Higher Expectancy Rate Alert: Do Women Require Term Cover More Than Men?

Why life insurance is cheaper for women

For a long time, insurance and finance have been the domains of men. The discourse of insurance revolved around ‘providers’ of the family and catered to their needs. However, the conversation is now shifting to be more inclusive.

On the other hand, women are also being proactive and embracing financial literacy. It may be a long way before all genders find equal representation at the table, but women taking charge of their financial planning is certainly a step in the right direction.

At this juncture, it is important to recognise that some women still shy away from life insurance or question the need for a life cover for themselves. Most women are proactively trying to provide the best for their loved ones, and term life insurance is one of the ways to go about it. Let’s take a look at why women should buy term insurance, and how it may help them.

What Is Term Insurance?

Whether you are a woman who dons many hats each day with grace and ease, or someone who is enjoying life and all its luxuries, you should be aware of your finances and plan for your future. Knowing what term insurance is and why you should have a plan is one of the many steps in this process.

Term life plans are a type of life insurance policy that can be bought online as well as offline. These plans lean towards affordability, as compared to other options. You can input your desired sum assured, choice of premium frequency and other details in a term insurance premium calculator and get an estimate of what your regular premium will look like.

When you buy term insurance, remember that it is not a form of investment but rather a security net that you want to provide for your family. In this way, you can care for your family even after you’re gone.

Women And Term Insurance

As a woman, it is easy to dismiss the need for term plans for yourself or other non-male members of your family, especially if the male members earn and contribute more. However, doing so would be equivalent to dismissing your contribution and role in the family.

Term plans are useful for anyone who thinks they need to do more for their families, especially for members dependent on them. Moreover, these plans are relatively affordable, and you can choose a plan and an amount that does not put you under additional financial stress.


Term plan premiums are influenced by several factors. One of these is gender, and another is age. Premiums for younger people tend to be lower, and the same is true for women. Thus, if you buy term insurance as a young woman, you will be paying lesser premiums than your male counterparts. This is attributed to the higher life expectancy of women as compared to men.

The premiums tend to be even lower if you are a non-smoker. Thus, term insurance can be a way to get a life cover at the lowest possible rates.

Another pro of getting a term plan is the tax exemptions that you can earn on premiums.

Riders & Benefits

If you expect more from your term insurance, you may want to look for a policy that comes with benefits and riders you can choose from. Riders and benefits are add-on features that enhance your term plan. For example, an accidental permanent disability rider covers the possibility of any permanent disability that the life assured may face resultant of an accident. This takes the financial pressure off of your family and helps keep other aspects of your life on track.

Term Insurance For Homemakers

If you do not have a regular income, should you go for a term plan? It is not ideal to put yourself in debt today only so you can create a security measure for your family’s future.

If you are keen on a term plan, ensure that it is affordable to you. You can also try to get a joint life plan with your spouse or another family member, which can cover you both.

A term plan can be purchased for another person. If you run the household with your spouse, it may be a good idea to have them get a policy that covers you.

Life insurance for women is not discussed often. Hence, it is even more essential for a woman to evaluate her financial needs and plan accordingly. Considering a term plan can be a way to start this journey.