What Are You Doing for Her?

March is Women’s History Month, and there is no question that women have made significant contributions to our history. They also tend to care for everyone else by managing tasks for the people they love. Yet, far too often, they don’t plan ahead for their own financial security. 

This could be because 75% of women feel advisors don't consider their best interest and are out of touch with their fiscal concerns. Most women believe advisors are too focused on selling rather than educating and they prefer a trustworthy resource whose first objective is to educate them.

So, what about a woman’s insurance and retirement needs? Women face unique challenges when it comes to planning for their retirement because it usually has to last longer. They are currently underserved in the financial services industry, many outlive men, and they control $14 trillion of personal wealth in the U.S. This is a huge opportunity for your business!

For the month of  March, make it your goal to help your female clients protect their families, safeguard retirement and make financial decisions with confidence.  Let them count on you as their trustworthy resource. Be the change. Lead with education and the sale will follow.

Who Buys Annuities and Why Should They?

As the industry promotes annuity awareness, June is the perfect time for you to talk to your clients and prospects about annuities as a long-term investment that delivers guaranteed income they can count on.

Who buys annuities?*

  • The average age (at first purchase) is 51
  • Gender is 50/50 (females at 51%) 
  • The median household income is $64,000
  • 59% of annuity owners are married

Many people underestimate how long they will live which puts a strain on personal savings and increases the likelihood of outliving personal assets. Retirees are living longer, healthier, and more active lives than generations before. Add the decreasing reliability of government and employer programs to provide sufficient income, and you have a retirement income gap that continues to grow for many Americans. 

According to recent research, 40% of investors say that they are very interested in income products like annuities. Fixed annuities are a good fit for many consumers and a valuable addition to retirement planning because they offer safety, growth potential, tax advantages and lifetime income.

Saving for retirement is important, but it’s only half the battle. It’s important to talk to your clients about annuities as a strategy to help them maintain their standard of living in retirement. 

 

 *From the Gallup 2013 Survey of Owners of Individual Annuity Contracts this is the demographic make-up of an annuity owner

Insurance Planning for Women

There is a significant opportunity in the financial planning marketplace... Women are highly educated and more financially empowered than ever before, and evidence suggests that their financial needs are not being met. 

Female economic growth represents the biggest emerging market in the history of the planet -- more than twice the size of the emerging markets of India and China, combined!

However, even with significant purchasing power, this segment of the market remains largely uninsured or under-insured. Women have a huge influence over their family's financial decisions and their strong desire for financial health and wellness, present a huge opportunity for financial advisors. 

Get the Tools for Success in this Market