Life insurance for women

Life insurance is just important for women as it is for men, and there are some special considerations women should make when applying for a policy.

Traditionally, men have been the more likely to get life insurance, but it is just as important for women, especially for those with or planning to start a family.

Pregnancy can impact the chances of a woman successfully applying for a life cover policy, so it is important to understand what issues could arise before comparing women's life insurance.

What is women's life insurance?

Although some life insurance companies will market some of their policies as 'women's life insurance', they are essentially the same as any other type of cover they generally offer.

Life insurance, be it for women or anyone else, pays out a regular income or one large lump sum to your loved ones after you die. They are usually set up as cover in case you have any outstanding debts — so that your family does not have to deal with the burden of paying it all — at the time of your death.

Policies can be arranged specifically to cover your outstanding mortgage repayments — although lenders usually require you to have life insurance in the first place.

Like with all other types of insurance policies, the more of a risk you are to insure — i.e. how likely or unlikely you are to live a long, healthy life – the more likely you are to pay higher insurance premiums.

And, generally, the more you pay in premiums, the more your family are likely to get back after you die. Cheaper life insurance deals tend to pay out less upon death than the more expensive policies.

However, there are some aspects specific to women that may need to be factored in first before applying for a life insurance policy.

Life insurance during pregnancy

When a woman is pregnant, she is considered to be a bigger risk to cover on a life insurance policy. This is because of the various complications that could arise over the term of the pregnancy.

If you're pregnant and wish to take out life insurance, you should arrange your policy as early as possible. This is because life insurance companies consider the risks to be greater during the latter stages of pregnancy. The longer you leave it, the more expensive or unlikely it is that you will be able to take out life insurance.

Applying for women's life insurance during pregnancy:

• Apply for cover as early as possible, as it can be more expensive in the latter stages of pregnancy

• Another reason to apply early: you need to give your weight during the application — any pregnancy weight is likely to distort this figure

• The lower your alcohol consumption over the last few years, the more likely you are to get a cheaper deal

• Similar rules apply for smoking (even if you were only smoking prior to your pregnancy) — non-smokers generally get cheaper life insurance premiums

• Being generally fit, active and healthy will lower your risk and your premiums

• Make sure to compare the wider insurance market as some insurers may have slightly different rules for insuring pregnant women

Relatively minor complications over the course of the 9 months can be quite common, such as hypertension and anaemia, and don't often last the entire term of pregnancy. But if you apply for cover while carrying such a condition you may be unsuccessful in buying a policy.

Can the life insurance policy be put on hold?

However, some life insurance companies will consider putting your cover on hold until after you give birth, and then you will be insured from the moment your child is born.

You will be asked questions about your weight and height, general health, and lifestyle habits such as drinking and smoking. It's important to be honest, as any claim that needs to be made later could be rendered void by misinformation.

Applying early can make all the difference as your weight is likely to be lower before the pregnancy, and the risks to your health are considered lower in the earliest stages. Having a healthy weight will obviously improve your chances of getting a better deal.

You will likely have given up drinking alcohol and smoking for the pregnancy, but if they featured in your life prior, you will need to mention it.

E-cigarettes are still considered by many insurers to be the same as smoking tobacco, so if you plan to keep using them beware that this could significantly harm your chances of getting a good deal on women's pregnancy life insurance.

Life insurance after having a child

Most people consider taking out life insurance when taking out a mortgage or starting a family. It is perhaps most important when first becoming a parent.

For women, life insurance can be a worthy investment, even just for the peace of mind aspect. When children are young, the costs can quickly stack up, but there is also the need to provide them with regular care and attention.

If the worst were to happen to a new mother, the remaining family members would likely be left with debts and also the much tougher task of coping without a loved one.

Life insurance for women can help deal with the costs of outstanding debts, but can also cover childcare expenses and the myriad of daily life expenses when it comes to raising children.

*Based on £150,000 of level-term cover for 25 years for a 30-year-old non-smoking male with no pre-existing medical conditions (March 2023)

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