For Women’s History Month, the women at Bestow reviewed our proprietary data to understand women’s purchasing behaviors relative to men and how we’re meeting the needs of female life insurance buyers looking to help protect their loved ones financially. These findings are based on all-time policyholders at Bestow, as of March 2021.

About this data
Bestow is committed to making life insurance accessible to everyone, which is why we create life insurance products and buying experiences that can help make financially protecting your loved ones approachable, affordable and ridiculously easy.

There are some figures Bestow is really proud to share, including that nearly 85% of our customers are new to life insurance and that our policyholders are about 50/50 male and female. In an industry that has traditionally better served the affluent and men specifically, this is a big deal.

Key insights
Despite being paid less, women know their value.
While male policyholders earn 63% more than female policyholders, they buy nearly the same coverage amount at Bestow. Women purchase term life insurance policies that are 10x their annual income with a median coverage amount of $450,000. Men buy policies that are 7x their salary ($500,000).

Women, especially in their 30s, are motivated life insurance buyers.
Women in their 30s are most likely to buy a policy at Bestow, with a 10.5% higher purchase rate than men in the same age group.

Additionally, women in their 30s buy coverage 12 times their income, while men are closer to 7 times. Both men and women in their 30s purchased about $500,000 in coverage despite women having a median income that is $25,200 less.

Women life insurance buyers are more likely to work as a stay-at-home parent.
Of Bestow policyholders, women are 81% more likely to list their occupation as a stay-at-home parent (6%).

Life insurance is more affordable for women, especially at Bestow.
Women pay 57% less for life insurance at Bestow. Women’s median life insurance premium is $33.60 — for men, it’s $52.70.

Additionally, according to The Policygenius Life insurance Price Index, the average monthly price for a 20-year, $1 million term life insurance policy for a non-smoking, 35-year-old woman with a preferred health classification is $44.32 per month. That same policy purchased through Bestow could cost only $33.50 per month.

Women policyholders at Bestow
Average age: 38
Median income: $44,000
48% of Bestow’s total policyholders
Median coverage amount purchased: $450,000
Median monthly premium: $33.60
84% are first-time life insurance buyers

Male policyholders at Bestow
Average age: 39
Median income: $70,000
52% of Bestow’s total policyholders
Median coverage amount purchased: $500,000
Median monthly premium: $52.70
82% are first-time life insurance buyers

“Let’s face it, the busiest people on Earth are women — often balancing work, kids, pets, friends, self-care, everything. The traditional life insurance process that takes weeks of paperwork and a trip to the doctor’s office doesn’t work for them,” said Tannen Campbell, Chief Marketing Officer at Bestow. “That’s exactly why we built an all-digital life insurance solution that enables women to apply for affordable coverage in as little as five minutes. We created Bestow to help make life insurance accessible to everyone, and we’re so happy our experience is resonating with women who want convenient financial protection for their loved ones.”

Data methodology: this data is based on all-time customers at Bestow and was analyzed in March 2021.

 

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