Targeting underinsured women consumers is good business and good for the community

If you’re a financial professional who wants to help individuals, families and communities while building a thriving business, then becoming an appointed agent with Royal Neighbors may be exactly what you’re looking for.

Research shows that women are underinsured¹, and the industry is beginning to focus on this population of consumers in a way that will reshape how financial professionals serve customers and the types of customers they serve.

The increasing focus on women customers is also a result of the expected shift in wealth ownership, dubbed the “Great Wealth Transfer.” Currently, baby boomers hold approximately 70% of the nation’s wealth,² which will be transferred to future generations within the next two decades. This change will be transformative, particularly for women, who are projected to control $30 trillion in financial assets by 2030.²

Given these changing market dynamics, financial professionals must equip themselves to serve women as they take on prominent roles in making financial decisions for themselves, their households and their communities.

Because of women’s longer life expectancy, if they aren’t already the primary decision makers, they may become one upon the passing of their spouse. For example, within just one year of their partner’s death, 70% of women change their financial professional.³ Those financial professionals who are prepared to communicate with and address the needs of women may find it’s critical to sustaining and expanding their practice, both today and into the future.

Financial professionals who focus on the concerns and priorities of women have discovered that women allocate their resources to organizations that align with their goals and values, and research supports this.⁴ Whether women are single, married, affluent or head of household, a common focus, particularly as their income grows, is on giving back to their families and communities.

Community-minded insurance organizations like Royal Neighbors of America — one of the largest women-led insurers in the U.S., founded by nine women almost 130 years ago — is poised for growth. Royal Neighbors’ mission of insuring lives, supporting women and serving communities provides financial professionals and their clients a way to have a greater impact on women and communities through its insurance products, philanthropy partnership and membership program.

According to Zarifa Reynolds, Royal Neighbors CEO & President, “what truly distinguishes Royal Neighbors is its commitment to translating its mission into action. It channels its resources to support charitable endeavors through financial grants to those engaged in meaningful work in their community.”

The organization honors those who extend a helping hand to others through initiatives like their Nation of Neighbors^SM award. The most recent recipient, and the first appointed agent to receive it, exemplifies their Insurance with a Difference philosophy.

Royal Neighbors’ product offerings, designed to benefit individuals regardless of gender or economic status, echo its mission. Permanent life insurance and annuities help empower women to establish financial security, enabling them to create legacies for their families and extend their support to their communities. Additionally, Royal Neighbors’ new final expense product (Ensured Legacy Final Expense) features a charitable giving rider that allows the Certificate Owner to choose a charity at the time of application and Royal Neighbors will make a donation to that charity in the event of the Insured’s death.

Royal Neighbors draws those who align deeply with its mission, as Reynolds highlights, “I grew up without a lot of money, so I was intrigued that Royal Neighbors was providing insurance to people who are often overlooked, and providing consumers with products that are easy to understand. We believe people should understand what they are buying.”

Working with Royal Neighbors, you and your clients benefit from simple product design, ease of doing business via e-apps and point-of-sale decisions, as well as an opportunity for community engagement.

As an appointed agent with Royal Neighbors, sharing their story and commitment to serving underinsured individuals and their communities is one way to build trust and rapport with clients, especially women.

So, why align with a women-led organization? In the words of Reynolds, “Because the whole society benefits.” •

To learn how you can grow your insurance business and make a difference in the lives of men, women and their communities, visit InsuranceWithADifference.com.

1 LIMRA, 2023 Life Insurance Fact Sheet, https://www.limra.com/siteassets/newsroom/liam/2023/0859-2023-liam-fact-sheet-2023_final.pdf

2 Pooneh Baghai, Olivia Howard, Lakshmi Prakesh and Jill Zucker, “Women as the next wave of growth in US wealth management,” July 29, 2020, McKinsey.com

3 Kristen Billows, “Don’t give female clients a reason to leave,” Oct. 4, 2022, fa-mag.com

4 Kate Dore, CFP^®, “After the impact COVID-19, most women see money as a tool to effect change, survey shows,” June 28, 2022, CNBS Empowered Investor, https://www.cnbc.com/2022/06/28/most-women-see-money-as-a-tool-to-effect-change-survey-shows-.hmtl