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Term Life Insurance Rates for Women vs. Men

https://www.goodfinancialcents.com/wp-content/uploads/2019/07/MG_5503-150x150.jpg
  • Written By:
    Jeff Rose, CFP®

    Jeff Rose, CFP®

    Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance...

    Read More
  • Updated: September 1, 2021
  • 3 Min Read
  • Advertising Disclosure

    Advertising Disclosure

    GoodFinancialCents® has an advertising relationship with the companies included on this page. All of our content is based on objective analysis, and the opinions are our own. For more information, please check out our full disclaimer and complete list of partners.

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As you get older, you always seem to have more things you have to take care of.

Whether it’s the mortgage on your home, the loan on your car or your kids college, these are financial burdens that you do not want to leave behind for your spouse to take care of alone.

I know my wife would find a way to kill me again if something happened to me and I didn’t take care of her and the kids!

Term life insurance is a great and affordable way to protect your loved ones in the event that you would pass away.

Term life is the cheapest types of life insurance policies available, and is only good for a certain “term”, such as 10, 20, or 30 years.

You can read more why I purchased a $2.5 million 30 Term Policy.

If you have taken the first step and started comparing life insurance policies online for you and your spouse, you will notice that life insurance for women is cheaper. “Why is this?” you may ask. Well to understand that question we first have to figure out how life insurance premiums are determined. Here are the 10 Best Life Insurance Companies- According to Good Financial Cents, to find a quote for yourself!

Life Insurance Rates of Males vs. Females

Life insurance is priced by mortality tables. These tables will show the average life expectancy for your gender and age. If you smoke, participate in dangerous activities, or have health problems will also affect you mortality rate.

Now that we know how life insurance premiums are determined, “Why the difference between men and women?” The biggest reason that life insurance cost more for men is that men have a shorter life expectancy compared to women.

In recent studies, they have shown that women outlive men by an average of five years. This is due to a big delay, or advantage that women have over men. Women develop problems with cardiovascular disease, such as heart attack or stroke, later in life than men do. Women tend to develop these problems in their 70s and 80s, where men develop them in their 50s and 60s. This longer life expectancy helps to lower women’s life insurance premiums.

Why Does Life Insurance Cost More For Men?

Over history insurance companies have developed methods that show them if charging men and women the same how will that work with their risk. The tables they use let them know that men should be charged a higher price because of things like life expectancy and how diseases and health issues arise in men faster than in women. If you smoke, participate in dangerous activities, and deal with health issues it could lower the mortality rate. It is known that men live shorter lives than women and this plays a large part in the difference in rates. Recent studies have indicated a longer life for women by about 5 years.

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Deciding on Who Gets the Most Coverage

Deciding how much life insurance you and your spouse need can also be a troubling question. Do I get more life insurance on myself since I make more money? Does my stay at home wife really need life insurance? These can all be answered by looking asking yourself a few questions.

  • What immediate financial expenses (e.g., debt repayment, funeral expenses) would your family face upon your death?
  • How much of your salary is devoted to current expenses and future needs?
  • How long would your dependents need support if you were to die tomorrow?
  • How much money would you want to leave for special situations upon your death, such as your children’s education, gifts to charity, or an inheritance for your children?

If you are a stay at home mom, do not sell yourself short when deciding on an amount for life insurance. You may think that because your family is not dependent on your income that you don’t need as much or any life insurance. In a recent survey from Salary.com, stay-at-home moms should be charging $115,000 per year for their work. This value was derived from the duties they performed in the household, such as:

  • Housekeeper
  • Cook
  • Laundry Machine Operator
  • Chief Executive Officer (CEO)
  • Computer Operator
  • Janitor
  • Psychologist
  • Chauffeur
  • Facilities Manager
  • Day Care Teacher

Here are a few examples of life insurance quotes for men and women:

30 Year Term Life Rates Males vs. Females

30 Year Rates for Men
Age$100,000$250,000$500,000
30$147$225$385
40$204$342$620
50$403$798$1,535
30 Year Policy Rates for Women
Age$100,000$250,000$500,000
30$125$190$315
40$167$278$495
50$316$588$1,115

20 Year Term Life Quotes Males vs. Females

20 Year Rates for Men
Age$100,000$250,000$500,000
30$109$155$245
40$132$208$355
50$269$504$930
60$638$1,308$2,555
20 Year Rates for Women
Age$100,000$250,000$500,000
30$100$140$214
40$124$182$305
50$223$372$685
60$465$900$1,735

10 Year Term Life Insurance Males vs. Females

10 Year Policy$100k Face Amount$250k Face Amount$500k Face Amount
Age$100,000$250,000$500,000
30$83$115$170
40$98$140$220
50$166$280$500
60$329$702$1,345
10 Year Policy$100k Face Amount$250k Face Amount$500k Face Amount
Age$100,000$250,000$500,000
30$80$105$150
40$93$130$200
50$149$245$430
60$275$492$920
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About the Author

Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. He was a financial planner for 16+ years having founded, Alliance Wealth Management, a SEC Registered Investment Advisory firm, before selling it to focus on his passion - educating the masses on the importance of financial freedom through this blog, his podcast, and YouTube channel.


Jeff holds a Bachelors in Science in Finance and minor in Accounting from Southern Illinois University - Carbondale. In addition to his CFP® designation, he also earned the marks of AAMS® - Accredited Asset Management Specialist - and CRPC® - Chartered Retirement Planning Counselor.

While a practicing financial advisor, Jeff was named to Investopedia's distinguished list of Top 100 advisors (as high as #6) multiple times and CNBC's Digital Advisory Council.

Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.

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6 Comments

  1. Tom S August 13, 2012

    Any advice on getting lower premiums for variable term given this post?

    Reply
  2. Dan S July 18, 2012

    Male or female, Term Life can really help out your family in tough times.

    Reply
  3. [email protected] July 6, 2012

    Just curious what you think is the better option–stacking two 20 year policies (meaning, buy one for say $500k and 20 years and then 10 years later buying another for $500k for 20 years) essentially giving 30 years coverage, or buying one 30 year policy?

    Reply
    • Jeff Rose July 16, 2012

      @ Melissa For simplicity purposes, I would suggest to buy one 30 year term policy.

      Reply
  4. [email protected]&More July 5, 2012

    It makes sense but stinks as a male. I take it the rate examples you used are yearly rates?

    Reply
    • Jeff Rose July 5, 2012

      @ Lance

      Yes, should have made that clearer. The premiums do reflect annual premium amounts on the various term policies.

      Reply

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