Men pay around a third more
Life insurance can cost male policyholders dearly. According to comparisons, they pay around a third more than women with the same age and marital status. Insurance companies justify this with a higher risk of death for men, who are known to have a lower life expectancy. The insurance providers act differently here, however, many want to position themselves equally towards men and women and do not adjust the premiums to gender-specific risks. In general, however, more women can be attracted by a low insurance premium, because they often compare in more detail than men.
Smokers also have to pay more
The difference becomes even clearer when the premiums for smokers and non-smokers are compared. It is also true for smokers that they have a significantly higher risk of death than non-smokers. At the same time, they may be unable to work due to lung cancer, for example, and no longer be able to pay the life insurance premiums. Insurers prevent this with higher premiums and thus protect themselves against the risk of payment default. Ultimately, smokers have to pay around 80 percent more premiums than non-smokers. Here there is also the difference between the sexes: men who smoke have to pay up to 80 percent more than non-smokers, while women who smoke pay around 60 percent more than non-smokers.
Big differences in insurance
The providers of term life insurance are very different and the premiums are sometimes up to 100 percent higher than with the cheapest providers, assuming the same conditions. Differences can exist simply because of age and weight, because related questions must be answered before the contract is concluded. It is noticeable that the life insurances, in which the sum insured decreases in the course of the contract period, are cheaper. Such insurance can be taken out, for example, when a building loan is taken out. The term life insurance secures the loan. This is repaid regularly, so the sum insured can also decrease to the same extent. However, an insurance with a constant sum is more than half to almost 90 percent more expensive compared to the insurance industry with a decreasing sum insured.
Conclusion: Only take out term life insurance after a comprehensive comparison
There is hardly any other insurance that needs to be compared as closely as term life insurance in order to ensure the lowest possible premiums. A young, healthy policyholder who does not smoke, is not overweight and takes out insurance with a decreasing sum insured will therefore be offered the best conditions. It is important to check the insurance contract carefully before signing it so that it really offers the desired protection for the bereaved. In addition, nothing should be insured unnecessarily, because each component also costs more money.
