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Term Life Insurance for Men
You know how important it is to feel like the man of the house. You provide for yourself, your partner, and your children, and one of the most effective ways to provide for everyone you love so dearly when you are gone is to buy term life insurance. Before you start the process assessing how much coverage you need and comparing various term insurance quotes from leading insurers in the industry, it is important to understand how not only your health, but also your gender, can affect you rates.
While some men think that they are Clark Kent by day and Superman by night, you may be surprised to find out that men actually pose a higher risk and therefore pay higher premiums. Read on to find out why your life insurance premiums may be higher than your wife's when you are applying for coverage.
Why Term Life Insurance Rates Are Higher For Men
It might sound like a form of sexual discrimination to charge men higher premiums than women, but this is not the case. Actuaries, who gather and review insurance claims statistics, have a number of different reasons for developing a rating system that leads to higher premiums for men. When the statistics show that a specific gender, a specific age group, or even applicants with a specific medical condition pose a higher risk, insurers must protect themselves against the increased likelihood of paying a claim by collecting more. Here are some of the ways men, as a statistical group, are much riskier to insure than women:
* Statistically, Men Die Younger Than Women
Mortality tables are extremely important in determining life insurance rates. By looking at mortality tables from 50 years ago to now, it is easy to see that the average life expectancy for both men and women has grown. For men, average life expectancy figures have not quite caught up to women, and because of this premiums for men are higher.
The shorter life expectancy of males poses a higher risk for insurance companies, and this translates into more possible claims payments when an insurance company is covering group of men. Based on recent studies, women outlive men by about 5 years and the reward for women is lower premiums. If these statistics change, and life expectancy averages for men are larger than women, premiums for men will be lower, but this is not the case today.
* A Greater Incidence of Serious Disease at a Younger Age
Just because you are healthy now, does not mean that diseases in your statistical group will not affect you. You can even live a life without falling ill to any serious medical conditions and still payer higher rates as a male because men are more likely to develop issues than women and also more likely to develop these issues at a younger age.
Some typical causes of death that affect life insurance rates for males include: heart disease, stroke, diabetes, and most forms of cancer. While women can develop these issues just like men, men are more likely to be diagnosed with one of these conditions in their 50's or their 60's and the average woman will not develop similar issues until they are in their 70's or their 80's. The high mortality rate of these causes of death leads to higher premiums for men, especially when family members in your blood line have a poor medical history.
* Men and High-risk Activities
While it is not true for all men, men are much more likely to participate in dangerous activities than women are. Men as a group speed more than women, they sky dive, fly, or are employed in a hazardous occupation. On your insurance application, your insurer will ask you about your lifestyle. The answers to these questions will determine whether or not you will pay higher premiums based on the life you live. If you have a dangerous job, dangerous hobbies, or even dangerous addictions, your rates may be higher than the average male. Do not feel singled out, because this works the same way with women who are applying for coverage.
If you are comparing the rates of men and women, and all other factors are equal, a male applicant will pay more for coverage due to the statistics. While it may not sound fair to males, statistics do not lie. You should keep this mind when you are comparing your premiums to your spouses.
The easiest way to find the most competitive term policy is to comparison
shop. Fill out a single quote form, obtain multiple quotes from leading
insurers in the industry, and determine which insurer will offer you
the best rates based on your gender, your age, and your health history.
By doing this, you can have peace of mind in knowing you are covered
and that you made an effort to find an insurer that caters to male