Men pay more for life insurance because they don’t shop around
New research revealed this week by leading web comparison site, confused.com revealed that men pay around 25% more for their life insurance than women of the same age and health, something that will come to an end in November when the new EU sexual equality rules kick in.
Whilst part of the difference can be blamed on the fact life insurance costs more for men, another part of the difference can be put firmly at the feet of the fact that one in four men surveyed reveal they never bother to shop around, just paying for the first product they come across.
The website pointed to the standard male complaint regarding the length of time women spent shopping, but noted that men could learn a thing or two if they want to save themselves money.
Head of life insurance for the firm, Matthew Lloyd pointed out, “Men complain that women take too long shopping, but men need to learn from women if they want to get the best deals – on life insurance, but also day to day items too”
It’s not just life insurance that men fail to shop around for either, with only 19% of men shopping around for the best prices when buying Christmas presents, compared to nearly 40% of women.
78% of men were happy to buy clothes without trying them on, whilst just 25% of women admitted to doing the same and when shopping for an outfit 50% of men took less than an hour, whilst 78% of women admitted to taking up to five hours to find the perfect clothes.
One of the biggest problem men face is their habit of levitating towards their favourite shop and brands they know. 42% of men do their shopping in one shop, preferring what is familiar than searching around for a bargain.
Doing the same with life insurance can end up costing them a small fortune, as their favourite insurer may be thousands of pounds more expensive over the life of the policy. One quick search with Life Insure can allow men to search around, and to get their shopping done quickly, as we let you search all the leading life insurance providers in one quick search.
Matthew Lloyd added, “Men are happy to spend the time shopping around for lifestyle purchases they perceive as important, such as a car or television, but comparing life insurance quotes doesn’t seem worth the effort for many. However, they could be saving money by doing so.”