A substantial body of research shows that the financial behaviors of men and women differ significantly. As one example, women are less likely to carry life insurance and more likely to be underinsured (Insurance Information Institute, 2010). Around 43% of adult women do not have life insurance, with many of those who do carry life insurance being underinsured. On average, women’s life insurance coverage is only about 69% of men’s coverage. Women carry only twice their income in life insurance coverage, while men carry life insurance that is nearly three times their earnings (MetLife, 2013). Among women who earn $50,000 per year, 52% report that they do not carry an adequate amount of life insurance, or they are not sure if they have enough (MetLife, 2012). The purpose of this study is to explore gender differences in life insurance use and coverage using a life-cycle framework.
