This presents a special problem for senior women. According to a report from the Society of Actuaries, it’s not uncommon a widow to live another 15 years after the loss of her spouse. More often than not, the death of a spouse means a decline in the standard of living for the surviving widow.
“[My] main financial concern is medical expenses, and will we have enough,” wrote a woman from Phoenix in the report. Often tasked as caregivers, women have not only their own health care costs to worry about, but their spouse’s as well.
For those over 65, twice as many women are living in poverty when compared to men. According to a study from the National Women’s Law Center, over 2.6 million senior women are living in poverty.
This makes annuities a great product for women especially, having guaranteed payments means a woman can be sure she has the income to make ends meet during a vulnerable time in her life.
Annuities Ensure Income
No one wants to think about a senior woman having to choose between food or healthcare costs – and there’s a way you can ensure your clients never have to.
Plus, woman might be a better client because she’s actually more concerned about money in retirement than her husband.
The Society of Actuaries report indicated that overall women are more concerned than men in most areas around income during the golden years: Pre-retired women are more likely than pre-retirement men to say they are concerned about retirement, 70 percent of women versus 57 percent of men; more likely to say they are concerned about having enough money to pay for health care, 77 percent of women versus 69 percent of men.
Bottom line: Men are from Mars, but women are from Venus and will be retiring on Earth – where annuities are a great option.
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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