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?
- Smoking habits
- Health history
- Family history of health issues
Can I get a no-medical life insurance policy?
Can I apply for life insurance while I’m pregnant?
Is life insurance for women cheaper?
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: