The U.S. leads the pack in the percentage of older adults who have trouble paying their medical bills.
SAN FRANCISCO, July 24, 2014 /PRNewswire/ --Men pay an average of 38% more than women for the exact same life insurance policy, according to a new insuranceQuotes.com report. The gap grows with age: for example, 25-year-old men pay 25% more than 25-year-old women for the same policy. At age 45, men pay 32% more than women, and at age 65, the gap grows to 40%.
On average, smokers pay more than three times as much as non-smokers for the same policy (235%). Case in point: a non-smoking 45-year-old female pays $45 per month for $500,000 of 20-year level-term coverage and a 45-year-old female smoker pays $167 per month. Over the course of a full year, the smoker pays $1,462 more than the non-smoker.
Age is another key factor: 35-year-olds pay 27% more than 25-year-olds for the same coverage. The gap grows over time: 45-year-olds pay more than twice as much as 35-year-olds (120% more). The increases get even steeper after that.
"You can save a lot of money by getting life insurance while you're young," said Laura Adams, senior analyst, insuranceQuotes.com. "By locking in a level-term policy in your twenties or early thirties, you will benefit from much lower rates while protecting your loved ones for decades to come."
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insuranceQuotes.com commissioned Ratefilings.com to gather life insurance premium information. Ratefilings.com used term4sale.com to collect 20-year term life insurance rates for males and females at ages 25, 35, 45, 55 and 65. Rates reflect a $500,000 policy and include both smokers and non-smokers. The data covers the top 25 carriers nationwide, which represents 70% of the market.
insuranceQuotes.com provides consumers with a free, easy way to shop for and compare insurance quotes online, and delivers information about auto, home, health and life insurance and other types of insurance.
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insuranceQuotes.com is part of Bankrate Insurance. Other Bankrate Insurance companies include NetQuote.com and InsureMe.com.
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Publicist, Bankrate, Inc.