You’ve seen the statistics, read the articles, know it’s out there, but you’re still not interested in the women’s market. What gives? Why aren’t you tapping into one of the most lucrative markets in the life insurance industry today?

Historically, men have been the primary purchasers of life insurance products with women generally purchasing just enough coverage for final expenses, if she carries any insurance at all. So, the bread and butter of the industry traditionally has been to sell to a husband and wife, with the bulk of the coverage being on the husband. But, today all of that is changing. Women have money – increasing their need as well as their ability to pay for financial services and products

Women today are better educated and earning more than ever before increasing their need as well as their ability to pay for financial services and products. Even though, on average, women are still earning less than men are, they’ve made substantial gains in income and net worth.

Women currently earn 55 percent of all bachelors’ and masters’ degrees. And for the very first time, women in their late twenties have higher education levels than men of the same age.

Education means opportunity. Today, not only are a record number of women working, many are also armed with professional degrees which are associated with relatively high salaries. According to a 1999 market study by LIMRA International, at last count, 62 million women were working, with an additional 20 million expected to join the labor force within the next decade.

According to the same report, however, women are still one of the most under-served markets for life insurance. Women are still no more likely to have life insurance than they were 15 years ago, when 35 percent reported not owning any life insurance. Today 41 percent of all women have neither group nor individual life insurance. And without any or enough coverage, dependents’ lives could change drastically.

Whether the sole or joint breadwinner, women contribute significantly to the family security, lifestyle, and education. Thus, as women’s incomes rise, so does their need for insurance.

More women are heads of households

In households not headed by married couples, women make up the majority of heads-ofhouse. According to 2000 Census Bureau data, female-headed households make up 29% of total U.S. households, while male-headed households make up 18%. Of the nearly 20 million children who live with only one parent, 84% live with their mothers. Whose looking out for the future of these children should their mother’s die prematurely?

Additionally, according to the Population Reference Bureau, a private research organization in Washington, in 1999 about 30 percent of wives who worked full time in dual-earner couples made more money than their husbands; up from 26 percent in 1989. Clearly, as a woman’s family financial responsibilities increase, so does her need to protect that family income.

Women business owners – their numbers are growing rapidly

According to the Small Business Association’s Office of Advocacy, it is estimated that there are over 9 million women-owned businesses in the U.S. (36.4% of all businesses) employing 27.5 million people. This equates to over $2 trillion in sales annually!

Today, a fourth of all attorneys and physicians are women, most of them in business for themselves. And this number will increase, as currently half of medical and law school students are women.

Women business owners form a prime target market for personal insurance and other financial products and services.

Women’s Retirement Savings Improve, But Still Trail Men’s

Women have saved, on average, 44 cents for every dollar that men have saved in individual retirement accounts or defined contribution pensions. This is according to a study by Prof. Vickie Bajtelsmit of Colorado State University analyzing data from the Federal Reserve Board’s most recent survey on consumer finances (conducted in 1998 and released in 2000).

According to the study, almost half (45%) of working women participate in a retirement or pension plan at work, up from 43% in 1989. This compares to over half of working men (52%) participating in retirement plans at work, down from 53% in 1989. Women are still more likely than men to use conservative investment vehicles, but women are investing more aggressively than they were a decade ago. Yet, according to womenplanning.com, over 58% of female baby boomers have less than $10,000 saved in a pension plan or 401(k) plan. In comparison, male boomers have saved 3 times more in these programs.

Women are far more concerned with outliving their assets as men are and for good reason. Women live longer than men do yet they are saving less for those retirement years than men are. With higher incomes and longer work histories this can change, but for now, women need to understand their need to take control of their financial future and you can help.

Indeed, the need for women to take control of their financial security has never been greater than it is in today’s world. Our opportunities to service women have never been better. And the potential results for everyone have never been more exciting.

All of this translates into an opportunity for sales in a market that most producers are ignoring. But before you set off to capitalize on this underserved target market, you need to keep some things in mind.

Relationship is the key

To sell to the women’s market, you need to understand how women buy and how to treat them as customers. First of all, selling to women is all about relationship building. You have to take the time to listen. If you can establish and maintain the relationship, they will be loyal customers for a long time. And, since women will most likely outlive their husbands, you need to target them as individuals rather than wives.

Secondly, they seek information. They want you, as the professional to supply the information they need. They will seek out other professionals as well, and will consult their friends. Your patience while they gather the information they need to make their decision will pay off in the end.

And finally, women are emotionally motivated to buy, they want to protect their families and want the comfort of knowing that they have someone who cares. If you truly care, why shouldn’t they buy from you?

Woman’s Life - A unique approach

There are 104 million women (18 or older) in the United States, accounting for over half of the adult population. Their needs are multiple and varied. Woman’s Life Insurance Society understands the distinct financial needs of women as well as the different motivations and desires the many segments of this market demonstrate when it comes to protecting their families. After focusing on this market for over 100 years, Woman’s Life clearly excels at enabling women to become personally and financially empowered and independent.

Woman’s Life uses a unique marketing approach that is designed to offer life insurance and annuity products to women which fit her needs at various stages within her and her family’s life. IntuitionsTM , the Woman’s Life Insurance Society registered marketing program, rejects the traditional insurance sales approach based solely on a woman’s age and income. Instead, it recognizes the events unique to women’s lives –life-altering events that tend to influence those things women value. Such events like marriage; the birth of a child; divorce; serious illness of a family member; or death of a close family member, especially a parent or spouse.

In applying this marketing approach, Woman’s Life places a woman in one of four life stage categories. We then offer information and services as well as products designed to address the circumstances and life events particular to that life stage – all of which is designed to help her and her family become personally and financially empowered. The four life stage categories include:

• “Promises” to meet the hopes of young women;
• “Expectations” to meet the dreams of women with young families;
• “Priorities” to meet the challenges of single mothers; and
• “Insights” to meet the needs of mature women.

Women within each of these life stages share different levels of education, income, and marital status. Some may be professionals and own their own business. Others may be a part of a dual income family or be a stay at home mom. Within each life stage, however, are life events which trigger a woman’s need and desire for financial protection. And through IntuitionsTM , Woman’s Life has solutions for women and their families based on their own circumstances and needs.

Woman’s Life - Meeting needs beyond the financial

To provide for such diverse needs, Woman’s Life has focused on increasing the diversity of its product portfolio. However, what makes Woman’s Life truly unique are the benefits and education programs which are provided at no additional cost to policyholders to meet more than a woman’s financial needs. These benefits further protect women from certain unplanned or extraordinary financial burdens and help give her and her family a better quality of life. Benefits include, but are not limited to:

• Scholarship benefits
• An annual monetary benefit to help defray the costs of breast or prostate cancer screening tests
• Guaranteed insurability for newborns.
• Access to a guaranteed issue long-term care program.

Demonstrate understanding

There’s no mystery to selling to the women’s market. What you need is a targeted approach to specifically market to women, which incorporates a clear understanding of what women want and how they buy. .

According to Lisa Finn, Editor of Marketing to Women, “Attaining equal standing in society is more than just a matter of having one’s existence recognized. True equality entails a respect for and appreciation of the traits that differentiate one from the “norm,” which…has been built upon the model of a male primary breadwinner. As our society shifts to accommodate a new norm, both women and men stand to gain by changes that expand the boundaries of their expected (and accepted) roles.”

Woman’s Life is a 109-year organization with a history of financial strength and reliability in the women’s market as indicated by our A- (Excellent) A.M. Best rating. To learn more about Woman’s Life, visit our web site at www.womanslifeins.com.