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Practical Planning Tip: Women and Wealth - Insurance Coverage (Background Information)

March 26, 2024

Today we’re going to continue our discussion on women & wealth. Since it is Women’s history month, The videos through the end of March will be on this topic.

So, the topic I want to discuss today is some background information on Insurance Planning for Women

According to a 2023 study by Life Insurance Marketing and Research Association, or LIMRA, women don’t hold life insurance policies as often as men do. In other words, as women achieve more in their careers and their financial lives, they’re further behind in protecting their income, families, and legacies through insurance.

As women increasingly become a breadwinner, or even the main breadwinner, in their household, having appropriate insurance coverage is IMPERATIVE!

Just to paint a picture of The gender insurance gap: During the tumult of 2020, over 18 million women lost their life insurance coverage. Many women attributed their loss to sudden unemployment. Yet, even as women recover from those tough times, they remain less likely to own life insurance. 58% of men hold a policy, but only 47% of women do. Women are also behind in the learning curve about insurance where 39% of men say they are “very knowledgeable” about life insurance, whereas only 22% of women say the same.

So, for the advisors listening today, PROACTIVLEY bringing up insurance and offering a tutorial on the types of coverage, how it all works, and why it’s important to your female clients is a necessary part of the planning process!

TOMORROW, I will discuss exactly which areas women are under insured and how to address their needs.

You can WATCH the full video here.