Men’s life insurance rates are generally higher than women’s, but other factors are more likely to influence how much you pay for your policy.
When you apply for life insurance, how much you pay depends on how risky the insurer thinks it is to insure you — i.e. how likely you are to die while your coverage is active. Because men have a shorter life expectancy than women, [1] they usually receive higher life insurance rates. In fact, women pay on average 24% less for life insurance than men.
However, gender is just one factor insurers evaluate. Typically, your medical history and lifestyle choices have a much bigger impact on how much you pay for coverage.
Why does gender affect your life insurance?
Insurance companies use actuarial tables to assess insurance risk and assign your rates. Actuarial tables are a tool that determine someone’s chances of dying based on historical data.
Historically, actuarial tables show that men usually die earlier than women. [2] [3]
More recent research suggests life expectancy by gender may be more nuanced, but there isn’t currently enough data to change existing insurer guidelines. [4]
Male vs. female life insurance rates
The table below shows average monthly life insurance rates by age and coverage amount for a male and female with the same basic health and lifestyle backgrounds.
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
---|---|---|---|---|
20 | Female | $15.01 | $22.65 | $33.63 |
Male | $19.18 | $30.20 | $47.51 | |
30 | Female | $15.17 | $22.98 | $36.90 |
Male | $18.19 | $29.32 | $48.89 | |
40 | Female | $21.66 | $35.27 | $60.65 |
Male | $25.39 | $42.94 | $75.24 | |
50 | Female | $43.92 | $78.29 | $139.50 |
Male | $56.69 | $102.50 | $188.29 | |
60 | Female | $107.83 | $194.16 | $354.51 |
Male | $149.38 | $268.04 | $499.98 |
Learn more >> Life insurance rates for different ages and policy types
Life insurance rates for transgender or nonbinary applicants
Being transgender, nonbinary, or genderqueer may affect your application experience, but it shouldn’t have a noticeable impact on how much you pay. An insurer can’t increase your rates or deny you coverage due to your gender identity or hormone medications.
If you have gender confirmation surgery scheduled, insurers may postpone your application until after the surgery is complete — which is consistent with how insurers treat other major medical procedures.
While policy premiums won’t change on the basis of gender identity, hormonal treatments and mental illness diagnoses such as depression — a prominent medical diagnosis among transgender people — will be factored into your rates the same way they would be for cisgender applicants. [5]
Life insurance and gender identity
Unfortunately, most insurers don’t currently offer a gender-neutral option on their life insurance application. Some life insurance companies will evaluate you based on your true gender, but others may evaluate you based on the gender you were assigned at birth.
A Policygenius agent can help you find an insurer that can handle your application with sensitivity and flexibility.
Learn more >> How to apply for life insurance as a transgender person
What factors can affect the cost of life insurance for women?
Gender-specific conditions such as ovarian or breast cancer, pregnancy, and hormonal conditions can impact women’s health profile and overall insurance risk — which then impacts how much you pay for life insurance.
Learn more >> Life insurance for women
What factors can affect the cost of life insurance for men?
Gender-specific conditions can also impact men’s life insurance rates — for example, prostate or testicular cancer. Prostate cancer in particular is the second most common cancer among men in the U.S. [6]
Statistically, men are also less likely to go to the doctor than women, which insurers also view as a health risk. [7]
Other factors that impact your life insurance rates
Gender is just one factor that impacts your life insurance rates. No matter your gender identity, comparing policies will give you the best chance of finding the coverage you need at the best possible price.
Other factors that affect how much you pay include:
Age: The older you are when you apply, the higher your rates.
Family medical history: Conditions that can be inherited, like cancer, increase your insurance risk from a health perspective.
Health history: Pre-existing conditions and their treatment history factor into your overall health profile. If you have high-risk health conditions, you’ll pay more for your coverage.
Lifestyle risks: You’ll also pay more if you have habits with known health effects, like smoking. Smokers pay two to three times more than non-smokers for the same life insurance coverage, on average.
Policy benefits: The longer your policy lasts or the higher your payout is, the more you’ll pay for your coverage.
Risky activities: Hobbies or jobs that put you at bodily risk, like professional scuba diving, often lead to higher rates.