Universal Life Insurance for Women

Universal life insurance rates for women differ from those of men because females tend to live much longer. According to Statistics Canada, women actually live 4.7 years longer than men, which is why universal life rates are less for females than they are for males.

Universal Life policies separate  the investment component from the insurance element of a Permanent life insurance policy. They have flexible premiums and can have a level or an increasing death benefit.

Guaranteed Issue Life Insurance for Women

Guaranteed issue life insurance policies
have no medical test
and no health questions.

The premiums for guaranteed issue life insurance policies are lower for females. The rationale being that females live longer than males. After all, Statistics Canada reports that life expectancy at birth has reached just over 81 for women and just over 78 for men. For those over age 65, life expectancy has reached just over 83 for men and a little over 86 for women.

The other type of no medical life insurance policies for women is simplified issue coverage. Simplified issue policies also have no medical tests. But, unlike guaranteed issue policies, they generally have three to 12 health questions.

Women and Life Insurance: Interesting Facts

It should be no surprise to anyone that women live an average of five years longer than men, but it may surprise people that only 40 per cent of women have ever breached the topic of life insurance with their partners.

This is according to The Toronto Star's Moneyville Blog and a survey from TD Insurance. Thankfully, more women are at least buying life insurance today. According to a study conducted by Nielsen in 2010, women accounted for 10 to 15 policies out of every 100 sold — and that was only a few years ago.

Now that number has jumped to between 25 to 30. In fact, women comprise 15 per cent of all life insurance policies in the country. Even their intention to buy insurance is higher than that of men, outstripping the male gender by 25 to 19 per cent.

One reason for this is that more and more women are joining the workforce, becoming financially productive and in some cases even becoming the primary breadwinners in their families.