Why Life Insurance Is More Expensive For Men

When it comes to life insurance, you might notice that it’s often more expensive for men than for women. While this disparity may raise eyebrows there are specific aspects that insurers rely on to justify the cost difference. From statistical life expectancy data to varying risk factors, we’ll delve into some of the reasons why men often find themselves paying higher premiums and why that’s important.

The short list

A shorter life expectancy.

When calculating life insurance premiums, one critical metric is your overall life expectancy, and gender plays a significant role. Insurers rely on mortality tables to establish why life insurance is more expensive for men: on average, women live longer. In fact, according to the latest CDC data, the average life expectancy for a male in the U.S. is 76.4 years, the lowest in nearly two decades. Contrast that with women whose average life expectancy sits at 81.1 years.

More risky lifestyle.

Unfortunately, the stats aren’t in favor of men. Particularly in their adolescence, young adult and middle-age men are more susceptible to premature death than women. In fact, among the 15 leading causes of death in the U.S., the statistics are higher for men in 12, including heart disease and cancer. Men are also four times more likely to die from unintentional injuries, suicide and homicide.

Auto accident stats show that men have a higher accident rate than women. It’s especially evident among young men, who often engage in high-risk activities like contact sports, auto racing, and motorcycling.

Women are healthier.

Women generally have the upper hand when it comes to living a healthy lifestyle. They consume less alcohol, reducing their risk for liver, kidney and heart diseases, while eating better and exercising more.

Occupational hazards.

Males commonly work in more dangerous jobs that involve physical labor and inherent risks, such as transportation, forestry, fishing, mining, and heavy equipment operation. These fields, largely dominated by men, come with a higher likelihood of serious injuries and premature deaths, further widening the life expectancy gap between the sexes.

Your unique situation

It’s not all doom-and-gloom for men, however. Securing life insurance is definitely possible, even considering examples of failed policies and the risk factors for why life insurance is more expensive for men.

One of the best strategies is to get an insurance policy at a young age, when premiums are generally lower. But men can also customize their coverage to better match their risk factors, thereby adjusting the cost. For instance, if you don’t engage in high-risk activities or unhealthy habits such as smoking, you may be eligible for lower premiums. And while some jobs are risky, demonstrating workplace safety and certifications can offset some of the associated risk.

Remember: As parts of your lifestyle change, so can premiums. Regularly review your policy to see if any new adjustments can be made to lower your rate. You might discover that a recent healthy lifestyle change or a new job allows for a reduction in your premium. By taking proactive steps and shopping wisely, men can navigate around higher-risk factors to secure life insurance that offers peace of mind.

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