Who do women pay less for life insurance than men do?

Question

Does it have anything to do with average salary? I've always wondered why they pay less.

Answer 1

You can check with http://www.insurance-go.blogspot.com  <== possibly many readings, one of them have your way-out

Answer 2

Women live longer.

And as a comedian said once, married men live longer than single men, but the married men are more willing to die.

FWIW, not ALL states allow insurance companies to charge different rates for life insurance based on gender.

Answer 3

No, it has to do with life expectancy - statistics.

Answer 4

It is because women live longer than men (statistically).  Therefore they are a lower risk than men.

Women tend to pay more for long term care insurance because they are more likely to need care.  This is also based on statistics but if you want proof just go visit an "old age home" and you will find that it is mainly widowed women living there.

Insurance is based on statistics and actuaries spend a great deal of time trying to get the premium just right based on the risk.

Hope that helps!

Answer 5

When women pay less, it is because women live longer in general than men do. However, while life expectancy for all Americans continues to rise, setting records every year, men as a group and slowly closing the gap with women. Since women live longer, they can be expected to pay more premiums into their life insurance policies before they die. As a result, their rates are lower. Another way of saying it is because men sooner, they pay more.

However, according to surveys of term life insurance by Insure.com, men and women pay the same at some ages; and women actually pay more than men do at some ages. For example, for a policy with a  $250,000 death benefit, men and women aged 30 pay the same annual premium for a 10-year, 20-year, and 30-year policy: $108, $153, and $228, respectively. The same is true at age 35, with the annual premiums staying the same for 10- and 20-year policies, but rising to $250 a year for a 30-year policy. At age 40, annual premiums increase for both men and women for 10- and 20-year policies to $130 and $203, respectively. However, a 40-year-old woman will pay $20 a year more than a 40-year-old man will for a 30-year policy: $355 for a woman, compared to $335 for a man. This is due mainly to the risks posed by breast and cervical cancer.

By age 45, however, the roles are reversed. Men and women still pay the same for a 10-year policy, $183 a year, but men pay more for 20- and 30-year policies, $340 and $520, respectively. Women pay $318 a year for a 20-year policy and $428 year for a 30-year policy. The discrepancy grows with time. By age 55, the last year in the survey that a 30-year policy is offered, women are paying $345, $580, and $1,130 a year for 10-, 20-, and 30-year policies, while men are paying $403, $773, and $1,550 a year.

The cost difference between men and women increases with age. For example, at age 70, a 10-year level term policy will cost women $1,080 year. For men, the cost is double: $2,160 a year.

Answer 6

Because on average their life expectancy is longer.  Therefore, she will be paying premiums in for a longer period of time before anything will be paid out.

Answer 7

Yes, life expectancy as stated.  But, they also pay more for disability insurance due to child bearing and other factors.

Jeff