Why the gender gap may extend to life insurance

A new report from online life insurance agency Haven Life has found that when it comes to selecting life insurance, there’s a disparity in the financial value that men and women place on their lives.

In a national survey of U.S. men and women who have children under 18 years old, the firm found that men and women equally believe their death would have a “substantial” impact on their family, with nearly four out of five women (79%) and men (78%) agreeing with the statement.

But the poll also found that women were less likely to get life insurance coverage. Just two thirds of women surveyed (67%) said they have life insurance, compared to around four out of five men (79%) who said the same.

Of the ones who had an individual life insurance policy, female respondents reported having coverage amounting to US$231,342 on average. In contrast, men with life insurance were found to have an average coverage amount of US$423,102.

That gap in appraising the value of their own lives was just about as remarkable among men and women without life insurance. When asked to give a numeric value for what they would purchase, women cited an average coverage amount of US$175,423, while the average for men stood at US$355,348.

The survey also drilled down into what each gender does to help or provide for the family. Based on respondents’ self-reported tally of the roles they take on in their households — grocery shopping, lawn care, housekeeping, and so on — women said they take on an average of 6.44 roles, compared to men who averaged 5.88. The split in handling child care was particularly stark, with 83% of women and 57% of men saying they take on the role.

The survey also found men were far more likely to identify themselves as the primary earner (79%) compared to women. Female respondents reported having an average income of US$52,484, whereas their male counterparts reported an average of US$72,482.

“Despite the belief that the death of either partner would have a substantial impact on a family’s quality of life, households have less financial protection for the loss of a mom compared to a dad,” the report concluded.

Read the original article at https://www.lifehealthpro.ca/rss/