stay-at-home to help raise a family would also significantly benefit from having some form of life cover in place.

It’s estimated that the unpaid work of a stay-at-home mum is a staggering £108,937[2].

If you were to pass away, could your loved ones afford to continue their everyday lifestyle? Or would they have to make changes to adapt to their new circumstances?

A life insurance policy can help to:

By taking out life insurance you can protect your loved ones from financial stress at an already stressful time.

Best life insurance policy for women

Which type of life insurance policy will be the best for you will depend on your individual needs and circumstances.

Typically, there are 4 main types of life insurance:

  1. Term life insurance (level or decreasing)
  2. Whole of life insurance
  3. Over 50s plan
  4. Family income benefit (FIB)

Each of these policy types will be well suited to protecting different aspects of your life.

Term life insurance for women

With term life insurance, your policy will last for a specified period of time (the term) and a pay out will only be made if you pass away during this time.

Most commonly, you’ll be able to take out cover with level or decreasing terms.

Level term life insurance provides a fixed sum assured (pay out amount). Whereas with decreasing term life insurance, your sum assured will reduce over time.

Level term life insurance is ideal if you’re looking for a large pay out for your loved ones, this could be to help:

  • Pay off an interest-only mortgage
  • Cover day to day living costs
  • Leave an inheritance

Decreasing term life insurance is well suited to helping to pay off a repayment mortgage, as you can have your sum assured reduce in line with your remaining mortgage balance.

Alternatively, you may take out decreasing term life insurance and have your sum assured reduce as your children get older.

As your children reach adulthood, their need for financial aid may lessen.

Whole of life insurance for women

Whole of life insurance is a form of life assurance, as it provides lifelong cover.

Your loved ones will be guaranteed a pay out when you pass away.

To keep your cover in place, you’ll be required to pay premiums for the rest of your life.

This can make it a costly option if you take a policy out at a young age.

This is why whole of life insurance is well suited to those later on in life who’re still in good health.

A pay out from whole of life insurance can be used to help cover the cost of your funeral, contribute to family living expenses or can be left as an inheritance for your loved ones to enjoy.

Life insurance for women over 50

An over 50s plan may be well suited to women over 50 who are looking to secure life cover.

With an over 50s plan, those aged 50 - 85 are guaranteed acceptance.

There’s no need to provide any medical information, making it an ideal choice if you’ve previously struggled to obtain cover due to ill health.

Instead, your premium will be calculated using your age and level of cover.

It’s important to note that insurers will often add a waiting period to their over 50s plans.

This is usually the first 12 – 24 months of the policy, where if you pass away due to natural causes no pay out will be made to your loved ones.

However, any premiums paid into the policy will be refunded.

Family income benefit

Family income benefit is an alternative form of life insurance.

Instead of providing your family with a lump sum pay out upon your passing, they’ll receive monthly (tax-free) income payments.

You’ll be covered for a specified period of time and if you pass away during this time, monthly payments will commence.

Budgeting a large sum of money at an already overwhelming time can bring added stress, but with family income benefit your loved ones can easily budget their monthly payments.

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Life insurance for pregnant women

Starting a family is a wonderful and life-changing event and may increase your need for life cover.

It could be possible to take out life insurance if you’re pregnant and it’s likely that your pregnancy may not have an affect on the cost of your premiums.

During a standard life insurance policy application, it’s likely you’ll be asked questions regarding:

Due to pregnancy, these aspects of your life may have changed.

For example, it’s likely you stopped drinking and smoking when you found out you were pregnant.

When asked questions about your alcohol consumption or smoking status, you’ll need to provide information from before your pregnancy.

This will be the same with your weight. You won’t be asked for your current weight but, instead, your pre-pregnancy weight.

This information will then be used to calculate your monthly premium.

Do I need to tell my provider that I’m pregnant?

Yes, if you’re applying for a new policy, you’ll need to disclose your pregnancy at the point of application.

If you have an existing policy you won’t need to inform your provider about your pregnancy.

What happens if I become pregnant during the term?

If you become pregnant during the term of your policy, there’s no need to inform your provider.

However, starting a family may mean you require more cover than you initially took out.

If you find yourself in this situation there are a few options that may be available to you, including:

The guaranteed insurability option (also known as the life changes option) is an option included with some (but not all) life insurance policies.

It’s an option that allows you to increase your cover amount should you need to due to a change in circumstances, with no need to provide any additional medical information.

Not all policies will offer this option, so you’ll need to check your terms and conditions.

If your policy doesn’t contain the GIO, you may decide to take out a new policy with a higher sum assured.

You’ll need to provide up to date medical information and will need to disclose your pregnancy.

When securing new cover, comparing quotes will be essential to finding the most cost-effective option.

Compare free quotes using our award-winning broker service.

Life insurance for mums

No mother wants to think about what will happen to their children when they’re no longer around, but life insurance can ensure that they won’t face any financial hardship.

As a mum, it’s likely you’ll want your life insurance policy to protect your children’s home and their lifestyle to result in minimal disruption if the worst were to happen to you.

If you were to pass away would your partner be able to afford additional childcare fees or would they have to become a stay at home parent?

