business_woman

Women own 11 million businesses in North America and women-owned business is the fastest growing sector of the North American economy.

According to Murray Smith, author of The Answer, this is because women are more open than men to:

  • thinking differently
  • doing things differently
  • being coached

This would explain, in part, why 25% of all businesses in North America generating in excess of $1,000,000 of revenues per year are owned and run by women!

If we accept that women are natural nurturers, “that it’s in our DNA”, then the best way to approach women business owners to sell life insurance, critical illness insurance, disability insurance, etc., is with questions that help you to understand:

  • the passion that drove them to start the business
  • their vision for their business
  • their contingency plans for the continuity of their business in the event they can’t work for a period of time due to a critical illness or a disability
  • their thoughts about a succession plan in the event of their premature death

When selling life insurance to women—be they business owners, high powered corporate executives, among the working rank and file, or domestic engineers—remember to:

  1. invest time in building the relationship—focus on understanding their values
  2. be prepared to educate and answer lots of questions (provide brochures and other 3rd party material)
  3. focus on the benefits
  4. don’t talk down or patronize

To quote Murray Smith “put yourself in the mindset of your customer” and remember that “every decision starts with an internal desire or an external influence.” With life insurance so many people don’t know what they don’t know and therein lays your opportunity to make such a significant “external influence”.

Helena Smeenk Pritchard has over 36 years of experience in the insurance industry and is the Principal of Helena Smeenk Pritchard & Associates, a leader in “Insurance Know-How” training. Helena publishes a weekly free ‘Did You Know’ newsletter on her site.

Originally published on Advisor.ca
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