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How Life Insurance is Different for Genders

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This article was last updated Sep 13, 2013, but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.

Life insurance hasn’t traditionally been the same for men and women. You would initially think women would pay more for life insurance (though that may change soon) since they are the child bearers (health care is expensive!), however the opposite is true; men pay more for life insurance. There are a lot of rumors that men pay more based on the assumption that they bring in more income, but life insurance doesn’t care about that. The difference is a matter of mortality statistics. Women traditionally pay less for health insurance coverage because they tend to live longer, therefor would pay their premiums longer. In fact, women are shown to outlive men by up to five years longer. There’s a lot of back and forth on this subject lately with Obamacare around the corner, so let’s look at the top factors in how the cost of life insurance may differ for men and women.

What Makes Life Insurance Different for Men and Women

  1. High-Risk Activities: Men are much more likely to engage in high risk activities than women are, causing their life to be endanger more often. How many female DMX riders have you heard of, or female stunt doubles? Males can get into sticky situations, and studies are there to prove it.
  2. Health Risks– As a group, men are known to have a higher mortality rate than females in numerous health insurance claim categories. Statistics showed there are more male smokers than female smokers, for example, and are even considered to undertake more stress at work than women. Men also have a higher mortality rate for deaths on the job.
  3. Coverage-On average, women take out smaller life insurance coverage than men do. Lower coverage for women is due to many factors, like depending on the man of the house to be the primary life insurance policy holder. In fact, the average life insurance policy for women is 31 percent less than for men. Both men and women aren’t taking out enough coverage, but females are still taking out far less than their counterparts.
  4. Proactive– Women are more likely than men to go to the doctor. One could reason that should mean women need to pay more for life insurance, but catching a health threat early on can add years on to your life and save you from costly emergency medical bills later.

As any individual considering life insurance or thinking about updating their policy, work with your insurance company to decide how much you need, and even double check their suggestions with one of these tools.

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