Average Life Insurance Rates for Women Under 60

Sample Term Life Premiums for Females Ages 20 to 59

Oct 24, 2009 Daniel Workman

The average annual premium that 20 year old females pay for 30-year term life insurance is 5 times less expensive than quoted rates for women age 55.

Women have longer life expectancies than men and therefore pay lower life insurance premiums but over a longer period of time.

For this brief review, Term4Sale’s online calculator was used to compare term life insurance rates quoted to women under age 60 living in New York City. A $100,000 term life policy was chosen to benchmark a number that will be easy to compare with rate quotes from insurance providers in other locations. Female applicants were assumed to be in average health, with no pre-existing medical conditions.

Average Female Insurance Rates at Age 20

For 20-year-old women, the overall lowest annual premium was $105 for 10-year term life insurance. That quote on the Compulife system was from the Household Life Insurance Company. First Central National Life of New York provided the second-lowest premium rate at $109 per $100,000 of term life coverage.

Term insurance premiums can increase significantly at the end of any 5 or 10-year term. Therefore, the most cost-effective annual rate over the long term is the $132 annual premium that First Central National Life of New York bills 20-year-old women for a 30-year term life policy.

Below are the average yearly rates quoted for 20-year-old women in average health.

  1. Average annual premium for 5 year term … US$125 per $100,000
  2. Average annual premium for 10 year term … $116
  3. Average annual premium for 15 year term … $154
  4. Average annual premium for 20 year term … $166
  5. Average annual premium for 25 year term … $216
  6. Average annual premium for 30 year term … $187

The above female rates are from 14.8% to 23.5% lower than the rates that 20-year-old men pay for the policy durations shown.

Average Female Insurance Rates at Age 30

The following rates for 30-year-old women are from 8.6% to 21.3% lower than the rates that 30-year-old men pay for similar policy durations.

Below are average term life insurance rates for New York females at age 30.

  1. Average annual premium for 5 year term … US$135
  2. Average annual premium for 10 year term … $124
  3. Average annual premium for 15 year term … $142
  4. Average annual premium for 20 year term … $148
  5. Average annual premium for 25 year term … $189
  6. Average annual premium for 30 year term … $210

Average Female Insurance Rates at Age 40

The following rates for 40-year-old women are from 10.8% to 27.6% lower than the rates that 40-year-old men pay for similar policy durations.

Below are average term life insurance rates for New York females at age 40.

  1. Average annual premium for 5 year term … US$176
  2. Average annual premium for 10 year term … $150
  3. Average annual premium for 15 year term … $186
  4. Average annual premium for 20 year term … $204
  5. Average annual premium for 25 year term … $279
  6. Average annual premium for 30 year term … $301

Average Female Insurance Rates at Age 50

The average annual insurance rates under a $100,000 term life policy for 50-year-old women are at least twice as expensive as the premiums quoted for female applicants age 20. For policies with the longer 30-year term, average rates at age 50 are more than 3 times higher than typical term life premiums for 20 year olds.

The following rates for 50-year-old women are from 29.2% to 36.5% lower than the rates that 50-year-old men pay for similar policy durations.

Below are average term life insurance rates for New York females who reach age 50.

  1. Average annual premium for 5 year term … US$272
  2. Average annual premium for 10 year term … $240
  3. Average annual premium for 15 year term … $317
  4. Average annual premium for 20 year term … $358
  5. Average annual premium for 25 year term … $559
  6. Average annual premium for 30 year term … $604

Average Female Insurance Rates at Age 55

The cost of term insurance rises even more dramatically when women attain age 55. The average insurance rates for a $100,000 term life policy for 55 year olds cost roughly 3 times more than the average premiums charged to women age 20. The average 30-year term life premium below is about 5 times more expensive than a comparable term policy sold to 20 year old women.

The following rates for 55-year-old women are from 32.7% to 49.1% lower than the rates that 55-year-old men pay for similar policy durations.

Below are average term life insurance rates for New York females at age 55.

  1. Average annual premium for 5 year term … US$343
  2. Average annual premium for 10 year term … $320
  3. Average annual premium for 15 year term … $429
  4. Average annual premium for 20 year term … $514
  5. Average annual premium for 25 year term … $848
  6. Average annual premium for 30 year term … $984

Findings from Review of Women Term Life Rates

From ages 20 to 55, average life insurance premiums are lowest over the short term for 10-year term policies.

The 30-year-term life insurance quoted to 20-year-old women appears to be the most cost-effective for longer term insurance needs. With annual premiums as low as $132 per $100,000 of coverage, women can lock in a competitive rate effective until their 50th birthday.

Overall, women enjoy lower average premiums than men at each of the age categories in this study. Premium cost advantages over men range from 8% to 49.1%.

The greatest cost savings for females are at age 55. That is when the average premium rates for a 5-year term life insurance policy from New York Life Insurance Company or Massachusetts Mutual Life is 49.1% less than the average charge for similar 5-year term coverage issued to a man age 55.

See also Average Life Insurance Rates for Men under 60.

The copyright of the article Average Life Insurance Rates for Women Under 60 in Insurance is owned by Daniel Workman. Permission to republish Average Life Insurance Rates for Women Under 60 in print or online must be granted by the author in writing.
Lowest Life Insurance Rates for Women Age 20, manitou2121 (Flickr) Lowest Life Insurance Rates for Women Age 20
Female Term Life Insurance Rate Calculator, striatic (Flickr) Female Term Life Insurance Rate Calculator
Average Life Insurance Rates for Females Age 30, Rob & Jules (Flickr) Average Life Insurance Rates for Females Age 30
Term Insurance Rates for Women Age 40, rypmar7 (Flickr) Term Insurance Rates for Women Age 40
51-Year-Old was Madonna Born on August 16, 1958, david shankbone (Flickr) 51-Year-Old was Madonna Born on August 16, 1958