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Best life insurance for women
Key takeaways
- Life insurance policies for women are often more affordable than those for men, as women statistically tend to live longer, healthier lives.
- Term, universal and whole life are the main life insurance policy types, each with unique strengths and weaknesses.
- Life insurance policy riders allow you to customize your policy to fit your personal situation and needs better.
- Finding life insurance options that don’t require a medical exam may be possible.
Life insurance isn’t just about what happens after you’re gone — it’s a way to take charge of your financial future today. From managing careers to nurturing families, women often play a central role in keeping everything running smoothly. Life insurance helps ensure your loved ones are protected, covering everything from income replacement to childcare and household support. In this guide, we’ve curated top life insurance options designed with women in mind, so you can confidently safeguard your future and your family’s peace of mind.
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Whole life insurance combines life insurance with an investment component.
- Coverage for life
- Tax-deferred savings benefit if premiums are paid
- 3 variations of permanent insurance: whole life, universal life and variable life include investment component
Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.
- Fixed premium over term
- No savings benefits
- Outliving policy or policy cancellation results in no money back
Powered by HomeInsurance.com (NPN: 8781838)
This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Life insurance for women
For many women, a robust life insurance policy provides an essential layer of financial protection for their loved ones. Whether a woman is the family provider or a stay-at-home partner and mom, her loss may cause budgetary challenges that can be mitigated with the right life insurance.
There are a number of reasons for women to consider a life insurance policy. Perhaps most important for many is the need to provide financial protection for minor children. This need can be even more vital in a single-parent household. Life insurance for women often comes with lower premiums than policies do for men since women statistically live longer than men, making insurance a favorable addition to a strategic financial plan.
Many women also care for elderly parents, and here, too, life insurance offers benefits by providing the means for adequate health care and other protection for older adults if their daughter should pass away.
Even a woman who is a stay-at-home mom provides services to her family that can be costly. According to Salary.com, a stay-at-home mom with two children would earn a salary range of $119,963 to $330,269 if paid for her work as a mom. It’s not only the parents who work outside the home that need life insurance.
Women also tend to save less than men on average, meaning they are likely to leave less of a nest egg for their loved ones. A study by the American Association of University Women (AAUW) indicated that women in the workforce make only 84 cents to every dollar earned by men, giving them fewer resources to save for the future. A life insurance policy can help overcome that lack of savings.
Best life insurance companies for women
When women consider life insurance, it’s often with their loved ones in mind — children, partners and the need to protect their family’s future. Therefore, the best life insurance for women may provide peace of mind, offering financial support for childcare, education costs, household expenses and more. Finding the best life insurance company isn’t about one-size-fits-all solutions — it’s about choosing a provider that offers strong, flexible options to meet your unique needs.
While life insurance products aren’t specifically tailored to women, many insurers offer policies and riders that can adapt to different life stages. By comparing quotes and selecting a company that prioritizes flexibility and support, you can take a meaningful step toward safeguarding your family’s well-being.
4.5
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Why Protective made our list: Protective has an excellent financial rating from AM Best and offers a range of life insurance policies and riders. The company provides potentially high coverage limits and longer-than-average term options, helping it to stand out from the competition. Protective may be a good fit for people looking for standard yet customizable life insurance options from a long-standing company with a solid financial strength rating.
BEST TERM LIFE INSURER
4.9
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Why State Farm made our list: State Farm received a Bankrate score of 4.9 out of 5 for their life insurance and received the 2025 Bankrate award for best term life insurer. This company also received the top-ranked position in the 2024 J.D. Power U.S. Individual Life Insurance Study. State Farm offers term, whole and universal life insurance policies. The company maintains a vast network of local agents and has been rated with superior financial strength by AM Best.
4.1
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Why Prudential made our list: Prudential offers extensive life insurance policy types with a solid list of riders to allow policy customization. The company received a superior financial strength rating from AM Best but has struggled with customer satisfaction, as indicated by a high complaint index with the NAIC and a below-average J.D. Power customer satisfaction rating. The company is known for offering extensive online resources that may benefit those newer to life insurance and help customers understand how their policies work.
3.9
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Why Northwestern Mutual made our list: The company offers an extensive range of life insurance products, including term, universal and whole life policies. Not only that, but Northwestern Mutual has a below-average complaint index with the NAIC and has a superior financial strength rating from AM Best. One relatively uncommon draw of this company that sets it apart is that it is a mutual company, meaning its policyholders rather than stockholders own it. As a result, policyholders may receive dividends at the end of each year, depending on how well the company performs. The company also offers a wide range of financial planning and investment services.
