To build your portfolio, help your clients by emphasizing coverage for underserved employee populations, including women, during enrollment discussions. This is especially crucial when it comes to voluntary coverage, as women might opt out if the need for such benefits is not adequately communicated.

Assessing the current financial landscape

Income disbursement of working women is changing, particularly because of how many are supporting children — and often aging parents — during their working years.

According to the U.S. Department of Labor, 74 percent of single mothers with children under age 18 were working in 2013, as were 67 percent of married mothers with children under 18. In addition, many women, especially those in the sandwich generation that includes baby boomers and Generation X, are becoming increasingly responsible for their aging parents. According to Pew Research Center, one in seven middle-aged adults (15 percent) is providing financial support to both an aging parent and a child.

Having an income doesn't necessarily mean a family is protected if a primary wage earner were to face a disabling condition — or worse. People may not understand that whatever amount they have in their “rainy day” savings is what will cover the gap if they're unable to work, or would be the first resource their family turns to when they need money for everyday living expenses.

A new way to offer benefits

Employers are starting to offer benefits on a voluntary basis. These voluntary products allow employers to provide optimum benefits that attract and retain top talent. Voluntary benefits aren't dictated to employees, which allows employees to choose benefits that fit their family and lifestyle. It's important that employers communicate the need for these benefits and how these benefits may help protect employees' families — otherwise, employees might forgo electing them.

Connect with your client to get a breakdown of women and men in their workforce and, if you can, their ages. This can help you prepare how to present the need for income protection, as you can tailor presentations, and talk more about helping to provide for families with young versus older children, or consider how many are caring for aging parents.

For those with families, start the conversation by asking, “How would your family help make ends meet without your income?” This question can work for discussing both life and disability insurance, as you can discuss how far their savings would go to cover necessities such as mortgage payments, tuition, loan payments and even groceries.

From there, ask additional probing questions, such as:

1. What are your goals for your family and children? What would you like for them to achieve—in regard to their scholastic, athletic, extracurricular, personal and career endeavors? These questions can help identify potential barriers to their success and allow you to position how coverage can help protect against obstacles for goal attainment.

2. What gaps, if any, do you perceive in your family's overall protection, well-being and peace of mind? This can help define “must have” versus “like to have” risk protection. From here, you can focus on the proper risk to cover for their situation — for example, disability insurance rather than additional life insurance.

3. Is your medical plan a high-deductible plan? By analyzing their current medical plan, you can offer strategic counsel where there are gaps they are not likely to be aware of and how those gaps can be closed or augmented.

4. Have you thought about the costs you would incur if you don't have coverage? This can open the door to providing illustrations of the affordability of gap coverage, as well as illustrations of sample payouts to add value for serious consideration. This also is an opportunity to offer real-life examples, scenarios and outcomes. From there, discuss a plan and phased approach to the total risk protection portfolio.

These are a few ways you can help your clients better serve female employees. Not only will connecting with this historically underinsured demographic help you build your existing business, it will help position your clients as supportive employers, as many employees will be thankful their employer is helping to protect their future by pointing out this vulnerability.