According to Pew Research Center, there are 5.1 million married mothers earn more than their husbands in the U.S. Another 8.6 million women are single mothers, and therefore the main supporters of their children. In total, 40 percent of American households with children rely upon a woman as the sole or primary breadwinner. Compare this to 1960, when only 11 percent of households could make the same claim, and the change in society is striking.

Even if a woman is not the primary earner in her household, her income may be essential to the family’s well-being. Another study from the Pew Research Center reveals that in 60 percent of families with children, both parents work. For many, this is not an issue of mere preference.

Without two incomes, many families would struggle to provide basic necessities, such as housing, food and healthcare. Other items – college tuition, cars for new drivers and vacations – would be out of the question on only one salary.

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Opportunity Overview

  • Women work in many high-paying and professional roles. Two important markets for disability insurance, dentists and physicians, will soon have close to one-third of the profession represented by women. Yes, despite these numbers, women are less likely than men to own individual disability insurance. Now is the time for brokers to increase their focus on marketing disability insurance to women.
  • When you speak with female prospects, talk to them about the risk of outliving their retirement savings – their top financial concern. Income protection can play an important role in keeping their plans on track. As a group, women are better savers than their male counterparts, and tend to view their financial position more completely, not focusing primarily on investments as men tend to do. Help your female clients identify, face, and plan for their fears. A disability that interrupts the time period to save for retirement may have a greater impact on the financial security of a women relying only on her own assets during retirement.
Make it a point to educate all woman earning more than $50,000 annually about the need for income protection. Women are less likely to initiate the disability insurance conversation with you but will respond favorably to your inquiries and advice.
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