Women are expected to inherit $84 trillion in wealth by 2045, yet they remain significantly underinsured and underserved in the financial services sector. Gallagher's latest whitepaper, Bridging the Gap: The Need to Financially Empower Women, explores the critical role financial professionals play in helping female clients build, sustain and grow their wealth.

Brenda Davis, CLU®, ChFC® — SVP, head of Life Distribution for Gallagher Life and Annuity Brokerage, shares actionable insights into how financial professionals can better support women through the right mix of solutions and communication strategies.

Life insurance offers more than protection, it's a strategic tool for income replacement, business continuity and retirement planning.

Explore four key reasons why life insurance should be a cornerstone of every woman's financial plan.

The 4 reasons why women need life insurance

In 2024, women disproportionately shoulder the responsibility of caregiving for both children and aging parents. While the exact percentages vary across studies and demographics, it's estimated that women make up roughly 60% to 70% of all caregivers.2 Life Insurance plays a crucial role in ensuring the continuity of care if a caregiver passes away unexpectedly.

According to the 2024 Bureau of Labor Statistics, 66% of married women with children are a primary or significant income earner in their households.3 Life Insurance can replace lost income, helping to sustain the family's standard of living and cover everyday expenses.

A recent study by Lendio estimates that women own 42% of businesses in the US, generating $1.9 trillion in revenue and employing 10 million individuals.4 Life insurance can provide the necessary funds to keep these businesses operational and help ensure a seamless transition of ownership in the event of the owner's death.

In the US, the average life expectancy for women is 81.1 years. This is significantly higher than the average life expectancy for men, which is around 75.8 years.5 Select life insurance policies offer cash accumulation and long-term care components, providing financial benefits during the policyholder's lifetime.

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Today, many women are significant earners and contribute to household financial stability while managing childcare duties. Although life insurance underwriting and risk assessment are consistent across genders, women benefit from lower premiums and cost savings due to their longer life expectancy, strengthening their family's financial security after their passing.
Lee Morris, VP of Underwriting, Gallagher Life and Annuity Brokerage

Considering these facts, it's important to question why women remain significantly underinsured and explore what measures can be taken to address this imbalance. Read the whitepaper and connect with your Gallagher Life and Annuity representative to strategize.

REQUEST THE WHITEPAPER

Author Information

Request Bridging the Gap: The Need to Financially Empower Women to learn about:

  • The growing economic influence of women and the $84 trillion wealth transfer
  • Key barriers women face in accessing life insurance
  • How underwriting and tailored communication can close the coverage gap
  • Strategies to help female clients build, protect, and grow their wealth

Complete the information below to access the whitepaper.

Sources

1Contee Cheryl. "The Great Wealth Transfer: An $84 Trillion Investment Opportunity for Women," Forbes. 18 Nov 2024.

2"Caregiver Statistics: Demographics," Family Caregiver Alliance. 17 Feb 2016.

3"Employment Characteristics of Families — 2024," U.S. Bureau of Labor Statistics. 23 Apr 2025. PDF file.

4"Microloans for Women-Owned Businesses," Lendio. 4 Feb 2022.

5"Do Women Live Longer Than Men in the US?" USAFacts, updated 21 Mar 2025.

Disclaimer

GBS Insurance and Financial Services, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual's personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.