A life insurance pay out can help to ensure that your family don’t suffer financially at an already stressful time by helping to take care of:

  • Outstanding mortgage balance
  • Childcare fees
  • Household bills
  • Any loss of income
  • Family living expense

Read our full life insurance for mums guide for more information »

Joint life insurance

If you have a partner you may consider taking out a joint life insurance policy.

With joint life insurance, both lives will be covered simultaneously under one policy and only one premium will need to be paid.

While joint life insurance can help you to save money, as you’re only paying for one policy, there are some things to be aware of.

A joint policy will only payout once, this is typically after the first death. Once the pay out has been made, the policy will expire.

The surviving partner will then need to find new cover at an older age.

Securing two individual policies can be more expensive but will be a more comprehensive option as you’ll have double the cover.

This can be extremely beneficial, especially if you have other dependents to think of.

In a worst-case scenario, if you and your partner both pass away, a pay out from two life insurance policies will ensure your loved ones receive a larger pay out.

This can help to cover all necessary costs (such as your funeral).

By using our free quote service, you can compare both single and joint policies.

Should I get life insurance if I’m single?

Life insurance is not strictly for those with a family. At Reassured we believe that most people would benefit from having some form of life cover in place.

Although being a single woman (with no dependants) may reduce the amount of cover you require, it’s still a wise idea to take out some form of financial protection.

For example, so that your loved ones will receive some funds to help cover your mortgage and sell the home, or to go towards your funeral costs.

If you were to pass away, the financial obligation of paying for your funeral will likely fall to your loved ones.

With the average cost of dying now at a huge £9,658[3] it may be hard for some families to find these funds at short notice.

A pay out from a life insurance policy can help to cover this expense and ensure your loved ones aren’t left paying over the odds.

If you have no dependants or anyone that would be impacted financially by your passing, you may not need to take out life insurance.

If you’re not sure whether you would benefit from taking out life cover, get in touch with our award-winning team and they can help answer any of your questions.

Terminal illness cover

All term policies taken out through Reassured come with terminal illness cover at no extra cost.

Terminal illness cover will allow you to make an early claim on your life insurance policy if you’re diagnosed with a life-threatening illness and are predicted to pass away within 12 months.

The pay out provided can help to cover medical fees, ensure your affairs are in order or you can simply use it to enjoy spending time with your loved ones.

Critical illness cover

For an additional fee, critical illness cover can be added to your life insurance policy to help provide an extra safety net of protection.

If you’re diagnosed with a life-changing (but not threatening) illness, that’s listed within your policy, you’ll be able to make an early claim and receive an early pay out.

If you’ve been left unable to work, this can be extremely beneficial as the pay out can help to replace any lost income.

This can help pay for medical bills, make adaptions to your home or pay for carers.

How much life cover do women need?

Ultimately, the amount of cover you’ll need will depend on what aspects of your life you’d like to help protect. For example:

  • Your mortgage
  • Family living costs
  • Child care costs
  • Funeral costs

A life insurance pay out could help to cover this and much more.

If looking to protect your mortgage, you’ll need to mirror your life insurance policy with your mortgage term and remaining balance.

If you have young children, you may need to factor in any expenses that may occur throughout their life (such as university) and it’s likely you’ll want your term to last at least until they reach financial independence.

Our team of life insurance experts can help you through the whole process of securing cover and can provide you with all the information you need to make an informed decision on the right cover for you.

How much life insurance do you need?

Enter your financial commitments to understand the level of cover you require.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk
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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk
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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk
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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk
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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org
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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk
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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net
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Cheap insurance for women

Due to an EU ruling in 2012, women no longer pay less for life insurance than men[4].

It’s still possible to secure cost-effective life insurance. Here are a few steps you can take:

  • Live a healthy lifestyle
  • Secure cover at a young age
  • Calculate exactly how much cover you need
  • Compare quotes

Taking out life insurance while you’re young and in good health can help you secure the cheapest premium.

Typically the younger you are, the better your health and the less of a risk you pose to the insurer.

Living a healthy lifestyle by not smoking and not over-consuming alcohol can also help you to secure a more favourable premium.

By calculating exactly how much cover you’re likely to need, you eliminate the risk of overpaying for your cover.

Lastly, comparing quotes will help you to find a cost-effective option.

You could do this research yourself or you could let our team of experts source quotes for you to compare.

Compare quotes for life insurance for women

If you’re looking to secure life insurance, comparing quotes will allow you to see the different offerings from some of the UK's leading providers.

At Reassured, we can provide these quotes for you, helping you to find a policy that meets all of your needs, at a price that’s within your budget.

Our award-winning team can take you through the whole application process and answer any questions you may have.

Why not get started and get in touch for your free quotes?

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Sources:

[1] https://www.forbes.com/sites/forbesfinancecouncil/2019/10/25/yes-there-is-a-life-insurance-gender-gap/#18016928ff5b

[2] https://singlemotherahoy.com/2019/11/the-true-value-of-a-stay-at-home-mum-80000-a-year.html

[3] https://www.sunlife.co.uk/funeral-costs/

[4] https://www.fca.org.uk/publication/archive/fsa-gender-directive.pdf

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