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 form of life insurance, and is only good for a certain 'term', such as 10, 20, or 30 years.
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.
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.
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.
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 policies for men and women:
30 Year Term Life Rates Males vs. Females
20 Year Term Life Quotes Males vs. Females
10 Year Term Life Insurance Males vs. Females
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