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Women face unique challenges
Women and men have different experiences, needs and priorities, but we don’t often see our industry taking these differences into account. We must keep in mind that every woman’s experience is singularly and beautifully their own. We’ve done our best to capture some commonly shared experiences and sentiments with our Own It campaign – designed with women’s unique needs in mind to help financial professionals provide tailored solutions that help ensure financial security now and in the future.
Women often face unique challenges that can significantly impact their financial security. There is no single experience that defines every woman’s life so it’s important to always ask questions and avoid assumptions. However, there are several common factors many women experience that are important to keep in mind:
Longer life expectancy
On average, women live almost six years longer than men. It’s important for women to ensure they have enough assets to last their entire lives.1
Primary caregiver
More than 75% of caregivers are women – taking care of aging parents and relatives, while often caring for their own children. Many women take time off work to care for family members, which creates a need to catch up on their retirement savings. The average length of time a caregiver provides unpaid care to a loved one is 4.5 years.2
Income wage gap
Although we’ve seen increases over time, women earn 16% less than men on average.3 This wage gap can significantly impact their retirement years.
A different sales process
The conventional sales process often follows a "male-centric" approach, which might not always resonate with how many women prefer to make financial decisions. To foster a more inclusive and collaborative sales experience, consider these tips:
Engage in meaningful conversations
Introduce yourself and share some of your personal interests to create a connection. Ask open-ended, clarifying questions to ensure a deep understanding of their financial needs.
Include all voices in the discussion
When working with couples, it's essential to involve both partners in the conversation and give each person the space and time to share their perspectives. Sometimes, meeting with each partner individually can provide insights into their unique financial goals and concerns.
Pay attention to non-verbal cues
Non-verbal communication plays a significant role in understanding and building trust. Maintaining eye contact, actively listening, taking notes, and remembering details about their loved ones can demonstrate your investment in their well-being, laying the foundation for future interactions.
Allow time for reflection
Many individuals appreciate having time to consider information. Providing related materials and allowing time for reflection can empower them to conduct their own research and make informed decisions.
Women often juggle multiple roles, which can influence their financial planning and preparedness for unexpected events. Our tools and resources are designed to support you in helping your clients feel confident and empowered in managing their finances.
Are you a female financial professional?
We can help take your practice to the next level. We've highlighted 3 key disciplines for female financial professionals.
Learn moreA day in the life – explore needs and solutions
Darla
- Age: 65
- Divorced with no kids
- Musician and active in the community
Claudia
- Age: 60
- Executive and mother
- Would like to leave a legacy
Beth
- Age: 51
- Remarried with a blended family
- Wants to be prepared for anything
Beth
My partner and I got married 5 years ago. We both have children from previous marriages and really enjoy our blended family. When you combine two families though, it makes for more decisions and opinions. There’s a lot to consider on each side and I want to make sure we have a solid plan with no loose ends. It’s important to me that everyone knows the plan in case of different scenarios to prevent hurt feelings or fighting. Transparency and communication are key.
Potential solutions:
Annuity
Life insurance
- Survivorship products
- Eclipse Accumulator Indexed Universal Life (IUL)
- Eclipse Protector II IUL
- Variable Universal Life Defender
- Long-term Care and chronic illness solutions
Please note: Potential solutions are not limited to the above. Please consult one of our sales associates to discuss other options.
Darla
I’ve had a wonderful career and lived a modest life. I consider myself a good saver and a practical spender. I am about to retire and plan to splurge on transforming my garage into a comfortable space my band and I can practice in. As a single person without kids, I know it’s important to have a plan as I age. Ideally, I would like to live comfortably during retirement and leave some money to a local nonprofit I volunteer with.
Potential solutions:
Annuity
Life insurance
- Eclipse Accumulator Indexed Universal Life (IUL)
- Eclipse Protector II IUL
- Variable Universal Life Defender
- Long-term Care and chronic illness solutions
Please note: Potential solutions are not limited to the above. Please consult one of our sales associates to discuss other options.
