Men Pay 38% More for Life Insurance Than Women,
Smokers Pay 235% More Than Non-Smokers
Age is Another Key Factor; Rates Rise Sharply After Age 35
SAN FRANCISCO – July 23, 2014 – Men pay an average of 38% more than women for the exact same life insurance policy, according to a new insuranceQuotes.com report. The gap grows with age: for example, 25-year-old men pay 25% more than 25-year-old women for the same policy. At age 45, men pay 32% more than women, and at age 65, the gap grows to 40%.
On average, smokers pay more than three times as much as non-smokers for the same policy (235%). Case in point: a non-smoking 45-year-old female pays $45 per month for $500,000 of 20-year level-term coverage and a 45-year-old female smoker pays $167 per month. Over the course of a full year, the smoker pays $1,462 more than the non-smoker.
Age is another key factor: 35-year-olds pay 27% more than 25-year-olds for the same coverage. The gap grows over time: 45-year-olds pay more than twice as much as 35-year-olds (120% more). The increases get even steeper after that.
“You can save a lot of money by getting life insurance while you’re young,” said Laura Adams, senior analyst, insuranceQuotes.com. “By locking in a level-term policy in your twenties or early thirties, you will benefit from much lower rates while protecting your loved ones for decades to come.”
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insuranceQuotes.com commissioned Ratefilings.com to gather life insurance premium information. Ratefilings.com used term4sale.com to collect 20-year term life insurance rates for males and females at ages 25, 35, 45, 55 and 65. Rates reflect a $500,000 policy and include both smokers and non-smokers. The data covers the top 25 carriers nationwide, which represents 70% of the market.
insuranceQuotes.com provides consumers with a free, easy way to shop for and compare insurance quotes online, and delivers information about auto, home, health and life insurance and other types of insurance.
insuranceQuotes.com is part of Bankrate Insurance. Other Bankrate Insurance companies include NetQuote.com and InsureMe.com.
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Public Relations Manager, Bankrate, Inc.