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
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.