Women Pay Significantly Higher Insurance Premiums... Nearly 180,000 Won More in Their 60s

Habit Factory Analyzes Data from 10,000 Men and Women Each
Women Pay Higher Insurance Premiums Than Men Across All Age Groups from 20s to 60s

It has been found that women pay higher insurance premiums than men. The gap in insurance premiums between men and women is wider among older age groups compared to younger ones.

According to an analysis conducted by Habit Factory on August 25, which randomly sampled 10,000 people from each age group, women pay more in insurance premiums than men. The data is based on protection-type insurance policies where the insured person is the policyholder, as of the end of last month. Protection-type insurance refers to products that pay out benefits in the event of life-related incidents such as accidents, hospitalization, or death.

For people in their 60s, the average monthly insurance premium was 307,115 won for men and 484,636 won for women. In their 50s, men paid 263,905 won and women paid 408,490 won. In their 40s, men paid 205,927 won and women paid 274,276 won. In their 30s, men paid 135,553 won and women paid 156,123 won. For those in their 20s, men paid 83,014 won and women paid 98,902 won.

The gap in insurance premiums between men and women increased with age. While women in their 20s paid 15,888 won more than men, the difference was largest among those in their 60s at 177,521 won.

Excluding indemnity health insurance, when looking at the types of insurance policies held, men in all age groups had three out of the top three policies as accident insurance, disease insurance, automobile insurance, or driver insurance. For those in their 20s and 30s, automobile and driver insurance accounted for a large proportion, while those in their 50s and 60s had more disease and accident insurance policies.

For women, both the 20s-30s and 50s-60s age groups had a high proportion of accident and disease insurance policies.

A Habit Factory representative stated, "Men tend to show relatively less interest in insurance," adding, "Since insurance premiums are a long-term expense, it is important to fully understand the products and pay attention to insurance."