Penn Mutual’s second annual Worth(R) Survey for Women shows women tend to feel less confident and more stressed out than men when dealing with financial and retirement planning. And despite their advances and success in the workplace, women still undervalue themselves and their contributions to the home and family. The low sense of self-worth correlates with a $93,000 difference in life insurance coverage between women and men.
Sixty-nine percent of women surveyed say it is important to protect their families’ well-being and way of life, compared to 60 percent of men. However, 78 percent of women women say they lack protection for their family in the event that something should happen to them, versus 69 percent of men.
Seventy-nine percent of women and 70 percent of men say a steady stream of income during retirement is important, while just 39 percent of women and 50 percent of men report being aware life insurance was an option.
Seventy-percent women and 64 percent men think it is important to have access to quick cash in the event they need it while only 41 percent of women and 49 percent of men were aware permanent cash-value life insurance could provide it.