Single Moms

A recent study by LIMRA revealed a few things about how single mothers think about and work with financial professionals and insurance agents:
• Seven in 10 believe that the fees involved in working with financial professionals are too high to be affordable.
• Meeting face-to-face is by far the most preferred way to purchase life insurance for single mothers.
• Of the single mothers with life insurance, eight in 10 purchased their policies through face-to-face meetings with insurance agents or brokers, with other financial professionals.
• More than half of insured single mothers realize that they are under-insured and should have more coverage.
• Only a fourth of single mothers say they are likely to purchase additional life insurance in the next 12 months.
• Other financial priorities have kept single mothers from increasing their life insurance coverage—saving for college education and paying down debt are two of the main reasons given.
LIMRA suggests advisers should:
• Offer to review the in force policies of their clients and prospects.
• Proactively offer financial planning to their clients. Single mothers may particularly appreciate this since even simple plans can bring some peace of mind.
• Make it easy for mothers to meet with them. Kids may have to be with mom. Create a play area with toys, crayons, little chairs and a table, and books in your office – or offer to visit at their home.