BEST WHOLE LIFE INSURER
4.4
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Why MassMutual made our list: MassMutual has won the Bankrate award for being the best whole life insurance company for four years in a row. The company also has a superior financial strength rating from AM Best and high customer satisfaction ratings within the J.D. Power surveys. As a mutual company, MassMutual is owned by its policyholders, who have the potential to receive an annual dividend. The company may excel at whole life policies, but also offers term, universal and variable life insurance. MassMutual also offers an extensive list of policy riders, which customers can use for customization.
Types of life insurance for women
Life insurance falls into two main categories: term and permanent. The right policy type for you depends on your individual needs, goals and circumstances. Buying life insurance as a woman may bring unique questions, so talking to an agent is often the best way to land on the right policy. However, learning about each type of policy could also help you choose the one that best fits your needs (and your budget).
Term life insurance
Term life insurance is coverage that lasts a specific number of years. Common options are policies lasting 10, 20 or 30 years. Term can be a smart choice if you need coverage for a specific period — such as while your children are young — but know that you likely won't need coverage at a future date. Your death benefit pays out to your beneficiaries if you pass away at any point during the policy's term. If your need for coverage changes, many insurers will allow you to convert your term policy to a more permanent type of insurance if necessary. Unlike permanent insurance, term policies do not have a cash value and are usually simpler and less expensive than permanent forms of coverage.
Many women opt to carry term life insurance while their children are young. Doing so could provide peace of mind that your beneficiaries will have financial assistance if you happen to pass prematurely. However, term policies may not be the best choice for every woman, so considering the pros and cons could be essential when shopping for new life insurance.
PROS
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Typically cheaper than permanent policies
Could be converted to permanent insurance, depending on the company and the riders you carry
Generally less complex than permanent life insurance
Death benefits are typically tax-free for beneficiaries
CONS
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If you don’t pass away during the term, no death benefit applies and premiums are not returned (unless you have a return-of-premium policy)
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No cash value component
Permanent life insurance
Permanent life insurance is designed to provide lifelong coverage — with maximum coverage ages ranging from 95 to 121 — as long as you pay your premiums, making it a lasting financial tool to protect your family. Unlike term life insurance, which expires after a set period, permanent policies guarantee a death benefit payout, which is why they tend to cost significantly more — often 10 to 15 times the cost of term policies.
One key feature of permanent life insurance is its cash value component. Over time, this cash value can accumulate and become a resource you can access while still alive. Policyholders may withdraw from the cash value or take out policy loans, depending on the type of policy, but it’s important to understand the financial implications. Withdrawals typically reduce your policy’s cash value and death benefit. Loans, while a useful feature, accrue interest and need to be repaid. If the loan isn’t paid back, the amount borrowed, plus interest, will be deducted from the death benefit, leaving your beneficiaries with less.
There are several types of permanent life insurance, each designed to meet different needs:
- Whole life insurance: The premiums are fixed, and the cash value of this type of policy grows steadily based on a guaranteed set interest rate.
- Universal life insurance: The premiums are flexible, and the cash value grows based on an interest rate set by the insurer.
- Indexed universal life insurance: Flexible premiums, and the cash value earned based on a specific market index, such as the S&P 500.
- Variable universal life insurance: The premiums are flexible, and the cash value can be invested in subaccounts, typically including stock funds, bond funds and money market funds.
- Guaranteed universal life insurance: This is a low-risk policy with a fixed premium for your entire life. While it doesn’t accumulate much cash value, it’s a good option if you need more affordable permanent coverage than whole life insurance.
PROS
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As long as you pay your premiums, your policy should not expire — this could be beneficial for women since they typically live longer than men
Cash value account can accrue interest and may be used while you’re living
Death benefits are typically tax-free for beneficiaries
CONS
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Usually more expensive than term life insurance
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May be hard to understand
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Although the ability to borrow against permanent life insurance may be convenient, policy loans accrue interest and can decrease your death benefit payout
Permanent life insurance can be more complicated than term, so you might want to meet with a licensed agent or certified financial planner to get a full view of what type of policy can best meet your needs.
Life insurance considerations for single women
Considerations when single can differ slightly from when operating as a couple. Still, even more significant may be the difference between what to consider a single mother or a single woman without children. Life insurance for single parents can feel more essential than if you aren’t currently providing or responsible for a child. If you don’t have any dependents, getting life insurance could be more of a preference or could depend on whether you are a business owner or want to leave a legacy. If you do have a child, however, you’ll want to consider the importance of ensuring they are provided for even if the worst were to happen. This may be unpleasant, but ensuring your loved one’s future is safeguarded can be an essential part of parenthood.
Frequently asked questions