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Do Women Really Pay Less for Life Insurance in 2016?

by Scott G on September 2, 2013 · 5 comments

Women Pay Less for Life Insurance than Men

Why Do Women Pay Less for Life Insurance in 2016?

I’ve wrote thousands of life insurance applications over the years and a topic that seems to come up on almost on a daily basis is the noticeable difference that women pay less than men for life insurance.  Most people when first discovering this want to know the reason behind it.  

Battle of the Sexes

Yes, it is true that women do pay less for life insurance than men do in 2016.  The reason is due to statistics.  Women live longer, 81 years on average in the United States compared to 76 for men.  Although the gap is quickly narrowing, women statically live longer than men do.  There are many theories as to why the longevity gap exists although nothing is definite.  Possible explanations include environmental factors; men are more prone to smoke, eat foods higher in cholesterol such as red meat that lead to cardiovascular disease, men are more reluctant to go to the doctor at the first sign of disease then women or it could just come down to biology.  Scientists have yet to pinpoint the reason.

What is the Price Difference between the Sexes?

Sample Prices for a 45-Year Old Female & Male-$300k 20-Year Term-Same Company

SexPreferred PlusPreferredStandard PlusStandard

Is it fair?

Life insurance is based on numbers.  A healthier person is going to pay less for life insurance than someone of lesser health.  A younger person will pay less than an older person.  Hence, women live longer so they pay a lesser amount the men.  The same goes for health insurance but the reverse is true.  Women statically go to the doctor more often than men and as a result pay significantly more for health insurance coverage.  It’s all about the numbers to insurance companies.

Wrap Up

Your eyes are not deceiving you if you noticed a difference in premium for two applicants at the same age and health but one is a male and the other a female.  Women do pay less for life insurance since they statically have a longer life expectancy than men.  However, as you saw the difference isn’t too significant.  The best time for both men and women to purchase life insurance is while in good health in order to receive the best rates.

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*Rates as of 09/01/2013. The information in this post is for informational purposes only and is not a guarantee of rates and insurability.  Rates and eligibly are subject to the underwriting guidelines of the insurance companies and state in which you live.

Term Life Online September 6, 2013 at 12:22 pm

I have found that females pay lower rates on average for life insurance, as well. However, I wonder if women have lower rates for no exam life insurance, and if the disparity is less or greater for a no exam life insurance policy for a woman versus a man, compared to regular, fully underwritten life insurance plans?

rayan September 19, 2013 at 7:15 pm

Should life insurance rates be based on gender?

Brian September 20, 2013 at 5:02 pm

Hi Rayan,

Good question. Life insurance and all insurances for that matter is based on risk and statistical data. While it may not be fair, understandably that’s how they determine the rates.

rayan September 21, 2013 at 2:41 am

thanks Brian for your answer.but i need to explain more to me please.

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