Women simply have different backgrounds, beliefs and needs than men when it comes to money – making selling annuities to them a much different task than selling to their male counterparts.
Overall, women earn less, save less, and outlive men, all while spending around the same amount on living expenses. That means that 401k contributions and social security benefits will cover less for women – making annuities a great way to ensure stability during retirement.
Understanding them can set your annuity salesmanship apart from the competition – plus help you know that you’re preparing your clients for a better, more secure future.
Female Culture Puts Women at Risk
Women are often expected to be nurturing, fulfilling the role of caregiver in the family. This translates not only in how they spend their time bit also how they spend their money. These expectations are passed from mother to daughter.
Author and phychotherapist Rosjke Hasseldine talks about the patterns women learn through the generations in her latest book “What’s Really Going on Between Mothers and Daughters.”
“You do what you know,” said Hasseldine, “And what you know is how you grew up.”
Women are often afraid of seeming selfish and afraid to ask for what they need.
“Your financial comfort is just as important as the kids,” she said, a statement that’s easier said
Getting women to realize that their own financial future is important is critical in selling annuities to women, who may be more focused on their spouse or children.
The Risk for Poverty is High for Senior Women
Running out of money in retirement is a real concern, especially for women who tend to outlive men.
Catherine Byerly covers the secondary annuity market for Annuity.org and StructuredSettlements.com. She received a Political Science and Communications degree from the University of North Florida and has worked in communications for the past five years, handling everything from on-air public radio casts to writing for business journals.
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