Life insurance planning for women represents one of the largest untapped opportunities for financial advisors today, yet many struggle to effectively serve this growing market.

The opportunity is clear: women hold only 46% of life insurance policies compared to 57% held by men, despite the fact that women typically outlive men, earn less over their lifetimes, and are more likely to need long-term care.

For advisors committed to holistic planning, this coverage gap represents both a responsibility and an opportunity to better serve this growing demographic, especially high-net-worth women and female business owners.

Understanding how to communicate with these clients can transform your practice while providing essential protection for an underserved market.

[Related: Five Impactful Life Insurance Strategies and Insights for Financial Advisors]

Steering the Conversation

Top-performing advisors have developed effective ways to frame these conversations with female clients. Here are some approaches to consider for:

Retirement Income Planning

Many female clients express concerns about maintaining their lifestyle throughout retirement, particularly given longer life expectancies. Starting a conversation about supplemental retirement income through life insurance often resonates strongly with these concerns. For example:

“You know, many of my clients worry about having enough income throughout retirement, especially since we’re all living longer these days. Have you thought about how we might add another source of retirement income that isn’t tied to the market?”

This approach naturally leads to discussing how certain life insurance policies can:

• Provide an additional stream of income in retirement
• Offer tax advantages that other retirement accounts don’t
• Give clients flexibility to access funds if needed

[Related: Simplify the Way You Talk to Clients]

Health and Long-Term Care

Healthcare costs represent one of the biggest threats to women’s retirement security. Women outlive men by an average of five to six years and are twice as likely to need long-term care. With annual nursing home expenses exceeding $100,000, traditional retirement planning for females often falls short without proper protection strategies in place.

Opening a discussion about combining life insurance with long-term care protection can address this crucial planning need while providing additional benefits:

“One thing I’ve learned from working with clients is that healthcare costs can really impact retirement savings. In fact, I just helped a client whose mother needed nursing care, and it quickly drained her savings. Would you be interested in learning about a solution that could help protect your retirement savings while also providing life insurance benefits?”

This opens the door to discuss:

• How newer policies combine life insurance with long-term care protection
• Why it’s smart to look at these options while healthy
• How this protection helps preserve savings for intended purposes

Tax-Efficient Legacy Planning

Women often serve as the cornerstone of family financial planning, making them particularly receptive to discussions about estate planning with life insurance. Starting with tax efficiency can lead to broader conversations about legacy planning:

“Most of my clients want to make sure their hard-earned money goes to their family rather than taxes. I recently worked with someone in a similar situation, and we found a way to pass on their wealth more efficiently using life insurance. Would you like to hear how that might work for you?”

This framing leads naturally into discussing:

• Ways to transfer wealth efficiently to the next generation
• How life insurance proceeds can help cover estate taxes
• Strategies for creating an immediate legacy
• Methods to ensure fair distribution among beneficiaries
• Options for charitable giving through life insurance

[Related: Preparing for The Great Wealth Transfer: How Advisors Can Better Serve Female Clients]

Case Study: Long-term Care and Life Insurance for Women

Consider this scenario from a successful advisor’s practice: A 66-year-old woman had confidently entered retirement, assuming her life insurance policy would provide lifelong protection. During a routine review, the advisor discovered her policy was set to expire in just five years. Fortunately, while still in good health, she was able to apply for a permanent policy with long-term care benefits that aligned with her estate planning goals.

Position Yourself as a Support and Resource

After discussing with your client or prospect their needs, make sure you explore policy features that align with those needs and their overall goals. Make sure you take the time to create educational moments in every meeting, for example, sharing relevant statistics about women’s longevity, explaining how coverage fits their holistic plan and supplement retirement income, and discussing the connection between protection and legacy planning. You want women to easily recognize your expertise is equal to your compassionate service. Some ways to go above and beyond for them is to offer to review policies held through other advisors or employers and document action items and next steps clearly so they know you are a trusted guide who won’t lose sight of their priorities.

[Related: Financial Planning Simplified: Designing Your Client’s Bucket Plan]

Enhance Your Practice with C2P: How Advisors Can Leverage Life Insurance to Support Women’s Financial Goals

At C2P, we understand that serving female clients effectively requires both expertise and the right resources. Our comprehensive support helps advisors:

• Deepen their understanding of women’s unique financial challenges
• Access educational content for client conversations
• Stay current with evolving planning strategies
• Build confidence in protection planning discussions

The opportunity to better serve women through comprehensive life insurance planning has never been greater. Advisors who adapt their approach now will be best positioned to grow their practices and serve this valuable market.

