Compare life insurance for women
A life insurance policy can provide you and your family with financial protection if you die or get ill. Your dependents could get a cash lump sum or receive a regular income to support them financially in the future Life insurance for women and women’s health life insurance are all explained in this section of our website. We’ll look at how women can protect their families and themselves against accident, injury, sickness, and death.
There are several main types of life insurance for women, such as:
- Life insurance (level term, decreasing term, and whole of life cover)
- Critical illness cover
- Income protection
- Accident and sickness insurance
- Health insurance
All of these policies provide women with cover against events that may affect them and their families financially.
A report by the Chartered Insurance Institute and Insuring Women’s Futures, titled ‘The moments that matter in the lives of young British women today’, highlighted the health risks that women face.
- Women will suffer 19 years of ill-health on average
- Women suffer 3 years more ill-health than men
- Fewer women meet their recommended daily exercise than men
Read full report ‘Securing the financial future of the next generation’
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by Elizabeth Turner-Long - 9th August 2023
Do women need life insurance?
This is one of those questions that people often ask us and the answer is simple, both men and women have the same need for life cover.
The main reasons why you might want to consider life insurance are:
- Dependent children: if you’ve children that rely on you either financially or for parental care
- Caring for a parent: some people look after their parents if they are either incapacitated
- Family or loved ones: you might have a mortgage or other debt that you want to protect for a partner or other family member
Life insurance for women means that you’ll get peace of mind that if anything happens to you, then your family are looked after financially.
Does women’s life insurance cost more?
NO – following the EU Gender Directive came into force in 2012 which meant that it was no longer allowed to offer different insurance prices for men and women.
Women’s health life insurance
It is likely that women may suffer from different health conditions to what men might suffer. This isn’t necessarily an issue, however, there are other things that need to be taken into account for women.
Some of the main differences between women’s and men’s health
There are several key areas where women will experience different health factors to men, such as:
- Breast cancer
- Cervical cancer
- Post-natal depression
- Polycystic ovary syndrome
Is women’s life insurance different from men’s life insurance?
Life insurance is designed to pay out a cash lump sum to protect your family regardless of your gender. Men and women’s life insurance is exactly the same in every way, including:
- Pays out on death
- No exclusions (except for suicide in the first 12 months)
- Cash lump sum benefit
- Can be level or decreasing
Compare cheap life insurance for women
The best way to get cheaper life insurance and save money is to compare several major insurers. Some insurers will be cheaper than others depending on your age, health, and how much cover you need.
A broker or intermediary will be able to search several insurance partners depending on their panel, to find you the cheapest cover.
Also if you have any pre-existing medical conditions then premiums can vary slightly more dramatically. Some insurers are more flexible than others when it comes to underwriting medical conditions.
Our life insurance partners include:
- Beagle Street
- Canada Life
- Legal & General
- Royal London
- Scottish Widows
- Virgin Money
Can I buy life insurance while I’m pregnant?
YES – life insurance is available through all of the normal life insurance companies for pregnant women.
One of the most important things to consider with pregnancy is your weight which will clearly be different. All insurers will as for your pre-pregnancy weight which you can provide us a rough average before you were pregnant.
If you’ve had any pregnancy-related complications then you will need to disclose those if you are asked.
Some of the most common pregnancy complications:
- Hypertension (High Blood Pressure)
- Gestational Diabetes
- Depression or Anxiety
Will life insurance exclude pregnancy-related issues?
NO – if you take out life insurance then you’ll be covered for anything that happens during your pregnancy.
Pregnancy can have complications so it’s comforting to know that you will be covered if anything happens. The best time to get life insurance is at the very early stages of pregnancy or ideally even before becoming pregnant.
You can also get other policies such as income protection and critical illness cover that will provide you with cover for other sicknesses or illnesses.
Do I need to tell my life insurance provider that I am pregnant?
NO – you don’t need to tell your life insurance provider about pregnancy on an existing policy. You may want to seek guidance so it’s sometimes worth speaking to your insurer just for clarification if you need it.
How can I save money on women’s life insurance with a medical condition?
It’s important to know that some life insurance companies are better than others for certain medical conditions. You might think that cheapest is best but that’s not always the case when it comes to medical underwriting.
It is often worth speaking to a medical conditions specialist or expert if you need life insurance in this situation. Your medical history can have an impact on your premiums depending on the type of condition, symptoms, and severity.
Does women’s life insurance payout?
YES – women’s life insurance has the same payout rate which is approximately 98% of claims are paid.
What happens if I get divorced and have life insurance with my ex-partner?
Even though it might not be a top priority, it’s always worth reviewing your life insurance if you separate from a partner or husband. In this situation, there are a few different things to consider.
- Single or joint cover: Did you take out a single life or a joint life policy when you originally took your life cover? If you have a joint life policy then you need to consider whether you want to keep that or change to a single policy.
- Children or dependents: Do you have children through your previous relationship? If you have a child or a dependent then you just need to consider making sure that they have adequate cover. You might also start a new relationship with a new partner who has a child already or have another child with them.
- Trusts and Wills: Do you have a Trust or a Will in place with your ex-partner? There are ways for you to review your Trusts or Wills to make sure that they reflect your current and future wishes.
- Mortgages and debts: Do you have mortgages or other debts from your previous relationship? If you have any debts that you will be splitting then you should consider the amount of coverage that you have and does it give you enough protection.
Can women buy a different type of life insurance?
Life insurance is the same for men and women so there are no specific women-only policies available.
Life insurance for Mums
Any parent will want to make sure they have the right type and amount of cover in place for their children. Mums and Dads will both need to consider life cover equally to make sure that their dependents and partner are covered if anything happens.
Some of the main things to consider for Mums that want life insurance are:
- How many children do you have?
- What age(s) are your children?
- Do you earn more than, equal to, or less than your partner?
It is important to consider what your partner would do and how they would cope financially if you are not around, or you can’t work.
Life insurance for women that work
Most households will have an equal split of income between women and men or different splits to what was considered normal in the past.
Do I need life insurance if I am a housewife?
YES – if your household depends on you either financially or if you provide care for your dependents, then you need life insurance.
Your household might be reliant on your support which can be emotional and practical as well as financial. If you were no longer able to provide that support to your family then how would that impact your household?
Some questions to ask yourself:
- Would my husband or partner be able to continue work?
- What would you need to be able to continue to support your children?
- How much would it cost to replace what I do?
- Why does your family need you?
These can be difficult questions to answer but it’s important that you ask yourself some of these to understand what you need.