In most cases, men pay more than women for life insurance. This isn’t about gender discrimination or any hidden bias. Rather, it’s simply because men are generally more prone to fatal risks than women. Insurance companies set their premium rates based on risk factors. These boil down to two things: mortality and morbidity risk factors.
Statistics show that, everywhere in the world, men tend to have a lower life expectancy than women. Because of this, life insurance firms naturally consider men to be at a higher risk than women. According to a report published by the National Center for Health Statistics on life expectancy in the U.S., on average, men live for about 76.1 years while women live for about 81.
How Insurance Companies Determine Policy Rates
When you apply to buy an insurance policy, the insurance company will consider specific criteria to determine your eligibility, coverage amount, and premium rate. Factors to consider include:
- The type of coverage
- Gender
- Age
- Physical condition
- Lifestyle
- Medical history
- Occupation
Why Do Men Have a Shorter Life Expectancy than Women?
At the childhood stage, there are slightly more boys than girls. The natural gender ratio at birth around the world is 105 boys per 100 girls. The male gender still maintains this slightly higher ratio advantage until the young adulthood stage, when it begins to favor women with time, says Harvard Health. Among other factors, more than women, men tend to:
Perform More Dangerous Jobs
What one does for a living affects the person’s health and exposure to danger. Some occupations are riskier than others. The more negative effects your work has on your health, and the greater your exposure to danger, the higher the chances are of early death.
While women are taking on these high-risk roles as well, men continue to make up the larger portion of workers in these fields, thereby putting them at a greater risk. It is not surprising that such jobs have led to the death of more men than women. The larger number of men in such careers contributes to their higher life insurance premiums compared to women.
Some of the higher-risk occupations men are more likely to fill include military service, police work, mining, construction, roofing, transport driving, and logging. Others are security, hunting, electrical work, and firefighting. These jobs put a lot of strain on the body and expose those who perform them to more dangers.
Die of Heart Diseases
Men are more than 50% more likely than women to die of various heart diseases at a younger age. This may be because men have lower estrogen levels, but other factors that may contribute to this include unfavorable cholesterol levels, poorly treated high blood pressure, and other medical risks.
Commit Suicide More Often
Every year, more men commit suicide than women. Statistics from 1950 to 2017 show that the death rate by suicide for men has been consistently higher than that of women. Though depression, which is a common cause of suicide, is considered to be more common among women, women still have far lower suicide cases than men. Men’s tendency to avoid seeking care for depression may be one of the factors some attribute to their higher suicide rate.
Have Dangerous Hobbies & Recreations
Just as men are more likely than women to perform high-risk jobs, they are also more likely to engage in high-risk recreational activities that can lead to an early death. Such activities include boxing, wrestling, skydiving, deep-sea diving, car racing, rock climbing, and hunting. Far more men than women do these activities, and it directly or indirectly leads to the death of some of the participants. Since more men than women engage in dangerous and high-impact sports, more men are exposed to the risk of early death.
The Difference in Life Insurance Premiums Between Men and Women
On average, men can pay 38% more than women for the same life insurance policy. A 25-year-old man will likely pay 25% more for the same policy than a woman of the same age. The gap gets wider as the applicants get older and, by age 45, men will pay around one-third more than women of the same age. At age 65, the difference may be up to 40%. For this reason, the best time to buy your life insurance policy as a man is now.
How Can Men Find Affordable Life Insurance?
While, as a man, you may have to pay more for your policy, that doesn’t mean you can’t find affordable plans and save money on your life insurance. You just need to find the most appropriate policy for your needs and budget, which you can easily do with the help of an experienced life insurance agent. Your agent will assess your situation and get you the best value for your money. There are various types of life insurance policies to choose from, including:
Term Life Insurance
Term life insurance is the most popular type because it’s often more affordable than permanent life insurance. It is designed to provide coverage for a specified period, which can be anything from 5 to 30 years. This is one of the most affordable ways to gain coverage.
Permanent Life Insurance
A permanent life insurance policy will grant you coverage that lasts for your entire life. Though permanent life insurance policies are generally more expensive than term plans, you can still save money on your policy with the help of a trusted agent.
How LifeQuote Can Help
Here at LifeQuote, our top priority is to help individuals and families get high-quality but affordable coverage regardless of their age, profession, budget, or gender. We have various life insurance policies that can serve your short-, medium-, and long-term needs. To get started today, contact us, or get a quote from our free online generator.
