It is a trend that has not been lost on America’s life insurance companies. The purchasing power of women has made them part of the nation’s fastest–growing markets for life insurance sales. The traditionally-male dominated market in which life insurance carriers targeted men as clients, is shifting.
The reason is that more and more women are jumping from the household to the career world. According to >government statistics, women now account for half of the country’s work force. They also outnumber men in the ranks of higher education, including law and medical schools. That means women now have powerful careers and with that comes increased purchasing power, with or without a husband.
Statistically speaking, women also live longer than their male counterparts. According to the U.S. Census in 2000, by the time an individual reaches age 75, there are 146 women for every 100 men, and by age 85 there are an astounding 245 women for every 100 men.
A 2004 study by LIMRA, a financial services think-tank titled:“Women and Life Insurance,” found that women are more receptive to life insurance than men. The study concluded that women saw life insurance as a sensible way to protect their families financially in the case of premature death.
The fact that women are the ones who initiate 80% of purchases and are becoming key financial decision-makers in their households makes them a powerful target for the country’s life insurance companies.