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I have a newsflash for you fellas – you are not Superman.
Even more reason why life insurance for men is very important.
If someone would suffer financially if you died, you most likely need life insurance.
Being able to protect your family financially is a great peace of mind if something were to happen to you.
This post will take a closer look at the term life insurance rates for men and reinforce why you need to buy life insurance today.
Why does life insurance cost more for men?
Life insurance is mainly 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, this will also affect you mortality rate. The biggest reason that life insurance cost more for men is that men have a shorter life expectancy compared to women. Recent studies 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. Women tend to develop these problems in their 70s and 80s, where men develop them in their 50s and 60s.
What can affect the premium I pay for insurance?
Smoking is one habit that will cost you big. Studies show that smokers are more likely to die from health conditions caused by smoking. Because the chances of dying from smoking-related causes is so prevalent, life insurance companies charger higher rates to compensate them for the added risk of extending a policy. Insurance companies also take in to consideration how much you smoke. Someone that only smokes two or three times a day is likely to pay a lower premium than someone who smokes multiple packs a day.
Note: Are you a smoker? Here’s some information on life insurance rates for smokers.
Your mental health is considered a big part of your overall health. Not all types of mental illness are considered a risk. Insurance companies want to make sure that you are taking care of the problem. Insurance companies are generally most concerned if your condition will affect your life expectancy and make you a high death risk. Some depressions are viewed as a risk factor, because they have a higher risk for suicide.
Your driving record not only affects your auto insurance premiums but also you life insurance premiums. This may come as a shock that your life insurance premiums are affected by this, but if you have been caught speeding on multiple occasions within a certain time frame, you will be considered a habitually risky driver.
Dangerous hobbies and activities will also affect how big of a check you right to the insurance company. Extreme sports may be a way of life for thrill seekers, but they can also increase the rates you pay for insurance. Some companies may exclude you all together if they see that you are too much of a risk. There are also other companies that will exclude payment if you die while participating in these activities.
Here are a few of the activities that could affect your premium:
- Sky Diving
- Base Jumping
- Aviation
- Bungee Jumping
- Hang Gliding
- Rock Climbing
- Scuba Diving
If you don’t participate in any of these activities now or have plans to do so, there is no consequence if something were to happen to you if you decided to participate in one of these activities.
Term Insurance is the most affordable type of life insurance.
Like its name states, term insurance is good for a certain time period, whether it be 10, 20, or 30 years. Term insurance does not generate cash values, and you cannot borrow against the policy. These policies are a great way to protect your family during times in your life where you have outstanding debt, such as a mortgage or kids college tuition to pay for. These are financial burdens that you would not want to leave behind if you were to “kick the bucket”.
Here are some examples of term life insurance quotes for healthy, non-smoking males. Note that these rates are annual premiums.
10 Year Term Policy for Men
| 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 |
20 Year Term Policy for Men
| 20 Year Policy | |||
|---|---|---|---|
| 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 |
30 Year Term Policy For Men
| 30 Year Policy | |||
|---|---|---|---|
| Age | $100,000 | $250,000 | $500,000 |
| 30 | $147 | $225 | $385 |
| 40 | $204 | $342 | $620 |
| 50 | $403 | $798 | $1,535 |
Term Insurance For Men Recap
Hopefully by now you’ve realized by now that more than just kryptonite can you take you down. As the “man of the household” take care of your family and get a cheap term life insurance policy today.
This article: Term Life Insurance Rates for Men is written by Jeff Rose CFP on his blog about