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Gender is usually a factor when it comes to pricing insurance, but it doesn’t matter in regards to issuing a policy. But there’s still the question of why women have the tendency to be less insured than men in a variety of insurance types.

It isn’t hard to remedy this. If you’re curious about the kinds of insurance you need to include in your insurance portfolio, take a look at these types of coverage:

  • Renter’s Insurance: If you aren’t married, but share a home with your partner then their home insurance will probably cover your property in addition to the policyholder’s. But if you are renting a home together, then your partner’s renter’s insurance won’t cover your belongings. This is why you should get insurance to cover both liabilities and property.
  • Health Insurance: In 2009, the National Center for Biotechnology Information (NCBI) revealed a study that showed 45% of women either had trouble paying medical bills or had accrued them in 2007. An interesting note about this, is that this 45% of women was also the same percent of women that was uninsured or underinsured in that same year. That’s compared to a figure of 39% of men. Having a health insurance policy will help keep you from being overwhelmed with medical bills, all while allowing you to get regular treatment and screenings for cancer.
  • Life insurance: If you are a working woman, then you should get life insurance to replace your income, in the event you pass away. Even if you’re a stay at home mother, as 23% of women were in 2010, you should still have life insurance so your spouse will have what he needs to provide for your children and keep up the home.
  • Long-term care: In 2011, according to the According the Central Intelligence Agency, the life expectancy for average woman was 80.93 years, while the life expectancy for the average man was 75.92. This difference in years means your spouse may not be around to help care for you, when you can no longer care for yourself. If you have long-term care insurance, then you won’t have to worry about not having a source of income. This is particularly important, because in addition to outliving men, women are also likely to outlive their savings. This is supported by a study in 2008 performed by Population Reference Bureau which showed that elderly women are “highly vulnerable to poverty.” It also showed that 28% of those women living at poverty level were widows, while 37% were either separated or divorced.

The same insurance coverage available to men is accessible for women too, and they should take advantage of the policies they need. Contact us to get a Kanakee life insurance quote, and more. We’ll help you examine your current policies to create a plan that won’t leave you underinsured.

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Scott and Rhonda
435 E. North St.
Bradley, IL 60915
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Bourbonnais, IL 60914
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