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Limra: Policy Ownership Study Shows Gender Gap Shrinking

Approximately 60 percent of women in 2010 owned some type of life insurance, almost equal to men's life insurance ownership totals for the same time period, the LIMRA life insurance ownership study showed. There is still a difference between genders when it comes to the level of coverage, with women reported to have approximately 69 percent of the average man's coverage. When it comes to policy reviews, 51 percent of females favored the checkup every year or two, whereas only 44 percent of males said the same.

Life producers need to take a different approach with their female clients than with male clients, including increasing their focus on developing the relationship, spending more time answering questions and providing additional educational materials, LIMRA said. It's important that agents understand this growing demographic because, according to LIMRA's findings, women tend to offer referrals more frequently if satisfied with their service.

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