Haven Life report reveals women are not financially valuing their lives as highly as men

NEW YORK, Sept. 19, 2019 /PRNewswire/ -- A new report today from online life insurance agency Haven Life reveals that women are not financially valuing their lives as highly as men when selecting life insurance. Haven Life issued this national survey to evaluate gender, household roles, and life insurance in honor of Life Insurance Awareness Month in September. Polling included an equal number of women and men who have children under the age of 18.

The key insight from the survey shows that while women and men equally believe that their death would have a "substantial" impact on their family, women are not purchasing life insurance as frequently as men, nor do they -- or would they -- buy as much. The study highlights that a life insurance gender gap exists.

More specifically, key findings from the survey include:

• The majority of women (79%) and men (78%) respondents said their death would have a "substantial" impact on their family's quality of life.
• Sixty-seven percent of women surveyed said they have life insurance, compared to 79% of men.
• Of those who had an individual life insurance policy, women respondents had an average coverage amount of $231,342, compared to men who had an average amount of $423,102.
• Respondents who did not have life insurance were asked to provide a numeric value for what they would purchase. The average coverage amount provided by women respondents was $175,423, while the average coverage amount from men respondents was $355,348.

Additionally, respondents were asked to select all roles they take on in their households, with women taking on an average of 6.44 roles compared to men who claimed 5.88. In particular, the survey found that 83% of women respondents indicated they take on the role of childcare versus 57% of men respondents. Other household tasks, like managing the family's finances or caring for pets, were more evenly distributed.

Overall, the survey results show that there is a life insurance gender gap. Women are not valuing their lives as greatly as men when it comes to life insurance coverage, despite the belief that the death of either partner would have a substantial effect on family life. Read the full Gender, Roles and Life Insurance report.

Survey methodology: Haven Life conducted a quantitative survey between August 13 – August 15, 2019 and collected N=385 completes. Respondents were required to be between 18-55 years old and to have children under the age of 18. An equal number of men and women were surveyed (Women=190, Men=195). The median respondent's age was 35 years old. The median HHI was $57,094.

About Haven Life
Haven Life Insurance Agency, LLC is a life insurance startup, backed and wholly owned by MassMutual, that offers a simple online experience for buying high-quality and affordable coverage. Driven by a mission to make life less hard, we're committed to changing life insurance so that it's less time-consuming and far more rewarding.

SOURCE Haven Life

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https://havenlife.com