U.S. men may be buying more life insurance coverage per dollar of income than comparable women do.
Haven Life, a term life sales arm of Massachusetts Mutual Life Insurance Company, has published data raising that possibility in a summary of results from an online survey of 385 consumers ages 18 to 55.
All of the survey participants had children under the age of 18, meaning that they had an obvious reason to own life insurance. Most of the participants agreed that stay-at-home parents need life insurance.
But Haven Life found that the male participants had an average annual income of $72,482 and $423,102 in life insurance, meaning that they had about $5.80 in life insurance per dollar of annual income.
The female participants had an average annual income of $52,484, an average of $231,342 in life insurance, and just $4.40 in life insurance per dollar of annual income.