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Surprising Facts About Women and Disability Insurance

Posted by Kelly Moser on Tue, May 13, 2014 @ 14:05 PM

Disability-Insurance-For-WomenWomen are all the same. We love shopping, we talk a lot, and if we had our way, we’d all be at home with a baby while fulfilling our roles as trophy wives. And, unless it’s absolutely necessary, we’d prefer all matters regarding our finances be left in the hands of our husbands.

(HA! Excuse me for a moment while I laugh at my own joke.)

Ok, so we all know that female stereotypes are a giant load of you know what.  And if you didn’t know that, take a step out of 1950 and join me for the rest of this post.

While a few of those statements might be true for some women (I, for one, love shopping and I talk a lot), it’s best to not assume all women are the same. Because, I assure you, we’re not.

Yes, many women are amazing stay-at-home-moms.  But, as you know, women are also doctors, teachers, insurance agents, pilots, chefs, journalists, entertainers—you name the profession and I promise you there are women in that role.

According to Pew Research, women make up almost half (47%) of the U.S. labor force today.  And, the employment rate of married mothers with children has increased from 37% in 1968 to 65% in 2011.

Yet, for some reason, the majority of DI applications we see in-house are for men.  Where are all the applications for the hard-working female professionals?  Why aren’t they running out to buy DI?

Because I haven’t personally conducted a study to find this answer, I turned toward a company who has. The State Farm® Center for Women and Financial Services at The American College produced a study after surveying 1,600 women and 800 men between the ages of 25 and 64 with a total household income of at least $35,000. Here is a brief summary of their findings (though I highly suggest you view the whole study as it’s chalk-full of great information).

There’s a lack of concern.

  • Of the respondents, 51% of females and 57% of males believe their own chance of becoming disabled is less than five percent.
  • Only 15% of all participants (male and female) expressed high levels of concern about the possibility of becoming disabled for a year.
  • Nearly 6 out of 10 respondents stated they were simply not concerned about being unable to work due to a disability.

There’s a lack of awareness.

  • 86% of survey respondents failed a basic six-question quiz on disability risks.
  • Only 3% of respondents knew that arthritis is the leading cause of disability.

There’s a lack of research.

  • Only 5% of women have done “careful research” on disability insurance.
  • 61% of women haven’t done any research on disability insurance.

While the survey delves far deeper into the lack of DI awareness among both men and women, one thing is clear—the insurance industry needs to be more vocal about disability insurance to their female clients.

In honor of Disability Insurance Awareness Month, try to reach out to more female clients.  Here are a few ideas to get you started:

  • When meeting with a couple, don’t assume the husband is the breadwinner. Be sure to include the wife in every conversation as there’s almost a 50/50 chance her paycheck needs more protection.
  • Mother’s Day may have passed, but it’s never too late to send the appropriate clients an e-card or give them a shout out via social media.  Once you’re fresh in their mind, follow up the next week to discuss their income protection.
  • Email or mail your female clients a prospecting letter that addresses specific concerns you have regarding their paycheck protection.  Include stats!

Don’t have time to write an email or letter of your own? Feel free to download our all-new fact sheet and sales letter – specially designed for female clients and those who love them. 

And the next time you’re running a life, home or auto insurance quote, throw in a disability insurance quote too.  It’s easy using our online quote request tool.

Topics: disability insurance, selling disability insurance, disability insurance quote, disability insurance for women