Don't Ignore This Opportunity

Do you currently market your practice to women? Your immediate reaction to this question is probably "Yes, of course I do!" But, more clearly understanding the financial need of women, and specifically marketing to that need is how you gain more clients in this under-served segment of the population.

In many American households, women are the primary decision makers and 53% of them are also the primary bread winners.* Women are focused on protection. They don't want to outlive their money and they don't want to be a burden on someone else.

When you are working with couples, it is extremely important to use words that reflect a shared need for protection and a joint effort in the decision making process. One million women become widowed every year in the United States and 70% of them change advisors after the death of their spouse.** Making all female prospects feel comfortable with you as a trusted resource will help to reduce that turnover in your business.

March is "Women in History Month", and MVP thinks it's a great time to be thinking about how you can increase your business by marketing better to female clients. Here are some great resources to help you get started:

• Building Business with Women
• Working with Widows
• Women & Money Consumer Site

* Source: Financial Experience and Behaviors Among Women, Prudential 2012.

** Source: Spectrum Group Study of Wealthy Women Investors, June 2011 and U.S. Census Bureau, August 2011 (Marital Events of Americans, 2009)

A La Carte or Bundled?

We've all heard the statistics:*

• At least 70% of people over age 65 will require some long-term care services at some point in their lives.
• Almost half of all Americans suffer from at least one chronic illness, and many of these people have one or more daily activity limitations.
• 3 in 10 workers will become disabled for 3 months or more during their career.

...and we know that our clients need to be fully covered to be fully protected. But what are you doing to make sure that you provide all of your clients with a solution to all of these needs?

As a part of well-rounded financial planning, long term care (LTC) insurance, disability income (DI) insurance and critical illness (CI) insurance are all products you should be talking to your clients about. However, purchasing these extra plans in addition to a life insurance policy can seem daunting and expensive from your clients' point of view.

Rather than going a la carte to cover each of these needs separately, why not consider bundling? Many of MVP's carriers are providing riders on universal life and term plans that allow policyholders to tap into their death benefit while they are alive and in need of LTC, DI or CI benefits.

Not only does bundling these riders with a life insurance policy make it more flexible, it also makes it more cost effective for your client. Some carriers are even adding these types of riders to annuities to make them more flexible and attractive too.

*Statistic Sources: U.S. Department of Health and Human Services, National Clearinghouse for Long-Term Care Information, www.longtermcare.gov, September 2008; Centers for Disease Control and Prevention. Chronic Diseases and Health Promotion; http://www.cdc.gov/chronicdisease/overview/index.htm; The Real Risk of Disability in the United State, Milliman Inc. on behalf of the LIFE Foundation, May 2007.