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Recent studies have revealed some interesting facts about changes in America's workforce - and the need for insurance agents to address these trends:

• Women make up almost 50 percent of the U.S. workforce - and 40 percent of them have no life insurance.


• Typically, women's coverage is only about 70 percent of what men carry.


• Most U.S. households are dual-income households - yet they are more likely to buy coverage for husbands than wives.


• 30 percent of wives earn more money than their husbands, but may not carry enough insurance to reflect this difference - if they have life insurance at all.

What's the takeaway from all this?

Women in America need to carry more life insurance to ensure the financial well-being of their loved ones. While the gap between women's coverage and men's coverage is narrowing, many women simply don't carry enough insurance to cover the financial value they provide.

What Agents Need to Keep in Mind

Insurance agents can provide an important service by presenting options that cover both breadwinners in a family - and by helping those customers understand the financial hardship they could face without the female wage earner's income.

Research shows that, despite the gender gap in coverage, women actually place more value on life insurance than men. They also have a different approach to shopping for life insurance:

• Women place more value on building a relationship with their insurance agents.


• They tend to be more deliberate in their approach, i.e., asking more questions and wanting more educational materials and resources to study before making a decision.


• Women are more likely to follow up on agent referrals from people they trust - as well as provide referrals to friends and family if they're happy with an agent's service.


• They're also more likely to request regular policy reviews.

Remember: All Women Need Proper Coverage

It's not just women in two-income families who need insurance. Take a look at your customers and consider how you can provide coverage to:

繚 Single mothers - For sole (or primary) breadwinners, life insurance is even more crucial than in households where another source of income exists if one parent dies.

繚 Full-time homemakers: Most people now recognize that full-time mothers and homemakers provide free services in the home - from cleaning to childcare and more - that would otherwise cost tens of thousands of dollars annually. It's crucial that, in the event of tragedy, families have protection to cover these expenses.

繚 Single women: Loans. Mortgages. End-of-life expenses. Most people don't want these burdens to fall on their parents or other loved ones. Additionally, life insurance can provide future financial stability through accumulating cash value or, if marriage and family is in the future, helping to protect husbands and children.

Women have made tremendous strides in the workplace and other areas, but a serious life insurance gender gap still exists. As insurance professionals, it's a gap we can help close to ensure that all of our customers have the protection they need.