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Best Life Insurance for Women in 2024: Tailored Options

A life insurance policy can ease the financial burden of loss for women who want an extra layer of protection for their families or loved ones. The amount of insurance will vary, depending on individual circumstances and whether it's the only policy or supplementing another policy through work or other means.

The right life policy can take care of the most pressing financial needs. We have analyzed various life insurance companies that provide the best policies suitable for women.

Best life insurance companies: shortlist

  1. USAA - Best for women service members and veterans
  2. TruStage - Best for low-cost and low-coverage term policies
  3. Ethos - Best for no medical exam policies and immediate approval
  4. AIG - Best for offering a variety of life insurance policies
  5. Fabric - Best for simple term life insurance quotes for women

Best life insurance for women

When considering life insurance, first determine the purpose for needing a policy. Women buy life insurance for many reasons — to cover a mortgage, replace income, pay college tuition, pay final expenses, and cover their household contributions.

We've reviewed many life insurance plans and fished out the essential information, so you can make the best decision for your needs. The following five insurance companies are our top pick offering the best life insurance for women in 2024.

1. USAA – best for women service members and veterans

Provider overview
On insure.com Website

USAA was founded to provide insurance and discounts to military members, veterans, and their families. While USAA takes pride in serving military members, it also offers life insurance products to the general public. The company offers term life insurance quotes for women with terms of 10, 15, 20, 25, or 30 years. Whole life insurance policies are also available.

USAA has longstanding financial strength. It is rated A++ by AM Best, the insurance rating organization in the industry.

Policies offered: term life and whole life.

Optional term life riders include:

  • USAA’s Military Protection Plus. Gives service members the option to replace their group life insurance when they retire or separate from the military even if they’re disabled.
  • Life events rider. Can add up to $100,000 of coverage after getting married, buying a home, or having a child before age 35.
  • Child rider. Add a death benefit for children, and they can convert it to a whole life policy before they turn age 26.
  • Conversion. Can lock in a lower rate and convert the policy to a whole life policy after a year with no medical exam.

Optional whole life riders:

  • Riders vary based on the type of whole life policy: simplified whole life, universal life, and guaranteed whole life.

2. TruStage – best for low-cost and low-coverage term policies

Provider overview
On insure.com Website

TruStage offers basic term, whole life, and guaranteed acceptance policies. Policies are available for women ages 18 to 69 and are renewable until age 80. The application only has a few medical questions, and women may receive approval on the same day. Coverage begins the day the company approves the policy. This is a good choice of life insurance for pregnant women as the company will insure you at any time during your pregnancy and after you have your baby.

Coverage amounts range from $5,000 to $300,000 for term life and from $5,000 to $100,000 for whole life. Guaranteed acceptance policies offer coverage from $2,000 to $20,000.

Term policies start at under $5 per month for $10,00 of coverage for a 25-year-old woman.

AM Best gives TruStage a bbb+ rating, which means they’re financially stable. BBB gives them a strong A+ rating.

Policies offered: term, whole life, and guaranteed acceptance.

3. Ethos – best for no medical exam policies and immediate approval

Provider overview
On insure.com Website

Ethos offers term and guaranteed-issue whole-life policies. Its fully digital application is fast and easy to complete. Women can often receive approval on the same day. The company bases approvals on a woman’s driving record, family medical history, and current prescription medicines. Women don’t have to take a medical exam.

On term policies, women can choose term lengths of 10,15,20, or 30 years.

For women, policies start at $22 for $500,000 of coverage on a term life policy.

Ethos has earned a strong A+ (superior) rating from AM Best and BBB also gives them a strong A+ rating.

Policies offered: term, guaranteed issue, final expense.

Optional term riders include:

  • Terminal illness rider. Provides benefits while you are alive if you’re diagnosed with a terminal illness.
  • Accidental death benefit rider. Provides an additional death benefit if you die in an accident.

Whole life rider included:

  • Perks rider. Included with whole life policies for seniors. Enrolls them in Legacy Assurance where they can get discounts on some funeral expenses.

4. AIG – best for offering a variety of life insurance policies

Provider overview
On insure.com Website

AIG is a longstanding company that takes pride in focusing on current issues such as sustainability, giving back to communities, diversity, and inclusion. AIG offers a nice variety of riders including one with living benefits.

Pricing for a 10-year term policy for a 35-year-old woman is around $13 for $250,000 of term insurance coverage.

AM Best gives AIG an A (excellent) rating for financial strength. AIG is not accredited by the BBB, which gives them an F-rating.

Policies offered: term, whole life, universal life, guaranteed acceptance.

Optional term riders include:

  • Terminal illness. Provides a living benefit if you become terminally ill
  • Accidental death. Provides an extra death benefit if you die in an accident
  • Child rider. Provides an extra death benefit for children
  • Waiver of premium rider. Waives your premiums if you become disabled

Optional whole life riders include:

  • Waiver of premium for disability rider. Waives your premiums if you become disabled

5. Fabric – best for simple term life insurance quotes for women

Provider overview
On insure.com Website

Fabric offers affordable life insurance plans for women and has special plans for children. The company offers many term lengths, including 10,15, 20, 25, or 30 years. Women ages 21 to 70 can get coverage, although they will need a medical exam if they want more than $1.5 million of coverage.