Claudia
I am married with grown children and am an executive of a large corporation. I was the primary earner for our family. My husband and I saved where we were able, but for years our focus has been making sure our kids have everything they need. Now that the kids are grown and out of the house, we are ready for a more flexible schedule that allows us to live our lives to the fullest. We plan to travel and visit family and friends, and we are also thinking about the future. We don’t want to worry about money as we get older and leaving a legacy for our children is important.
Potential solutions:
Annuity
Life insurance (two policy approach)
- Eclipse Accumulator Indexed Universal Life (IUL) and Eclipse Protector II IUL
- Variable Universal Life Defender and Long-term Care and chronic illness solutions
Please note: Potential solutions are not limited to the above. Please consult one of our sales associates to discuss other options.
Ellie
- Age: 43
- Career driven
- Partner is a farmer
Heather
- Age: 33
- Stay-at-home mother
- Full-time activity manager
Cora
- Age: 24
- New college graduate
- Just entering the workforce
Cora
I just graduated from college and am ready to take on the world! I recently accepted a position with a large corporation and want to make sure I am set up for financial success. I was also gifted a small sum of money as a graduation present from my parents and I am looking for some guidance on what to do with it. Should I invest it, use it as a downpayment on a house, and/or purchase life insurance?
Potential solutions:
Annuity
Life insurance
Please note: Potential solutions are not limited to the above. Please consult one of our sales associates to discuss other options.
Ellie
I have worked for a Fortune 500 company most of my career. My partner took over their family farm and has been farming for most of our relationship. My career has provided our household with a consistent income as well as medical and dental benefits. I am looking forward to retirement, but retirement looks a little different when you’re married to a self-employed farmer.
Potential solutions:
Annuity
Life insurance
- Eclipse Accumulator Indexed Universal Life (IUL)
- Eclipse Protector II IUL
- Variable Universal Life Defender
- Long-term Care and chronic illness solutions
Please note: Potential solutions are not limited to the above. Please consult one of our sales associates to discuss other options.
Heather
I am a mother to three boys, ranging from eight to 15 years old. With the kids’ busy schedules and the high cost of daycare, my wife and I decided early on it was best for our family that I stay at home to manage our household. My days consist of getting kids to school, running to various activities, making sure the fridge is stocked, and the laundry gets done. If I were to get sick or if something were to happen to me, I want to make sure my family and home are taken care of.
Potential solutions:
Annuity
Life insurance
- Eclipse Protector II IUL
- Variable Universal Life Defender
- Long-term Care and chronic illness solutions
- Advantage Elite Select term
Please note: Potential solutions are not limited to the above. Please consult one of our sales associates to discuss other options.
1. "Life expectancy for men in U.S. falls to 73 years – six years less than for women", per study. Statnews.com. November 13, 2023
2. "Caregiver statistics: A data portrait of family caregiving in 2023". Aplaceformom.com. June 15, 2023.
3. "Gender pay gap statistics in 2024". Forbes.com. March 1, 2024.
The personas listed are hypothetical examples for illustrative purposes only.
An annuity is intended to be a long-term, tax-deferred retirement vehicle. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59½, may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax qualified plan, the tax deferral feature offers no additional value. Qualified distributions from a Roth IRA are generally excluded from gross income, but taxes and penalties may apply to non-qualified distributions. Please consult a tax advisor for specific information. There are charges and expenses associated with annuities, such as surrender charges (deferred sales charges) for early withdrawals. Variable annuities have additional expenses such as mortality and expense risk, administrative charge, investment management fees and rider fees. Variable sub accounts of annuities are subject to market fluctuation, investment risk and loss of principal.
Please keep in mind that the primary reason to purchase a life insurance product is the death benefit.
Product features and availability may vary by state.
Life insurance products contain charges, such as Cost of Insurance Charge, Cash Extra Charge, and Additional Agreements Charge (which we refer to as mortality charges), and Premium Charge, Monthly Policy Charge, Policy Issue Charge, Transaction Charge, Index Segment Charge, and Surrender Charge (which we refer to as expense charges). These charges may increase over time, and these policies may contain restrictions, such as surrender periods. Policyholders could lose money in these products. For financial professional use only. Not for use with the public. This material may not be reproduced in any form where it is accessible to the general public.
For financial professional use only. Not for use with the public. This material may not be reproduced in any form where it is accessible to the general public.
DOFU 11-2024
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