Monthly insurance premiums are 70,000 won higher for women in their 60s, though they were similar in their 20s

[Financial News] The gap between men’s and women’s insurance premiums, which was negligible in their 20s, widens with age. Women in their 50s and 60s in particular pay more than 60,000 won more per month than men and hold at least one additional policy. This is seen as reflecting a greater emphasis on health coverage to prepare for women-specific diseases and medical expenses in later life.
On the 6th, fintech company Habit Factory said an analysis of a random sample of 10,000 users who accessed its Signal Planner app found that women in their 60s paid an average monthly premium of 428,179 won for protection-type insurance (policies covering risks related to accidents, hospitalization, death, and other events). That was 19.3% (69,366 won) more than men in the same age group (358,813 won).
Among people in their 20s, premiums were nearly the same for men, at 151,401 won, and women, at 151,592 won. The amount women paid was higher in each successive age group: by 5.9% (12,553 won) in their 30s, 10.8% (31,942 won) in their 40s, and 18.3% (65,318 won) in their 50s. Savings, pension savings, annuities, and auto insurance were excluded.
The average number of insurance policies per person was also higher for men in their 20s, at 2.8 compared with 2.7 for women. From their 30s onward, women overtook men, holding 3.9 policies on average compared with 3.7 for men. Women were also ahead by about one policy on average in their 40s (0.9), 50s (1.2), and 60s (1.1).
As they age, women tend to obtain relatively more extensive health-related coverage. This is thought to reflect both preparations for diseases specific to women, such as breast and ovarian cancer, and their longer life expectancy compared with men.
Differences between men and women were also evident in their insurance portfolios. Accident insurance had the highest ownership rate among men in their 20s and 30s, while health (illness) insurance ranked first for women across all age groups.
Health insurance ranked first for both men and women in their 40s, 50s, and 60s, but ownership rates differed. For example, among people in their 60s, the ownership rate for health insurance was 75.5% for men and 92.1% for women, a difference of 16.6 percentage points.
Another notable finding was that cancer insurance ranked third among women in their 60s, with an ownership rate of 64.1%. Driver’s insurance ranked third among men in every age group.
A Habit Factory representative said, “The need for and interest in insurance vary by age and stage of life, so it is important to take an approach that reflects each individual’s circumstances.” The representative added, “We plan to enhance our services by using artificial intelligence (AI) and data to understand generational patterns in insurance consumption and provide solutions tailored to them.”

[email protected] Kim Tae-il Reporter