Comparing Life Insurance Rates for Men with Rates for Women

Posted on July 16, 2009 and updated December 4, 2010 in Life Insurance Canada News, Life Insurance for Women 2 min read

All things being equal, insurance rates for women are much less than they are for men.

The reason for this is the average woman in Canada lives to age 82, while the average man lives to age 77, according to Statistics Canada.

Other variables, beyond age, that impact price include, the applicant’s health, smoking status and lifestyle or occupation risks.

The chart below indicates the difference between insurance rates for men and women under a variety of plans from the leading insurance companies in Canada (plan definitions follow the chart):

40-year-old male, non-smoker @ $500,000

Equitable Life:          $35.55/month – Term 10 @ $500,000

                                $52.55/month – Term 20 @ $500,000

Industrial Alliance: $114.75/month – Term 30 @ $500,000

Assumption Life: $230/month – Universal Life Term 100 @ $500,000

Manulife:    $391.84/month – 20 pay insurance @ $500,000

 

40-year-old female, non-smoker @ $500,000

Equitable Life:        $25.65/month – Term 10 @ $500,000

                              $43.55/month – Term 20 @ $500,000

Industrial Alliance: $83.20/month – Term 30 @ $500,000

BMO Insurance: $182.83/month-Universal Life Term 100 @ $500,000

Manulife:            $323.86 – 20 pay insurance @ $500,000

 

Term 10 premiums are level for ten years

Term 20 premiums are level for twenty years

Term 30 premiums are level for thirty years

Universal Life Term 100 premiums are level and payable for life

20 pay insurance premiums are level and payable after 20 years. The insured is then covered for his/her lifetime with no further payments.

You can get your own personalized quote by visiting our free Instant Quote Page, or contact us at 1.866.899.4849 for more details.

avatar
LSM Insurance
LSM Insurance

Thanks for the note. Yes we have Permanent plans that would remain for the insured’s lifetime and not expire at 85. Depending on the plan there may be medical tests and medical questions. We do offer also offer No Medical Life Insurance plans Guaranteed Issue (no medical tests and no health questions and Simplified Issue plans no medical tests and a limited number of health questions. These plans have higher premiums than traditional life insurance plans.

We will send you a separate email now.

Dani
Dani

Hello, I am looking for insurance rates for my 70 yr old dad. Good health, non smoker. Not sure how much to insure for as I have no idea on rates for this age group. Also,if my dad lives past 85yrs, do you still offer covereage? Thanks. And, if we decide to go ahead & get coverage, I assume there would be some sort of medical questionaire? Thanks.

LSM Insurance
LSM Insurance

Thanks for the note Margaret. The premiums will depend on your smoking status, health, type of plan and death benefit. We will send you a separate email now.

margaret
margaret

I am a .. year old teacher, sinle in good kealth/ In fact I swim at the Y every day . I am … and weight … pounds. I own my own home and ahve afair pension. I would hop to live to 85 yrs old as there is great longgevity on both my parents sides. I do not smoke and do not drink alcohol. I would like a policy to leave my estate in the event of death. Submit varios quote from 10,000 t0 100,000.

LSM Insurance
LSM Insurance

Thanks for the note. The premiums will depend on your age, smoking status and type of plan.

We will send you a separate email now.

Mary
Mary

I am looking for a insurace policy that will help me with funeral expenses and leave some to my four children I am single person ,living alone . I have my own house. Also I am a diabetic but under control.Please send some advice. I have no idea what to look for.

LSM Insurance
LSM Insurance

Thanks Rochelle – the rates will depend on your smoking status and the type of plan. We will send you a separate email now.

Rochelle
Rochelle

I would like information for Life Insurance without a medical check up. I am 70 years old in good health and would like a price for $100,000.00 and options.

LSM Insurance
LSM Insurance

Hi Raj,

Thanks for the note – we insure people 85 and under so we should be able to help.

The premiums will depend on your mother’s smoking status, the type of plan and the death benefit. Regards,

raj
raj

hi mother is 80 years of age and im hoping you can
help me for some life insurance.

LSM Insurance
LSM Insurance

Thanks Debby. The rates will depend on your mothers health and smoking status. We work with carriers who insure people 85 and under. We’ll send you a separate email now.

Debby
Debby

My mother is 83 and is looking for some life insurance – not a large amount. Can you help?

LSM Insurance
LSM Insurance

Hi Claudette,

We happy to help out with a quote. I will email you now. Thanks!

claudettebrunet
claudettebrunet

i want to know how much would it cost for life anssuranceme woman 63yr old my son patrick 37yrold other son 33yr oldhow much everymonth i will have to give
we don;t have life anssurance i live in canada new brunswick grand fall new brrunswick can i have one here

LSM Insurance
LSM Insurance

Hi Orville,

Thanks for the note. I will send you an email now. Regards …

Orville
Orville

I am looking for a 50.000 dollar life insurance policy. I am 82 and turn 83 on November 7th,2009
it would be a short term policy about 5 years and want to know what my premiums would be thank you. Please send the quote to my email address …[email protected]