Why do life insurance companies charge men higher premiums?
There are several reasons why men are rated a higher premium, so let’s look at these reasons in more detail.
Quick Guide to Why Life Insurance is More Expensive for Men
- Men Have a Lower Life Expectancy Than Women
- Find Low Cost Life Insurance
Men Have a Lower Life Expectancy Than Women
One of the basic means in how life insurance companies rate an individual is based on their overall life expectancy base on the questions life insurance companies ask you.
These use what are known as mortality tables to determine this simple but well known fact. It is a simple truth that on average women live longer than men.
Currently, the average life expectancy for a male in the U.S. is 76.3 years of age while for a female the average life expectancy is 81.1 years of age.
This is almost a 5 year difference. Males also experience a higher premature death rate in their adolescent, young adult and middle aged years of life than women.
In fact, of the 15 top causes of death in the U.S., the death statistics for males in 12 of these causes of death is higher for men.
Males are more than 4 times more likely to die from unintentional injury, suicide and from incidents of homicide than women.
Consequently, since a male lives a shorter life span than a female, they will pay life insurance premiums for a shorter period of time than a woman who is paying for the same amount of life insurance.
Life Insurance Is More Expensive for Men Because of their Lifestyle
Men generally tend to have a much riskier lifestyle than women. All you have to do is look at automobile accident statistics and you will see that males have a much higher accident and fatality rate than women.
Young males especially also seem to engage on average in much riskier activities than women. Activities such as contact sports, many forms of racing activities such as auto and motorcycling racing, and other similar activities often result in higher mortality rates for men than women who tend on average to engage in less dangerous hobbies and sporting activities.
Males also tend to take more risks in their activities than women do which results in a higher rate of both injury and premature death.
Life Insurance is More Expensive for Men Because of their Health
Women tend to live and have a healthier lifestyle than men. Males drink much more alcohol than women which results in liver, kidney and heart disease. Men are twice as likely to die from cirrhosis and chronic liver disease than women.
Also, men tend to eat less healthy and have a diet that consists of consuming high cholesterol foods, and eat more meat which is also high in cholesterol.
Men tend to develop heart disease much earlier in life than women as men often develop cardiac disease in their middle years and women tend to develop cardiac disease later on in life.
Men Pay More for Life Insurance because of their Occupations
Males tend to gravitate to occupations which are more physically demanding and riskier in nature. Occupations in the areas of transportation, forestry and logging, fishing, mining, heavy equipment operation and other related industries are still predominately performed in the majority by males.
These types occupations result in much higher rates of serious injury and premature deaths due to dangerous nature of these types of professions. All you have to do is take a quick tour of the CDC (Center for Disease Control) and review OSHA (Occupational Safety and Health) statistics to understand the grim reality of the death statistics.
Summary of Why Men Pay More for Life Insurance
The statistics say it all when it comes to why men pay more for life insurance than women. Although the mortality gap has narrowed slightly, as long as males continue to take more risks with their how they live their lifestyle, their work and hobbies, if you are a male than you can expect to continue to pay more for life insurance.
How Men can Find Low Cost Life Insurance
You always want to talk to an independent agent like myself. We can access and research dozens of companies so you are assured we will find the best policy at the most affordable rates. If you have health concerns, don’t let that dissuade you because we specialize in life insurance with health conditions, and can give you valuable advice and help you to find a policy that suits you.
Whatever your needs or questions then please call me direct at 888-603-2876.
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