Why Is Life Insurance For Women Cheaper Than It Is For Men 2023?

Why Is Life Insurance For Women Cheaper Than It Is For Men 2023?

Certain types of risks are more prevalent in men than women. These added risks make life insurance for men more expensive than life insurance for women. Why Is Life Insurance For Women Cheaper Than It Is For Men 2023?.

Here are some factors that make life insurance for women cheaper than it is for men.

Women Have A Longer Lifespan

Age is an important factor when it comes to the risk for insurance providers. A higher life expectancy would reduce the risk for the provider and thus lead to lower premiums.

Statistics show that women live longer lives than men. The average lifespan for women is 84 years and 79.9 years for men. Since women live longer than men do, on average, life insurance for women is generally cheaper than it is for men.

Suicide Rates Are Lower For Women

Suicide is an important factor life insurance providers consider because it significantly shortens one’s lifespan. Since women have a much lower rate of suicide than men in Canada, it decreases the perceived risk for a woman, which can lead to lower premiums.

According to Statistics Canada, death rates by suicide more than doubled for men compared to women across almost all age groups.

Women Live Less Risky Lifestyles

The activities you participate in dictate how much of a risk you will be to your insurer and therefore how much you will pay for a life insurance policy. And women tend to live less risky lifestyles than men, generally speaking. This is especially true when it comes to occupation, which is another important factor that helps determine the cost of life insurance.

Of course, this isn’t necessarily true in all cases. Many women lead much riskier lifestyles than many men. That said, statistics show that men are more likely to take part in more dangerous activities. And while insurance companies won’t restrict life insurance solely based on what the statistics say, they will still consider men to be an increased risk.

Women Have Lower Rates Of Incarceration

Men tend to be convicted of crimes at a higher rate than women in Canada. The higher the risk of landing in jail, the higher the risk for the insurance companies who cover them. As such, the lower incarceration rates for women can lead to lower life insurance premiums for women.

Final Thoughts On Life Insurance For Women

Gender can affect the price you pay for a life insurance policy. But it’s just one of several factors that influence your premiums, many of which are in your control to help minimize your contributions to your policy. Speak with an insurance agent or broker to help you get an accurate quote for a policy that provides you with the right coverage at the right price for your budget.

Life Insurance For Women FAQs

What factors can affect my life insurance policy?

Gender isn’t the only factor that’s taken into account when a life insurance company calculates premiums for individual applicants. The following factors also play a key role in the price of a life insurance policy:

  • Age
  • Occupation
  • Lifestyle
  • Location
  • Smoking habits
  • Health history
  • Family history of health issues

Can I get a no-medical life insurance policy?

Yes, lots of life insurance providers can offer you a policy with no medical exam. Some of the most popular issuers in Canada are PolicyMe, SunLife Go and Canada Protection Plan. Just make sure to do research and compare multiple providers before you apply.

Can I apply for life insurance while I’m pregnant?

Some providers will tell you otherwise but it is possible to get affordable life insurance while you’re pregnant. That said, it isn’t always a great idea to apply after you’ve gotten pregnant, because your chances of developing health conditions such as gestational diabetes before birth or postpartum depression increase during and after pregnancy. This could lead to higher premiums.

Is life insurance for women cheaper?

Generally speaking, yes, life insurance for women is cheaper. Since men tend to have shorter lifespans and riskier habits, their life insurance premiums are often higher.

Life Insurance For Women: How To Get The Best Rate?

While some things are out of your control when it comes to lowering your life insurance premiums — such as your age — there are other things you can do to help keep the cost of your life insurance policy as low as possible:

Check Your Credit Score

When you apply for life insurance, some providers will check your credit when they evaluate you for coverage. Depending on the health of your credit, it could impact your life insurance premiums. For example, if you have multiple accounts in collections or have recently declared bankruptcy, you could pay a higher premium.

So, it’s always a good idea to make sure that your credit is in decent shape before you apply for life insurance in Canada, which you can do for free with Compare Hub.

Compare Your Options

To find the best policies at the lowest rates, it’s important to shop around and compare insurers and negotiate rates. Below are some of the best providers of life insurance for women:

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