PMG Power Blog: Women Want to Improve Their Family's Financial Situation Too

Unless you’ve had your head buried in the sand for past 20 years or so, you are aware women are assuming greater financial control within the family. In fact, it’s quite common now for the woman to be the primary breadwinner. Women today are every bit as financially savvy as men, and are often more concerned with improving their financial situation.  

They’re also more likely than men to agree that life insurance is a critical component of a sound financial plan.

So, why then are so many women underinsured? 

• Women often undervalue their contribution, and the cost to replace those contributions in the event of untimely death or disability. They frequently overlook the fact that it’s not only their income that must be replaced, but also critical things like childcare, time off work for sick kids, housekeeping, and other home duties. 

---

• Many women think life insurance is more expensive than it actually is. 
  
  
• They’re too busy living life to take the time to look into life insurance or even evaluate their need for it.
  
  
• They aren’t confident in their understanding of the product options or how to determine how much to purchase.

The worst part is this disconnect is putting the most vulnerable families at the greatest risk. U.S. Census data indicates roughly 17 million children live alone with their mother. Industry research also estimates over 30% of single moms have no insurance, and the rest are underinsured.

So what can we do to provide these women and those they care about with the protection they need?

Start with these 7 simple suggestions:

1. Clear your mind of any preconceived notions. We’re not in the 1950s anymore. No two women are alike any more than any two men are. Don’t make the mistake of thinking all married women will defer to their husbands. The reality is women are actually more likely to start a conversation about life insurance than men. Your female clients are probably more comfortable talking about risks and “what if” scenarios than your male clients. 
   
   
2. Listen and learn. If you’re not doing this for all clients, you’re probably struggling across the board. This simple rule is even more critical with a female client, especially if the agent is a man. Listen to her unique concerns and solve her unique problems.
   
   
3. Show her examples of real rates as soon as possible during the process. Studies have shown many women haven’t purchased life insurance because they believe it’s too expensive. She’ll be pleasantly surprised to learn it’s not. 
   
   
4. Don’t sell, let her buy. Show her example rates early, but just to put her mind at ease. No hard sell. Present solutions, make recommendations, and give her space to make a decision.  
   
   
5. Simplify the process and don’t use industry jargon. It’s not that your female client can’t figure out things. She’s more than capable. She’s just crazy-busy and doesn’t have time to be impressed by the immense depth of your knowledge. 
   
   
6. Develop a relationship. Follow up. Do what you say you will do. Keep in touch before, during, and after the sale. Put your female clients at the top of your list for annual reviews. Women often expect a greater level of customer service than men. Step up and provide it, or risk losing her to someone who will.  
   
   
7. Ask for referrals. Referral mastery is an art of its own, but word of mouth and third party endorsements from your female clients will lead you to other families in need, and potentially provide a nice boost to your practice. Just be sure to make yourself referable, and then of course… ask! If that doesn’t work, go back to point number one and start over. 
   
   
   

P.S. If you have female clients that are ready to start talking about retirement options, consider giving them a free copy of Let’s Talk Money: A Woman’s Guide to a Lifetime of Wealth. For information on where to get the book and how to have copies personalized for your practice, give us a call at 877-512-9287 or email [email protected].

Written by: Paul M Mallett SVP/COO Postema Marketing Group, LLC

Want prospecting, marketing, sales, and business
tips and inspiration delivered to your inbox weekly?

Join nearly 10,000 fellow agents and advisors
subscribed to the PMG Power Blog!