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Why Do Women Receive Lower Life Insurance Rates Compared to Men?

Women have become more of a power house in the family and business world. Because of this, women need life insurance.

Whether she’s an executive in the corporate world, single parent, stay-at-home mom, or something in between, women need life insurance now more than ever.

According to the United States Department of Labor, 57 percent of women participate in the labor force. And the Bureau of Labor Statistics reports that women make up about 47 percent of that workforce. Despite these facts, women are consistently under-covered when it comes to life insurance. According to the Insurance Information Institute, 43 percent of adult women have no life insurance. And among those who are insured, they only carry about a quarter of the coverage necessary for their needs.

On average, women have $129,800 of individual life insurance, compared to $187,100 for men. Additionally, women with high personal incomes of $100,000 or more are less likely to have life insurance than men at the same income level.

Women almost always have cheaper options for life insurance than men.

How are life insurance rates determined? They are priced according to the average life expectancy for your gender and age. Life insurance agencies also look into whether you are a smoker or not, if you participate in dangerous activities on a daily basis, and other health related information. If you are an overall healthy person, your rates will be fairly low. Because women on average live five years longer than men do, their life insurance rates will be lower.

We at Cosmo can help you and your family get covered. Give us a call to explore multiple options for life insurance.

Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.