Divorce can bring about complications in many aspects of…
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.
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…
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.
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.
Research by leading insurer, Legal & General, shows that the unpaid work of a stay at home mum is likely to be around £30,000.
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?
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:
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:
Decreasing term life insurance is well suited to paying 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 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.
Starting a family is a wonderful and life-changing event and may increase your need for life cover.
It’s completely possible to take out life insurance if you’re pregnant and it’s likely that your pregnancy won’t 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.
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.
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 taking care of:
Read our full life insurance for mums guide for more information »
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.
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 can cover your mortgage and sell the home, or to cover 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 £9,263 it may be hard for some families to find these funds at short notice.
A pay out from a life insurance policy can 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.
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.
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.
Ultimately, the amount of cover you’ll need will depend on what aspects of your life you’d like to protect. For example:
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.
Due to an EU ruling in 2012, women no longer pay less for life insurance than men.
It’s still possible to secure cost-effective life insurance. Here are a few steps you can take:
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 allow you to find the most cost-effective option on the market.
You could do this yourself or you could let our team of experts do this on your behalf.
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 do all the hard work for you and compare quotes on your behalf.
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?
 SunLife (2021), Cost of Dying Report, sunlife.co.uk/costofdying2021
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