Question:

Do females have higher or lower rates for life insurance in Chicago?

Lily,

Chicago, Illinois

Answer:

Insurance companies do offer lower rates to women, that is, in most instances, women do usually have lower life insurance premiums than men

The reason for the lower premiums is that statistics indicate that women tend to live longer than men. As a result, the probability of having to pay a death claim is lower for women at each age.

Therefore, insurance companies charge women a lower premium than they must charge men for the same amount of life insurance protection.