Benefits of Life Insurance for Women

June 22, 2020

Key Takeaways:

  • To secure the most affordable rate, apply for life insurance when you’re young & healthy
  • Life insurance not only protects your loved ones, but it can also help you build cash savings & even get out of debt
  • If you plan to have a baby, it’s best to secure coverage before the pregnancy, birth, or adoption

Life insurance offers financial protection + peace of mind

With many women playing the role of caretaker or primary breadwinner in their families, having the financial protection of life insurance can provide them (and their loved ones) with essential peace of mind.

Whether you’re a business owner, a single mom, a stay-at-home mom, an executive, or you’re juggling several roles, life insurance can help you ensure that your loved ones are taken care of no matter what happens. Read on to learn more about the benefits of life insurance for women.

Financial security for your family

If you were to face a critical illness, need to use disability benefits, or pass away, would your loved ones be financially prepared? Especially if you are the primary breadwinner or a stay-at-home mom with several roles, life insurance can make all the difference for your family if something happened to you. A recent study found that a stay-at-home mom’s yearly contribution averages at $178,200 – what would your loved ones do if you weren’t there for them?

Having life insurance in place now can provide peace of mind for years to come. Even if you don’t need to use your policy, you’ll have financial security knowing it’s there if you need it. Nowadays, modern life insurance solutions can provide even more than just peace of mind. You can achieve financial security through policy riders, build up tax-advantaged savings with cash value policies, or even get out of debt with Symmetry’s Debt Free Life program.

Cash value savings

Speaking of added benefits, your life insurance policy can function as a savings account that grows tax-free while your policy is in force. If you choose a permanent life insurance policy (such as universal life insurance), your policy includes a cash value component that grows tax-deferred and can be used to supplement income and pay expenses.

Living benefit riders

When you choose a policy, you can select add-ons called riders to supplement your coverage. One popular option is a critical illness or disability rider, which provides a payout if you are diagnosed with a covered critical illness or experience a disability covered in the policy terms.

Certain critical illnesses affect women more than others. Insurance companies take certain diagnoses or family histories into account for breast cancer, mental health and hormonal disorders, among others. The risk of developing breast cancer increases with age, which is why it’s a good idea to get coverage early in life. Hormonal disorders such as premenstrual dysphoric disorder (or PMDD) don’t directly affect your life insurance price, but surrounding symptoms like anxiety and depression might. However, there is no reason to avoid getting coverage – if you work with an agent, they can do all of the research and help you find a policy that aligns with your health to help you get a low rate.

Financial protection during and after pregnancy

If you plan to become pregnant at some point, a disability insurance policy could be a great benefit. Disability insurance can cover health conditions related to pregnancy and postpartum, which can help protect your income and support you as you recover.

You can get covered by joining a group plan at work or by purchasing individual coverage. Many insurance companies also offer this coverage as a rider on a life insurance policy.

Become debt free

Symmetry Financial Group’s Debt Free Life program is a life insurance product with a built-in cash value savings component that is designed to help you pay off debt on a schedule that works for you. In nine years or less, you’ll be completely debt free without spending any more money than you’re currently spending. This program is a great option for women who are business owners, have a growing family, or for those who would like to start paying off debts from student loans, medical bills, etc.

We’ve revolutionized this age-old approach to help you get on track to living debt free and retiring on your terms - learn more about Debt Free Life by checking out some of our customer testimonials .

Factors that affect life insurance prices for women

Life insurance rates differ for everyone, but they’re primarily based on the applicant’s age and health at the time they apply for coverage. If you take part in high-risk activities or have a “risky” career, you might have higher premiums. Insurance companies also take nicotine use into account.

Age is a factor when applying for life insurance – but premiums don’t significantly rise for women until later in life. If you’re pregnant when you apply for coverage, it will depend on what trimester you’re in: Generally, women in their first trimester are approved. It’s usually recommended that you apply for life insurance when you’re young and healthy to secure the most affordable rate for any type of life insurance.

How to get coverage

In most cases, you will only need to complete an application for life insurance, and you won’t need to undergo a medical exam to get covered. Applying is quick and easy, and a Symmetry Financial Group agent will shop from over 30 of the top-rated carriers to find you the best policy and price available.

Policy reviews are available via video consultation, so you can secure lifelong coverage for you and your family from the comfort of home – it’s that simple! Get started today by requesting a quote for life insurance coverage.


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