On average women live longer than men and as a result pay lower life assurance premiums.
A ruling by the European Court of Justice has outlawed the current practise of offering different life insurance rates for men and women. This ruling will take effect in December 2012 and will mean that the price women pay for life assurance is likely to increase. If you are considering taking out life cover then it would be best to do it before this ruling comes into force.
Determining the level of cover needed to replace a main household income is straightforward. However deciding the appropriate level of cover for a woman not in paid employment can be problematic and will depend on your circumstances.
At one extreme no cover may be needed if you have sufficient assets to effectively self insure. At the other extreme a significant amount of cover may be needed if you have a young family and want sufficient protection in place to cover the costs of childcare.
Family protection is a complex issue which should not be ignored. If you would like to discuss your protection requirements, without obligation, then please contact UHY Financial Planning who will be pleased to help.