While the ranks of women in the workforce are rising - the Bureau of Labor Statistics reports women now make up just under half the U.S. labor force, and census data reveal more women now graduating college than men - many still are not taking advantage of protecting their income through life insurance. This despite many women saying they are concerned about their family's financial future should they or their spouse die.
In 2010, almost six out of 10 women owned some sort of life insurance, according to a LIMRA study. While that's on par with men's life insurance ownership, women's coverage is only about 69% of men's coverage. Findings from MetLife's 2012 Protecting a Diverse Workforce report further reveal that women are less insured with only twice their income in life insurance coverage compared to men, who are covered for nearly three times their earnings. However, the coverage gap is not borne from lack of awareness about the importance of life insurance; the same MetLife report states half of working women earning $50,000 or more believe they don't have as much coverage as they need, compared to 39% of men.
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