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March 24, 2011 at 01:32 PM
Women have lagged men in retirement savings and life insurance coverage, but a study from LIMRA released Wednesday found that may be turning around. The report found that in 2010, the percentage of women who owned some form of life insurance is "on par" with men.
It's not exactly good news, though. The gap is closing on an overall fall in ownership levels, rather than an increase in the number of women purchasing life insurance. The report acknowledged that while ownership levels were down, the decline was smaller among women than men. Still, while the gap is closing, coverage among women lags that of men by about 69%.
Cheryl Retzloff, senior research director for LIMRA, noted in a press release that women put more value on life insurance than men. Retzloff pointed out that many of today's households have dual incomes.
"This is a great opportunity for our industry to redouble their efforts to reach out to women to ensure their families are adequately protected against the financial repercussions of the death of a wage earner," Rerzloff said.
