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The Life Insurance Blog

Helping millions of Americans become educated
in making decisions about their life insurance needs


Are Life Insurance Quotes for Women Different Than Those for Men?

May 18, 2016 6:00:00 PM


Ladies know the truth: lots of things are just more expensive for the fairer sex.

For starters, women who often are not as auto-savvy may find themselves shelling out more money to purchase or repair their car. They also pay more for clothes and haircuts when compared to men. And let's not even talk about the cost of health care (perhaps because men "never go to the doctor").

However, there is one product for which women generally pay less than men: a life insurance policy.

According to GoodFinancialCents.com, the potential for lower monthly premiums between the average male and the typical female is:

  • $20 for a 10-year, $500,000 term life insurance policy at age 30
  • $56 for a 30-year, $250,000 term life insurance policy at age 40
  • $132 for a 20-year, $250,000 term life insurance policy at age 50
  • $820 for a 20-year, $500,000 term life insurance policy at age 60

Women Live Longer Than Men

The main reason for this price disparity is the difference in life expectancies between men and women. According to data from the Organisation for Economic Co-operation and Development, the average life expectancy for an American woman is 81.2 years, which is about 6% longer than the figure of 76.4 years for men.

Because of this inequality in life expectancy, a woman is less likely to pass away at any particular point during the time period of her life insurance policy than her male counterpart. As a result, the premiums charged by her life insurer will be lower because of the reduced risk of the company having to pay out a hefty death benefit.

But it may come as a surprise to some that the reasons women live longer have little to do with genetics. Men typically work in more dangerous occupations (like construction and firefighting), engage in riskier pastimes (like skydiving and competitive sports), and adopt more hazardous lifestyles. Finally, statistics indicate that men are more likely to be criminals, homicide victims, or suicidal individuals. Together, these conditions result in a shorter lifespan - and a higher life insurance premium - for the average man.

Women's Life Insurance Policies are Smaller

Traditionally, women tend to pay less for life insurance because the policies they purchase on average have a lower death benefit than those issued to men. In the past, that was largely due to the income disparity between men and women; because when men were working and women stayed at home, the men's lost earnings were figured into the value of his life insurance policy.

However, that pricing factor for life insurance is becoming less relevant in the 21st century. Not only are there countless more women in the workforce nowadays, but many of them are raising children while single or divorced or are caring for elderly parents. These women's life insurance policies must cover that lost income so that their dependents are properly cared for in the event of the policyholder's untimely death.

How Much Life Insurance is Enough For Women?


The modern woman should have her own life insurance policy.

When determining how much life insurance women need, they should take into account several factors, including:

  • Mortgage debt
  • Annual earnings until their children become adults
  • Cost of college tuition for all children
  • Potential future costs for the care of elderly parents
  • Repayment of loans, car notes, and other outstanding debts
  • Funeral and burial expenses
  • Future taxes on property or assets that dependents will be responsible for

Also, it's important to keep in mind that not all insurance policies are alike when it comes to their cost. So it's wise for women to shop around in order to secure the best deal on life insurance coverage.

IntelliQuote can provide life insurance quotes from several companies. It only takes a couple of minutes to complete the form on the IntelliQuote website, and you can request an application from the insurer whose policy best suits your needs. So get a quote from IntelliQuote today!






Topics: Life Insurance Quotes, Term Life Insurance Rates, Age, Life Insurance for Women