A life insurance company takes several factors into account when determining your monthly premium amount. The reason for this is because they are looking for ways to make the policies more personal. Some of these factors include:
- gender ⚥
- age 👴👵
- health 🏥
- lifestyle 🚬
- family history 👪
Simply put, the company considers how likely you are to die and works out a premium.
What should your outlook on this be? As a consumer, you have every right to make sure you’re being charged a fair and affordable premium on your policy. A good way to ensure this is by finding out what factors were considered when deciding your premium rates. It’s important to do your research and find the best fit for you.
Types of life insurance
There are mainly two types of life insurance policies.
- Term life insurance
- Whole of life insurance
The difference between the two is the duration of premium payments. Term life insurance payments are due if you pass away within the specified term, whereas whole of life policies payout when you pass away, no matter when that is.
So which one should you choose? There are pros and cons to each, but we currently only offer term life cover. Read on to get a better understanding of how gender affects most insurers and most policies (but not us!)
So, how does gender fit into this?
How does gender affect life insurance rates?
Generally, it does not affect the rate in a good way. 🙅 Gender is largely thought to be the second most important factor in deciding life insurance premiums. On average, women tend to live around four to five years longer than men. This spikes up men’s insurance rates in many cases. Other generalisations such as lifestyle differences (such as men tend to binge 🍕and drink 🍺 more) are often cited as reasons for this. We at Bequest are well aware of this discriminatory practice and do not take part in it.
Gender can also prove to be an identity issue for many customers and we believe that any policy based on broad generalisations like these can be harmful to our customers. That is why we at Bequest make sure your gender never plays a role in deciding your policy premiums. We’re making changes to the life insurance sector.
We decide on a premium in an extremely transparent manner and we are pushing the boundaries on what is considered to be ‘normal practice’. We treat them as individual customers who deserve a custom-priced insurance policy that aims to help them look after their families.
We have also done away with other invasive industry practices like in-person medical exams. We believe your gender and mental health should not stop you from purchasing an affordable life insurance policy that secures your loved ones future. 👪 A 21st-century insurance policy should be inclusive enough to ensure every client has access to timely and affordable financial assistance.
Want to learn more about life insurance? 🤔
Purchasing a suitable life insurance policy is a crucial step towards ensuring your loved ones’ financial security. The large number of policies available can be difficult to sort through, and we recommend researching your options before settling on a policy that you think is right for you. Please ensure that you are being charged fair premiums and not influenced by any inherent industry biases!
Our Life Insurance FAQs provide a brief look at how Bequest Life works, so take a look!