Average annual insurance premiums for young men in their twenties are at least five times cheaper than comparable term life insurance rates for male applicants age 60 and over. Just because term life insurance costs less in the earlier years of life does not mean that consumers should stop shopping for the most economical premiums at their attained ages.
Women have longer life expectancies than men and therefore pay lower life insurance premiums but over a longer period of time.
For this brief review, we compared term life insurance rates quoted to women under age 60 living in New York City. A $100,000 term life policy was chosen to benchmark a number that will be easy to compare with rate quotes from insurance providers in other locations. Female applicants were assumed to be in average health, with no pre-existing medical conditions.