Over the past 10 years, 63% of all term life insurance policies purchased through QuickQuote have insured the lives of men. That leaves a mere 37% of policies placed on the lives of women. That is quite a gender gap! Why such a large disparity?

Workforce Differences

A common misconception is there simply aren’t as many women in the workplace, thus there’s not as much urgency to insure them. While this may have been true 50 years ago, those days are long gone. This is one gender gap that is definitely closing. According to a report by the Majority Staff of the Joint Economic Committee (http://bit.ly/nMICVb), women comprised 49.8 % of payroll employment in 2009, up from 44% in 1984. So women bring home the bacon too!

Women Initiating Coverage on Spouses

One reason more men are insured could be due to women initiating coverage for their spouses. Often men will apply for term life insurance because their spouse is ‘making them,’ or at least getting things started. Kudos to the ladies of the world for making sure your family is protected! And now is the perfect time to initiate coverage for yourself so your spouse can enjoy the same protection.

A False Sense of Financial Stability

Many men believe they would not suffer a financial hardship if their spouse passed away. This can be especially true of men whose wives are stay-at-home mothers. Even if your spouse doesn’t work outside of the home or have an income, you may still feel the pinch financially without her. Take a moment to consider all of the duties you would either have to pay someone to perform or take on yourself:

• Child Care – If you have young children, this could include daycare, after school care, babysitting, etc.

• Housework – Cleaning, laundry, yard work .. The list goes on.

• Shopping – Groceries, clothes, medicines, etc.

• Cooking – Preparing healthy and nutritious meals every day, plus snacks.

• Doctor – Tending to your family’s minor medical emergencies.

• Chauffeur – The countless drives across town from activity to activity.

Think about all of these demands on top of your already busy schedule. It would be nice to afford help or at least work fewer hours to spend more time with your children. Men of the world, insure your wives!

Women Cost Less to Insure

Ladies, a nice benefit of insuring yourself is you are likely to pay less for your policy than your spouse is! Take a look at our other blog posts about the advantages of being a woman when it comes to term life insurance: (1) Outlive Your Term Life Insurance Policy:  Be a Woman! and (2) Female vs. Male Term Life Insurance Premiums.

Let’s make this gender gap trend with term life insurance coverage a thing of the past. Pledge to insure yourself or your wife/sister/mother today!

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