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Life insurance discount offerings approved for Bay State companyPosted On Mon, July 26, 2010
Massachusetts-based Savings Bank Life Insurance company scored a huge win this month.
Up until now, the company was not allowed to provide discounted life insurance policies based on gender. However, Governor Deval Patrick signed bill H.R. 889 lifting the restriction, reports Springfield newspaper the Republican.
The insurance company is one of the few that was forced to abide by such a rule. Linda Lankowski of the American Academy of Actuaries told the Republican that Montana is one few other states that bans pricing variations based on gender.
Many life insurance companies charge women lower rates because they tend to live longer lives than men.
Without being able to offer lower life insurance rates to women, the company could not be competitive with those who can, reports the paper.
Factors such as health and the length of a policy also determine rates. People looking to lower their life insurance rates should consider taking measures to stay in good health and get regular exercise. Individuals who engage in smoking, for example, are likely to pay more for life insurance because the habit puts them at an increased risk of an early death.
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