MiWayLife is shattering the Pink Tax mould by offering significantly cheaper life insurance premiums to women – there’s no special offer you need to redeem, our life cover is just much more affordable for the fairer sex.
MiWayLife’s life cover is, on average, more than 30% cheaper for women than for men. Why is this? Life insurance premiums are based on each person’s potential risk and statistically men are a higher risk than women as a group. There are a few factors that contribute to women being a ‘safer bet’ for life insurers than men.
The major deciding factor is that women tend to live longer than men by around five years, according to the World Health Organisation. It is the reasons for their shorter lifespans that generally make men more expensive to insure. Typically, it is men who are firefighters, police officers, pilots, miners, construction workers and so on. These riskier jobs make men as an overall group come with a higher proportion of deaths in the workplace. In terms of lifestyle habits, it’s also men who are involved in risky behaviours. This could include smoking or binge drinking, as well as speeding or committing other driving offences – backed up by the fact that more men are involved in fatal motor vehicle accidents than women. Men are also predisposed to more serious illnesses such as heart disease, hypertension, and even mental health problems such as depression and suicide.
As you can see, the reasons for men’s life cover costing more are range from societal pressures through to risk-taking, but the upshot is that this means that women are less risky to insure. So next time the men in your life raise their eyebrows at the money you’ve spent on shoes or a girls’ night out, you can argue that you’re saving money on life insurance!