Are Life Insurance Quotes for Women Different Than Those for Men?


The Basics

Insurance premiums insure your life; therefore, your policy is based on your life expectancy. Many factors are used in calculating your life expectancy such as your age, family medical history, driving record, lifestyle, health, if you are a smoker and finally your GENDER. Your gender is one of the main factors when determining your life insurance rates, coming in second only to your age. On average, the life span for a woman is five years longer than that for a man. Because life insurance is based on how long you might live, you can see how this would play a role in calculating your premiums.
In general, men present a higher risk to insurance companies. Here is a list of reasons why a life insurance quote for a man may be higher than that for a woman given they are of equal standing in general health, age, family medical history, driving record and smoking status.

High-Risk Occupations

Men tend to have higher risk occupations. If you take a look at the proportion of men to women in the following careers, there is a distinctive difference. Choosing an occupation associated with a higher risk will cause your increase the cost of your life insurance. Some of those dangerous occupations include, but are not limited to:

  • Construction Workers
  • Policeman
  • Fireman
  • Miners
  • Loggers
  • Roofers
  • Seamen

    The aforementioned occupations are all considered higher risk occupations than average. Additionally, the above careers are all male dominated fields.

High-Risk Activities and High-Risk Lifestyles

Men are more likely to participate in dangerous hobbies such as competitive sports, rock climbing, car racing, etc. than women are. All of these extracurricular activities have an increased link to accidental death. Because more men participate more frequently in these dangerous activities, they have a higher death rate, and thus a higher cost for life insurance.
Another common generalization that is also statistically proven is that men tend to find themselves to be indestructible. This is especially true of younger men who often feel they have less to lose (i.e. not yet married or not yet fathers). Young men tend to take more risks in their everyday lives such as:
-Choosing a competitive workplace resulting in high-stress levels
-Little attention to a healthy diet resulting in the consumption of more fatty and salty foods. This leads to health risks such as high blood pressure and cardiac arrest
-DIY home repairs and remodels that could be dangerous and should be left to the professionals
-Working on cars and trucks at home
-Likelihood to binge drink

Higher Societal Risks

Have you ever been at a bar and seen a physical altercation? Chances are, it was between two men and not two women. Men tend to be exposed to a higher societal risk. Research shows that they are more likely to be involved in homicide or suicide. They are also more likely to be involved in criminal activity which can often lead to death. All of these activities directly affect the mortality rate for men, and therefore result in higher life insurance rates.

Men and Women Are Different

Unfortunately, statistically speaking, men are exposed to higher risk activities than women every single day. Life insurance is based on a carefully calculated mortality chart in which all of these factors are taken into account. At every age and health range, you will see that the insurance premium rate for men will be consistently higher than it is for women at the same age and health range. Because of this, my poor husband is doomed with higher life insurance rates at every stage in our lives. However, when broken down into monthly payments, we are only paying about six more dollars per month to cover my husband than we are paying for my insurance. In the end, I am okay with this because I know our family will be covered should tragedy come knocking on our door.