Nearly six out of 10 women have life insurance coverage, according to a newly released study about life insurance ownership by LIMRA, a research and consulting firm.
Between 2004 and 2010, LIMRA found that life insurance policy ownership declined overall but that decrease was smaller for women. Policy ownership between men and women was just about even in the six-year period; however, there is a gender gap in the amount of life insurance purchased, as women's coverage is about 69 percent of men's coverage.
A Pew Research Center study, cited by LIMRA, shows that 30 percent of married women earn more money than their husbands. Yet, women's life insurance ownership does not mirror increased earnings power. In fact, LIMRA found that married households were not as likely to purchase life insurance for wives. But, the LIMRA study shows that the average amount of life insurance coverage for most married women who are insured has increased from 2004.
"In our recent studies of women's sentiment toward life insurance, we found that women place more value on life insurance than men," said Cheryl Retzloff, senior research director, LIMRA markets research, in a press statement. "We also know most modern U.S. households are dual-income households with more women working and contributing to the family's finances."