After some noodling with 30 year term policies for 50-year olds fitting my wife and my descriptions, the Coyote think tank has unearthed this devastating chart:
This is based on quotes for $1,000,000 in term insurance on a 30-year policy as quoted at Quickquote.com for a fifty-year-old man and woman (male: $2990, female $2020 or 48% more expensive for men).
What is your reaction to this? If it is something like, "no sh*t, women live longer so their insurance is going to be cheaper," then you are a normal rational human being that understands that more expensive risks require higher premiums.
But the Obama administration does not see things this way at all. More expensive premiums for more expensive risks are used by the administration to demagogue to favored constituency groups that they are somehow being hosed and only Obama can protect them. I mean, why else would the Administration release this chart:
Just a few weeks ago a grad student from Georgetown became famous for talking about all the expensive and special needs that women have that need to be covered in health insurance. So of course their insurance is more expensive.
Here is a perfectly accurate way to re-label this chart
So here is the Obama algorithm. If men are more expensive to insure, men should pay the difference. If women are more expensive to insure, men should pay the difference.