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Moms worry. Life insurance can help.

July 10, 2024
Mom and daughter discussing a life insurance offer from TruStage.

Tailoring your life insurance offerings to a diverse and expansive middle market requires a continuous finger on the pulse of fast-moving consumer trends. TruStage™ is deeply entrenched in the study of middle-market people and families so we can bring you the human intelligence you need to succeed in an increasingly digital personal finance landscape.

Parents are among the middle-market opportunity segments our specialists have been watching closely. What follows is commentary on the changing lifestyles of moms in particular and how those changes translate into opportunity for your life insurance teams to deliver relevant, digitally enabled products and experiences to this high-value segment.

Worries about children’s futures are a big deal for moms.

While much of any parent’s worry relates to the ongoing, daily challenges of raising kids, moms also contend with fears about the future. In TruStage What Matters Now™ research, the anxiety about financial impacts on the family was palpably felt in the findings. Having money to take care of children and saving enough for children’s college education were top concerns among the 9,610 consumers surveyed.¹

The eventual financial independence of their kids is a big concern for many moms, as well. Indeed, 88 percent of parents polled by Pew said it’s one of the most important things to them. This was true across races and ethnicities with White, Black, Hispanic and Asian moms in the Pew study all ranking it as a top aspiration.²

Moms may feel pressured to model financial independence in order to bring about the eventual financial independence of their children. That can be a significant struggle for mothers with low or single incomes. In fact, Pew found lower-income parents were more likely to say parenting is stressful all or most of the time.³

Life insurance enables healthy money modeling.

Owning a life insurance policy is one way to help alleviate stress while also helping parents model financially healthy behaviors for their kids. Knowing a financial safety net is in place should mom or dad die unexpectedly provides peace of mind for families. The policies can help lessen worries about how surviving kids or a spouse will manage financially without the deceased’s contribution.

Not only are life insurance policies relatively easy to obtain and afford, there is also a growing demand for them among mothers, particularly among those who are acting as head of household.

Today, two in five single mothers (41 percent) own life insurance compared to over half (52 percent) of the total U.S. adult population. Nearly six in 10 (59 percent) single mothers told LIMRA they need life insurance or more of it, representing a 5-million household middle-market opportunity.⁴

Accommodating the digital lifestyle is a must.

Helping mothers set a good example for the next generation requires more than a good set of products. The fast pace of modern life, combined with the stress and worry experienced by many mothers, calls for a strategy of convenience. Today, that equates to a digital strategy.

Moms are tech-savvy with multiple ways of engaging with digital solutions – from smartphones and wearables to voice-enabled speakers. They expect right-now answers to their questions and responses to their applications. Take the experience of TruStage life insurance distribution partner Everyday Life, for example. According to CEO Jake Tamarkin, 80 percent of his company’s life insurance sales happen on mobile phones outside of business hours.⁵

Accommodating the digital demand in the financial realm comes with challenges, but they are far from insurmountable. At TruStage™, our digital team is continually improving the life insurance distribution model for the digital consumer, busy moms certainly included.

But don’t take our word for it. Here’s what Jake had to say: “When we first started selling TruStage policies, we got a few phone calls from people in a state of disbelief: ‘I think I bought a quarter-million-dollar life insurance policy... but did it really take only 10 minutes? That was almost too easy.’”

It is now possible to provide instant decisioning, either direct to consumers or through our network of distribution partners, like Everyday Life. For moms, that means no taking time away from the kids or the job for a medical exam. It means not having to set reminders to follow up on an application’s status. It means more time to chase down kids, work projects or personal passions — and more time to get back to the enjoyable parts of life.

If you’re interested in obtaining additional middle-market consumer insights or learning more about digital delivery of life insurance products, the TruStage team would love to connect. Contact us today.

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