Protection gap: 54 million women lack sufficient life insurance

The article reports about 54 million U.S. women have little or no life insurance, and it attributes the gap mainly to misconceptions about life insurance and limited, hard-to-find education from insurers.

About 54 million U.S. women have little or no life insurance, the article reports. Women now make up a larger share of the labor force and control a growing portion of assets, yet surveys cited show they are more likely than men to be underinsured or uninsured. The piece links the protection gap to persistent misconceptions about life insurance and to limited, hard-to-find education from carriers. It also notes that women report greater concern about retirement and long-term care than men. Selected findings: - The article reports roughly 54 million women lack sufficient life insurance coverage. - LIMRA data cited shows past coverage rates of 65% for men and 61% for women (2011), and a wider gap in 2021 at about 58% men vs. 47% women. - Women cite cost (42%), other financial priorities (30%), and uncertainty about how much or what type to buy (25%) as reasons for not owning life insurance. - Only 22% of women describe themselves as very or extremely knowledgeable about life insurance, compared with 33% of men, the article says. Summary: The shortfall leaves many women with less life insurance protection than might be expected given their growing economic roles. The article reports that insurers providing clearer, more accessible education and strengthening advisor partnerships is the suggested path to narrowing the gap. Undetermined at this time.