Car Insurance in Oklahoma

Reader’s Question:

I am shopping for my insurance online and I have noticed I am asked for my gender and age in application forms. How can that affect my life insurance premiums in Oklahoma?

Dean

Lawton, OK

 

Hi there, Dean. Do you believe that women live longer than men? Well, if you don’t, then you better now because life insurance companies believe so. Statistics show that women live about 3-6 years longer than. When life insurance companies compute your premiums, they have their own mortality tables. By using these tables, life insurance companies use the male rate less 4 years when calculating life insurance rates for a female applicant.

Younger people are expected to live longer than older ones. Precisely the reason why insurance companies offer very low premium rates for babies age zero. Age can predetermine life expectancy. The longer you live, the longer time your life insurance company has to earn from your premiums through other investments. Thus, age is material to a cheap life insurance policy in Oklahoma.

So does this mean that given all the conditions are the same for two life insurance policy applicants, including age, medical conditions, and occupation, does it mean that the female will get a cheaper life insurance premium than the male?

Technically, yes. However, the benchmark differs from one insurance company to another in Oklahoma. So since age and gender are 2 things which are out of your control, just take note of other factors that can give you cheap life insurance policy premiums such as smoking and activities that you do, including your occupation.