According to a recent study, more than 85 percent of women are the chief purchasing officer or financial decision maker in their household.
A LIMRA Secure Retirement Institute survey revealed that among consumers aged 50 -75 with $100,000 or more in household income women are more likely than men to be concerned about running out of money in retirement (46 percent vs. 35 percent).
Financial professionals are working with more female clients now than ever before. Women are increasingly becoming the primary breadwinner and the financial decision maker of their households. But despite their increased responsibility, many report feeling underprepared when it comes to long-term financial planning. Learn their top concerns and where life insurance can play a role.
When discussing your clients’ financial futures, a great deal needs to be taken into consideration. And while there are some factors you can do your best to predict – the approximate year of retirement, for example, and what the cost of living for a given area will be – there are also a large number of events that could dramatically change the course of your clients’ retirement plans.
As an insurance producer working with high net worth individuals, there are plenty of ways to ensure their families can take advantage of the money they have set aside for them without losing a large percentage of it in taxes.
Back in the 1700’s English theologian Isaac Watts said “Learning to trust is one of life’s most difficult tasks.” Watts did not take part in LIMRA’s study of the middle market but his sentiment is strongly represented. In the study nearly 70 percent of consumers said it was hard to know which online sources of financial advice they could trust.