Pay attention to insurance agents - Data suggests that women need more life insurance

Recent research has revealed some interesting facts about changes in US jobs - and insurance agents need to address these trends:

• Women make up nearly 50% of the US workforce - 40% of them do not have life insurance.
• Usually, women's coverage is only about 70% of men's.
• Most American families are dual-income families - but they are more likely to buy insurance for their husbands than their wives.
• 30% of wives earn more than their husbands, but there may not be enough insurance to reflect this difference - if they have life insurance.

What is the takeaway of all this?

American women need to bring more life insurance to ensure the financial well-being of their loved ones. Although the gap between female and male reports is narrowing, many women simply do not have enough insurance to cover the financial value they provide.

What the agent needs to keep in mind

Insurance agents can provide important services by providing options that cover the breadwinners of the family – and help them understand the economic difficulties they may face without a female wage earner.

Studies have shown that despite gender differences in coverage, women actually place more emphasis on life insurance than men. They also have different ways to purchase life insurance:

• Women are more concerned with establishing relationships with insurance agents.
• They tend to know more about their approach, asking more questions and hoping to learn more about educational materials and resources before making a decision.
• Women are more likely to follow up with the agents of the people they trust - if they are satisfied with the agent's services, they can also recommend them to friends and family.
• They are also more likely to require regular policy reviews.

Remember: all women need appropriate coverage

Not only women in dual-income families need insurance. Take a look at your customers and consider how to offer the following services:

Single mothers - For the only [or primary] breadwinner, if one parent dies, life insurance is more cruel than other households with income sources.

Full-time housewives: Most people now realize that full-time mothers and housewives provide free services at home - from cleaning to childcare, etc. - otherwise they will cost tens of thousands of dollars a year. It is vital that if a tragedy occurs, the family can be protected to cover these costs.

· Single women: loans. Mortgage. End of life costs. Most people don't want these burdens to fall on their parents or other loved ones. In addition, life insurance can provide future financial stability by accumulating cash value, or, if there are marriages and families in the future, help protect husbands and children.

Women have made great strides in the workplace and in other areas, but there are still serious gender gaps in life insurance. As an insurance professional, we can help ensure that all customers have the protection they need.

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