Want to better serve female clients and scale your practice? Book a free strategy call today to learn powerful techniques that leading advisors use!

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For Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.

However, with 80% of women outliving their spouses who have historically handled their finances, they also need your guidance more than ever before.

It’s time to start thinking about how you can better serve this crucial and rapidly growing client base.

Why Your Approach Needs to Change

With 65% of women finding a new financial advisor after their spouse dies, it’s clear that something important is being missed in how advisors work with couples. Even more concerning, only 20% of women have a written financial plan for retirement – a crucial tool for long-term financial success.39

Consider how you interact with couples during the planning process. Too often, attention gets directed primarily to the husband during meetings. It’s not intentional, but it happens – and it can cost you valuable relationships.

The fix isn’t complicated — prioritize their inclusion to help them feel seen and heard. It’s not about dumbing things down — it’s about making the conversation relevant to what matters most to them. While returns and technical analysis are exciting, most women are more interested in understanding how their finances support their life goals and protect their families.

Understanding What Makes Women’s Financial Journey Different

Women’s financial lives often look very different from their male counterparts. The challenges are significant, as highlighted in a new Nationwide Retirement Institute report.

• 39% of working women report that caregiving responsibilities have interrupted their careers, affecting their ability to save for retirement
• Women typically live longer than men, yet their median retirement savings are just $44,000 (rising to $98,000 among Boomers)
• Only 16% of women workers feel “very confident” about achieving a comfortable retirement
• Their top financial concerns include:
  • Outliving savings and investments (44%)
  • Social Security cuts (43%)
  • Long-term care needs due to declining health (41%)
  • Meeting basic family financial needs (39%)
  • Cognitive decline and related healthcare costs (37%)

Financial planning for women requires a different approach, especially when it comes to healthcare costs and creating income that truly lasts. Understanding these challenges means offering guidance that fits their lives, not just cookie-cutter advice that often misses the mark.

Taking a Holistic Approach

The fact that one-third of women have taken loans or early withdrawals from their retirement accounts further emphasizes the importance of comprehensive financial planning and education.

Traditional investment-only conversations miss crucial nuances that matter deeply to female clients — like protection planning, legacy goals, and long-term care considerations. This is where holistic financial planning becomes essential.

The Bucket Plan® strategy particularly resonates with female clients because it addresses their core concerns: having reliable income, maintaining their lifestyle, and protecting their family against life’s uncertainties. By segmenting assets into Now, Soon, and Later buckets, advisors can help women visualize how their money will work for them through different life stages while protecting against market volatility and longevity risk.

Building Relationships That Last

The key to serving female clients well is taking the time to build real relationships. That means creating an environment where they feel comfortable asking questions and learning. This becomes especially important during major life changes, such as divorce, losing a spouse, retirement, career shifts — times when clients need an advisor who can provide both solid financial guidance and a steady hand.

This approach should be a given as it helps create solid outcomes for all your clients, not just women. These relationship skills lead to stronger connections and better results across the board.

Strategies to Financially Empower Divorcees and Widows

Making It Happen in Your Advisory Practice

So how does this work in practice? It starts with taking a fresh look at communication and planning methods, involving both spouses in conversations, and developing support for life’s big transitions. These aren’t massive changes, but they can make a huge difference in keeping a widow as a client.

Further, implementing a proven process like The Bucket Plan® provides structure to these conversations while ensuring all aspects of a client’s financial life are addressed. This systematic approach helps create clarity and confidence – especially valuable when working with female clients who may be taking a more active role in their finances for the first time.

Moving Forward

With women controlling more wealth and on pace to continue this trend while making more financial decisions than ever before, the time to adapt is now.

C2P has the tools and support to help make this transition smooth or your current efforts even more successful.

Ready to enhance your approach to serving female clients? Learn how our training and tools, resources, and support programs can help you create more meaningful client relationships.

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This blog post is based on insights from A Woman’s Clarity® podcast series which aims to provide tips and insights that help men and women advisors better serve their female clients.

To continue learning about serving female clients and more methods and strategies to enhance your practice, subscribe to C2P’s industry-leading podcasts: The Bucket Plan®, The Rainmaker Multiplier, or A Woman’s Clarity®.

For Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.