By Peter Greenbaum, Life Quotes, Inc.

While the U.S. economy struggles back to fiscal health, more and more Americans search for a financial edge.

Sadly, many people fail to realize that life insurance can provide substantial advantages beyond the expected death benefits.  Even more unfortunate is the significant gap between men and women’s understanding of those insurance benefits that can protect their incomes.

“We have found that when women look for financial guidance, they don’t always seek out expert advice,” says Bob Lapinski, Spokesperson for State Farm Insurance. “Many women often turn to their spouses, parents and friends for financial advice, while fewer are likely to turn to the experts, including insurance agents and accountants.”

What can women do?

“We recommend that that women consult with a financial planner or insurance agent to help them find the best solutions for their families or individual needs,” suggests Lapinski.

The Gender Gap

In 2009, a national survey conducted by The Hartford found that men participate more in income protection benefits (life and disability insurance) than women, while women have higher participation in health benefits (medical and dental insurance). The Hartford survey showed that 64 percent of working women understand life insurance compared to 79 percent of working men. Sixty-one percent of women workers said they have life insurance through their employer, compared to 68 percent of men.

The recent recession has put a focus on women’s wages. Men have suffered the most job losses in the past year, and women have outpaced men in getting jobs in the sectors that are growing, such as healthcare and education, according to the U.S. Bureau of Labor Statistics.

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