Your Life Insurance Rate & You: How Gender Factors In

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Men and women pay different rates for life insurance from the get-go. And it’s purely the result of statistics.

Life insurance rates are determined largely by life expectancy, so the longer you’re projected to live, the lower your rates might be. Statistically, women live longer: an American woman is expected to live about 81 years to a man’s expected 76 years, and a Canadian woman is expected to live around 83 years to a man’s expected 79 years. Therefore, if qualifying for life insurance was based on life expectancy alone, a man would pay more every time. (However, it’s important to note that gender is only one consideration while you’re applying for life insurance. Other factors include your age and your overall health.)

Now throw this stat into the mix: 46% of Americans and 31% of Canadians surveyed don’t have any type of life insurance coverage at all. That means far too many people do not have the coverage in place to provide for their loved ones in the event of a sudden tragedy. Nothing to cover final expenses or replace lost income and no inheritance left behind… Finding yourself in financial trouble knows no gender.

When you’re ready to work together to build the tailored policy that takes you, your loved ones, and your goals into account, contact me. Stats are stats, but your unique needs have the potential to shape your coverage and your rate into something unexpected!

Sources:
World Economic Forum: "Why do women live longer than men?" 3.14.2017 
Disabled World: "Canadian Male and Female Life Expectancy Rates by Province and Territory." 5.1.2017 
LIMRA: "Facts About Life 2017." 9.2017 
LSM Insurance: "Why Canadians Aren't Buying Life Insurance." 9.27.2016