Growing Market For Women And Families Needing Life Insurance
Recent data acquired suggests that life insurance agents and providers may need to do a better job marketing their services to women
. Studies show that four in ten women say that if something happened to them, their families would not be able to live comfortably. Additionally, of the 80 percent of married couples who are dual-income families, 25 percent of women earn more than their husbands.Yet life insurance, both permanent and term life insurance, dont appear to be on the list of priorities. Many believe its simply not affordable. Others believe there isnt a need for it because they and their children are young. But as a life insurance agent or provider, you understand the misconceptions about who needs it and what purpose it serves.
The key to reaching this demographic is educating people and their families on the different types of life insurance available and how it fulfills a particular need for a family. If something happens to a member of their family, will they be protected? And what about wealth building?
Permanent life insurance is a great way to grow wealth for a long period of time, such as saving for retirement and eventual income replacement.
What about the idea of assisting them with financial planning when it comes to paying their childs college tuition? Life insurance isnt just to help you when a critical health situation arises its to provide critical savings money in times of emergencies should it be needed. Thats where term life insurance comes into play.
Perhaps term life insurance is a more affordable realistic option for the family you are trying to sell. In that case, youll want to emphasize how even people on tight budgets can afford term life insurance, and this money can be used to pay a mortgage or send a child to college. And because this type of insurance only runs for a term, you may be able to convince mom its worth it to invest in this temporarily, knowing she can cancel it later on if she doesnt feel its a need (not that youd recommend canceling it, but it makes people feel more comfortable to know they arent committed to something for life).
It all boils down to listening and learning the specific needs and financial profile of the family youre trying to sell and fitting them with a policy that makes sense. One size doesnt fit all, and some people may never truly understand the value or benefit of life insurance, but its important that prospective customers are educated on options available to them.
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