More men than women have life insurance study finds – here’s why this matters

According to a survey conducted by Zelros, 52.9% of women have life insurance compared to 62.3% of men. In today’s economy, not having life insurance for the unexpected can wreak havoc and put financial strain on partners or family members as they’re no longer able to cover expenses as before.

And with more and more women entering the workforce than ever before, this disparity needs to be addressed. Data from 2020 showed that 70% of US households rely on women’s salary for financial stability. 
 

Other factors to consider why more women need life insurance:
 

• Women live longer — Statistically women live longer than men, leaving them open to potentially more complicated health and financial issues. Selecting a life insurance policy that incorporates disability can also provide partial income so that bills can be covered in the event that the person becomes too sick or injured to work.
• Stay at home mom — Mothers who stay at home to care for their families provide an invaluable economic and social value to the household. If she were to pass away or become disabled, how would her partner cover childcare or other services that a new single working parent might rely on to help keep the household functional? Purchasing life insurance earlier on in life before marrying and having kids, when it’s less expensive is also another viable option to help protect the family.

Founded in 2016 by Christophe Bourguignat and Damien Philippon, Zelros is using Artificial Intelligence and Machine Learning technology to help insurers provide policyholders with the right coverage for their needs as they occur in real-time. 

Credit to Zelros, who carried out the survey