Life Insurance: Why Women Should Consider It

Only about 47 percent of women have life insurance, compared to 58 percent of men, according to a recent Life Insurance and Market Research Association (LIMRA) study¹. We spoke to Norma Villarreal, a Farmers Insurance^® district manager and Stephanie Waterman, a Farmers Insurance agent, to get their views.

How do you discuss features and benefits of life insurance?

Norma: I encourage agents to use power statements that are thought provoking. One of my favorites is very simple. Life insurance can provide money at a time when it is needed!

Stephanie: I discuss features and benefits in a very frank and simple manner. When I am discussing a term policy with someone with a tighter budget, I relate the premium to food or drinks, such as "Just skip pizza once a month" or "Skip a few premium coffees.” 

What do you tell consumers who already have life insurance through work?

Norma: A great question is, "Do you plan on working at (name of company) until you retire? Do you know if you can take the life insurance with you when you separate from employment?” Farmers Insurance agents are able to offer a policy that the consumer will have control over outside of employment and will work with consumers as they choose the coverage they want within their budget.

Stephanie: If someone has life insurance at their job, I simply ask them what happens to the life insurance if they get sick and can’t work. 

What motivates you?

Norma: I am blessed to be intrinsically motivated. I like doing the best that I can personally, professionally, and financially. As a single woman who is the mother of three children and a grandmother to three boys and two girls, I want my family to be proud of me. I'm motivated to be their safety net if needed. I am not embarrassed to say that I like making money, so money motivates me. Making money is crucial to provide cash flow and cash reserves to my business and my personal financial standing.   

My brother taught me that there are only three things you can do with money: Spend it, save or invest it, or give it away. After earning a living in the insurance industry for 25 years, I have found that I am the happiest when I can do all three with my money.  

 Stephanie: I love to travel, but my biggest motivator is giving back to the community.  Sometimes we can change people’s lives by saving them money. Once, I saved a young mother so much on her auto policy that she told me she was now able to afford to put her daughter in ballet! That’s giving quality of life.

What advice do you give women who enter the insurance industry, and to those looking to grow their agencies?

 Norma: The insurance industry is a gem for those who enter it and are good at it. My advice is to explore the different products from personal lines, commercial, life and financial services. If you gravitate to one particular area, make that your specialty. As a Farmers Insurance agency owner, you can sell all the products. Being a multi-line agency owner gives you the ability to create streams of income from each product line. The real goal of agency ownership is to build a high-performance sales team that you lead by implementing proven processes for sales, cross-sales, retention, and operations.  

Stephanie: If I could give a word of advice to a woman entering the insurance industry, it would be to develop and believe in people. Find people who don’t have a career, but have the insatiable desire to succeed – and give them a chance! 

¹ November 2022, LIMRA, 2021 Insurance Barometer Study, LIMRA and Life Happens

Life  insurance issued by Farmers New World Life Insurance Company, 3120 139th Ave. SE, Ste. 300, Bellevue, WA 98005. Products and features may not be available in all states and may vary by state. Restrictions, exclusions, limits, and conditions apply.

Any product guarantees are subject to the financial strength and claims-paying ability of Farmers New World Life Insurance Company, which is solely responsible for the obligations under its own policies. Farmers New World Life Insurance Company is not licensed and does not solicit or sell in the state of New York. 

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