Axa Equitable’s “Retirement in America: A Survey of Concerns and Expectations” research showed that women are very clear about what they want in a retirement product: guarantees.
The study found that:
Women are also twice as likely (22% vs. 11%) to list saving enough money for retirement as their top financial priority. Because they live longer, women are often much more concerned than their husbands about outliving their assets. This need for guaranteed principal added to the fear of outliving their savings seems to make women an ideal market for fixed annuities.
Women also seemed wary of the stock market, with 62% lacking the confidence to invest in equities. Men on the other hand were 50% more likely to be comfortable with the stock market. So your male prospects may be more comfortable with the idea of an indexed annuity where returns are tied to market performance.
The next time you’re sitting with a couple presenting an annuity solution, keep in mind that the needs and concerns of the husband and the wife may be different. Take the time to understand and address both of their needs and concerns and they’ll be much more receptive.