Summary |
Insurance companies have recognized the need to design policies specifically for women. When it comes to life insurance, we definitely have one up on our male counterparts. Statistics show that, on average, a woman will live around five years longer than a man. Because of this, insurance companies will charge women lower premiums. The usual practice is to say that women pay premiums quoted for men who are four or five years older. Most insurance companies still quote premiums for men only in their tables, and only give a footnote explaining that women should simply deduct five years from the male age group given to find out how much they will have to pay. However, there is a growing trend for companies to quote rates for women as well, in recognition of the fact that more and more women look after the family finances.
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