Why Do Men Pay More for Life Insurance Than Women
When it comes to life insurance coverage, men pay more than women. It’s nothing personal, just statistics. Men as a statistical group are riskier to insure than women. The main difference in life insurance rates between men and women comes down to life expectancy. Women have a longer average life expectancy of almost 5 years when compared to men. There are several key factors to why women have a longer life average expectancy than men. Here’s how it all breaks down.
Life Expectancy Differences – The average life expectancy for male is 76.4 years and for a female the average life expectancy is 81.2 years according to the Centers for Disease Control (CDC). Since men generally live shorter lives, they will pay premiums for a shorter period thus raising rates. The shorter life expectancy that men face is a function of the following factors.
Lifestyle – Men generally engage in riskier activities than women. Men are more likely to engage in dangerous hobbies and sports that result in higher mortality rates. Men also are also more than twice as likely to die in a car accident as women. Men are simply more aggressive than women when it comes to taking risks and the statistics prove it.
Occupations – Men usually take on occupations that are riskier and more physically demanding than women. Many of the high risk occupations such as oil refinery workers, mining workers, forestry workers, fishermen and certain areas of law enforcement (DEA, CIA, SWAT, and Secret Service) are mostly held by men.
Overall Health – Women generally have healthier lifestyle habits than men. Women are more likely to see a doctor on a regular basis and are more proactive about maintaining good health than men. Women also have healthier eating habits. Men consume more alcohol and tobacco products and eat more foods that are higher in fat and cholesterol than women. Because of these differences the rates of major diseases such as stroke, diabetes and chronic lung disease are all higher for men.
How Much More Will Men Pay for Coverage? Here is a sample of annual rates for men and women from a leading insurance company for non–smoker applicants with a “Preferred” health rating for 20 years of coverage.
Conclusion – The good news is that although men pay higher rates for life insurance than women, they can still get affordable life insurance. The key is to lock in your rate while you are young and healthy so that you can get the lowest rates available. It is best to work with an independent agent who can shop multiple insurers and find you the best rate. We would be happy to help you find coverage. Get a free quote from our site to see the rates from many of the top insurers in the industry. We have access to over 40 insurance companies and will use all of our resources to get you the best coverage option available. Please feel free to give us a call at (888) 687-9444 or email us at info@archstoneagency.com if you have any questions.
About Us
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com. You can also visit our website at www.archstoneinsurance.com.