This is another life insurer that offers favorable life insurance for pregnant women.

Fabric gets a strong A+ (superior) rating from AM Best and an A+ rating from the BBB. The business has zero complaints on BBB.

As with other life insurance policies, the cost depends on the woman’s age and the limit of insurance. Fabric’s term insurance plans start under $8 per month for women. A 35-year-old woman who is a non-smoker usually pays under $20 per month for $250,000.

Policies offered: term.

Optional term riders include:

  • Accelerated death benefit rider. Provides an additional benefit if you die in an accident

Best life insurance policies: a comparison

The following table gives you a snapshot of what some of the top life insurance companies for women offer:

CompanyPlan typesNo-exam policies availableOnline application
USAATerm, whole lifeYesYes
TruStageTerm, whole life, guaranteed acceptanceNoYes
EthosTerm, guaranteed acceptance, final expenseYesYes
AIG
Term, whole life, universal life, guaranteed acceptanceYesYes
FabricTerm onlyYesYes

Ranking the top life insurance policies for women

When determining the best life insurers for women, we considered the following factors:

  • Overall value. When ranking life insurance policies for women, we considered the value of the product in comparison with the premium, availability of riders, and the overall benefits for women. All of the contenders ranked high in these areas.
  • Range of policies offered. We considered the different types of policies each insurance company offers and the availability of riders to customize each policy.
  • Financial strength. You want to be sure the company you choose is financially strong and can pay your beneficiaries the full amount when you die. We checked ratings for financial strength at AM Best, a credit rating agency that rates insurance companies.
  • Online reputation. We checked online reviews and star ratings to gain a consensus of consumer opinions.
  • Number of complaints. We looked at the NAIC complaint index to assess the number of formal complaints against the companies.

Why do women need life insurance?

Women may need life insurance for financial security and peace of mind in knowing they’ve taken care of loved ones.

Women business owners may worry about large debts, such as a mortgage. Life insurance can prevent a spouse or partner from having to sell a family home or close a business.

The average funeral costs are just under $8,000, and a final expense policy can absorb the costs so your family members won’t have to pay for them out of their own pockets.

What are the best life insurance types for women?

Whole life products are good choices for women who want to enhance their estate plans or plan for retirement, and final expense plans are a good choice for covering funeral expenses. Women generally live 4–6 years longer than men. For that reason, premiums are likely to be lower for females than for males. With more money to spend on the premiums, women can choose to purchase more coverage or invest in higher-priced whole life products.

Also, women’s incomes have long trailed men, yet they’re starting to catch up. Pew Research reports that women’s incomes have risen over the last 50 years, and many are the primary or sole breadwinners of the family.

The type of life insurance policy best for women depends on the purpose. Term life insurance is a good choice for temporary expenses like covering big debts like student loans, car payments, or mortgage payments.

Whole life, variable life, and universal life products are good choices for women who want to bolster their financial profiles, enhance their estate plans, or plan for retirement.

Lastly, final expense insurance plans are the best choice for women who don’t want to burden their loved ones with funeral and burial expenses or the cost of cremation.

What to consider before choosing life insurance?

The following list will give you some things to think about when exploring the various companies, policies, and riders:

  • Medical history and your family’s medical history
  • Age
  • Marital status
  • Income level and budget for paying premiums
  • Debts such as a mortgage, car payment, student loans, or personal loans
  • Financial planning
  • Financial concerns your family may have when you die

Your age and health may cause an increase in premium with some policies or it may limit the amount of coverage you can buy.

Can you get life insurance when pregnant?

Yes, it’s possible to get life insurance for pregnant women but be aware that you won’t have as many options as when you aren’t pregnant.

Consider that the main factors in getting approved for life insurance are your age, health, and the amount of insurance you need. There are many unknowns with pregnancy, even if you’ve had uneventful births in the past. It will be harder to get life insurance if you are likely to have complications. Here are some of the medical conditions life insurers may be concerned about:

  • High cholesterol
  • Complications during a past pregnancy
  • History of postpartum depression
  • Multiple births
  • Past or current gestational diabetes
  • Pre-eclampsia
  • Pregnancy in women over 45

Some companies may be more willing to approve your life insurance application once you have had a baby. If you are pregnant and having difficulty in getting a life insurance policy, a guaranteed acceptance policy is a good choice. There are many choices of guaranteed issue policies available with affordable premiums and good coverage amounts. With this type of policy, there are few medical questions and no medical exam. Often, life insurers will approve these policies within a day or so, if not immediately.

Life takes women through many stages and changes. Life insurance can be valuable through all of them. Whether you choose a life insurance policy when you are young or old, it will alleviate some or all of the financial burden your loved ones may have to carry after you’re gone.

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