We all know about the pay gap, but it seems there’s an insurance gap between men and women as well. On average, men have five times their annual income in life insurance, as opposed to three times for women, according to a 2011 MetLife study. So, are you covered?
“The amount of life insurance working women need will vary based on their personal situations,” says Pam Hoppe, advisor for New England Financial. “When determining how much is needed, several factors should be taken into account, like future earnings, future expenses and future interest rates.” Finding coverage that equals your outstanding debt plus five years of salary is a good start, adds Hoppe.
Using an estimate calculator can help you make sure you get the right coverage. Plus, explore and compare different types of life insurance – from Term Life and Whole Life to Universal.
Life insurance gets more expensive as you get older, so experts suggest starting early by shopping around. Websites like FindMyInsurance.com and AccuQuote.com provide quotes based on income.
Buying from a reputable company, getting in shape to reduce your risk class, consulting your financial advisor and making adjustments over the years will help, suggests MSN Money.
Bonus PINK Link: Now that you’re investing in yourself, find out five ways to invest in your career in our online exclusive.
By Muriel Vega
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