Over the past five years, the life insurance ownership rate for U.S. women has dropped 10 points to 47% according to LIMRA.
Throughout the pandemic, women expressed a higher concern about the financial, physical and mental impact of COVID-19 on them and their families. Yet these concerns didn’t necessarily prompt women to consider buying life insurance. Just 31% of women said they would likely purchase coverage in 2021, compared with 42% of men.
To get a better understanding about why some women were reluctant to purchase life insurance coverage and their perceptions about the process and the industry, LIMRA conducted a qualitative study in February 2022, speaking to women about their financial priorities, their perceived barriers to purchasing life insurance, and how the industry can adjust to better serve them.
The overwhelming reason women say they don’t buy life insurance is lack of knowledge—they don’t know how much or what to buy. According to the 2021 Insurance Barometer Study conducted by LIMRA and Life Happens, only 22% of women feel very knowledgeable about life insurance, compared with 39% of men. This lack of knowledge leads to misperceptions about life insurance. For example, a common reason women give for not purchasing life insurance is that they think it is too expensive. Yet, 8 in 10 women overestimate the cost of life insurance.
Lack of knowledge also undermines women’s confidence in shopping for and purchasing coverage and leads to fear of being taken advantage of, creating a barrier to entry. In the focus groups, women said beyond learning about what to expect when purchasing coverage, they would like to see comparisons of options and pricing as well as getting a personalized coverage plan that addresses their short- and long-term needs.
Building trust is an important factor for women. Some women expressed anxiety about being treated differently by insurance companies and financial professionals. They say they are uncomfortable sharing personal information with an agent or company. Acknowledging women’s uncertainty, insurers and financial professionals can offer information and tools that enable women to compare their coverage choices with their peers, increase their self-confidence and remove some of their hesitancy to buy the life insurance they need.
Despite these obstacles, a significant portion of women recognize their need for life insurance, indicating a substantial opportunity for the industry. In the 2021 Insurance Barometer Study, 43% of women say they need (or need more) coverage, which represents 56 million women. As our nation celebrates Women’s History Month, it is also a good reminder about the industry’s responsibility to engage and educate women about life insurance so they are confident in choosing the right company, agent, policy, and coverage amount to help them protect their families’ financial futures.
LIMRA leads the Help Protect Our Families campaign, an industrywide effort to raise awareness about the importance of life insurance and help carriers and distributors address the growing coverage gap in the United States. Visit the Help Protect Our Families website for more resources and data on the U.S. women’s market.
To learn more about women’s perceptions and motivations for buying life insurance, read Understanding the U.S. Women’s Market fact sheet.
Maybe @WinoBlues can mansplain it to them
I'm in an office full of women. They "wo-mansplain" stuff to me all the time.
Maybe the women need someone to "wo-mansplain" to them?
It's such a great market, though.
If a woman needs life insurance, she typically buys more, pays less, and is more honest with her health.
My favorite cases involve a woman buying from me first and then asking me to get her husband coverage as well. Without her, he won't do anything but I will almost guarantee that if she brings it up, it will get done.
But the scientific article clearly says they have no knowledge or confidence, so how can that be?
Ditto. If a husband says he needs insurance for him and the wife… its a 50/50 shot he will get it in the next 3 months. If a wife says she needs insurance for her and the husband… 95% chance its happening in the next 30 days.
Lol, that in now way stops them, especially the sjw in my office. Come on, you see it on this site all the time.
First, I would say that I sale to women almost 2 to 1 and perhaps at times even much higher.
Second, I believe that it's the job of the agent to lead the prospect to the confidence they need to purchase.
Third, the emotional component of this product immediately lends itself to the feminine mind set. They don't call them mama bears for nothing.
Most women ALLOW their husbands to think they make the decisions in the house. :biggrin: However; you'll find in the field that most women are responsible for doing the bills. :yes:
My dad used to say, the hand that rocks the cradle rules the world.
Sorry to do this, but in 2022 terms, you have committed dozens of potential crimes against humanity & even potential hate crimes.
1st paragraph–admitting to taking advantage of women consumers
2nd paragraph, you are leading vulnerable female consumers to a purchase.
3rd paragraph you say they are emotional. You stereotype their mindset. You characterize them as the equivalent of large hairy smelly creatures that sleep half the year.
4th paragraph you imply the woman in the house do nothing but make the bill payments
5th paragraph you imply women should be barefoot & pregnant taking care of babies.
Unwritten but implied paragraph you implied the other 3-20 gender fluid people's are not a target market of yours
In your defense, at least you didnt call them broads or his old lady
:D:D
We all now know that gender is just a social construct, so this whole thread is irrelevant anyhow. :wacko:
View attachment 7657
You left out… and would count it a pleasure to eat your butt if you mess with one of her cubs.
I live with one.
She even sores once in awhile. :laugh: I love her a ton!:yes:
This got super weird, super quick. I honestly don't need to know this much about you. Pretty sure I should be offended & weirded out about your offer
You should get a job as a CNN reporter… your accuracy of the facts seems about on par. 😉
I don't have any sexual assault or harassment charges, nor ever caught yanking my wanky on a zoom meeting. I highly doubt I am qualified to be a reporter on CNN
I also recall you using facts.
So, if they found out about that, they might not even hire you.
Great song from the ‘80’s (song starts after about a minute of intro):