Women are less likely than men to own life insurance. Just 49% of women own life insurance, compared with 55% of men. This represents the fifth consecutive year of life insurance ownership declines for women.
Only 22% of women feel very knowledgeable about life insurance. In contrast, 33% of men say they are very or extremely knowledgeable about life insurance.
Women were more likely than men to say the major reason they have life insurance is to pay for burial expenses(64% versus 56%). Women were much less likely than men to consider it as a way to supplement their retirementincome (27% versus 20%).
Forty-three percent of uninsured and underinsured women say they need (or need more) life insurance but only39% of women plan to buy in 2023.
Women are more likely to cite having other financial priorities as well as uncertainty over how much or what type to get.
Limra (2023, October 18). 2023 Life Insurance Fact Sheet. LIMRA. https://www.limra.com/en/SysSiteAssets/newsroom/liam/2023/0859-2023-liam-fact-sheet-2023_final.pdf