We've all heard about the gender pay gap. But now it seems there may be a gender gap in life insurance coverage.
Women with children under the age of 18 are not financially valuing their lives as highly as men when selecting life insurance, according to a survey released today by online life insurance agency Haven Life.
"While women and men equally believe that their death would have a 'substantial' impact on their family, women are not purchasing life insurance as frequently as men, nor do they -- or would they -- buy as much," the survey report said.
Women in the survey who had an individual life insurance policy had an average coverage amount of $231,342, compared with $423,102 for men.
Among respondents who did not have life insurance, women estimated they would purchase coverage of $175,423, while men put their value at an average of $355,348.
The gender gap exists despite the fact that a majority of women (79%) and men (78%) said their deaths would have a substantial impact on their families' quality of life, the report said.
Sixty-seven percent of women surveyed said they have life insurance, compared with 79% of men.
The report noted that the gender pay gap could be an underlying factor in how men and women value their lives for life insurance.
The survey found that 79% of men identify themselves the primary earner, compared with 37% of women. The average income for all women respondents was $52,484, compared with $72,482 for men.
In 2018, women earned 85% of what men earned, the report said, citing analysis by the Pew Research Center.