Bestow Data Shows Women Are Closing the Life Insurance Coverage Gap

DALLAS, March 24, 2021 /PRNewswire/ -- Bestow, the first full-stack life insurance platform, today released proprietary data showing key differences between women's life insurance purchasing behaviors compared to men. The findings reveal that women are empowered life insurance purchasers when given 100% digital, self-directed experiences and are closing the industry's coverage gap.

"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 from their phone."

Bestow reviewed internal, all-time policyholder data through March 2021. Key findings include:

Despite being paid less, women know their value.
While male policyholders earn 63% more than female policyholders, women buy nearly the same coverage amount. Women purchase term life insurance policies at a median coverage amount of $450,000 (10x their annual income), compared to men at $500,000 (7x their annual income). Women are also paying lower premiums. With a median monthly life insurance premium of $34, women pay 57% less than male policyholders ($53).*

Women, especially women 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 $25,200 lower median income.

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

The findings also reinforce that Bestow's approach to life insurance is attracting a new demographic of customers. Nearly 85% of the company's customers are new to life insurance and policyholders are nearly 50/50 male and female, compared to the industry where coverage for men outpaces women by 11%.

"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," said Campbell.

To learn more, visit Bestow.com.

*The cost of life insurance is based on several factors, including coverage amount purchased, age, health history and lifestyle choices. This data represents median premium pricing across all Bestow customers.

About Bestow
Bestow is a leading life insurance innovator, using technology to make coverage accessible to millions of underserved families. With Bestow, buying life insurance is 100% digital — No doctors. No needles. Just coverage. As an omnichannel life insurance platform, Bestow powers best-in-class products and experiences for leading consumer brands.

SOURCE Bestow Inc.

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