The number of women who own life insurance is now nearly equal to that of men, according to a recent study from LIMRA.

In 2010, almost six out of 10 women owned some sort of life insurance, which is on par with men’s life insurance ownership. However, when looking at coverage levels, on average, women’s coverage is only about 69 percent of men’s coverage.

"Effectively connecting with women requires different approaches than with men," said Cheryl Retzloff, senior research director, LIMRA markets research. "Our research has found that women are more interested in developing a relationship with their advisor than men. They are more deliberate than men when making the decision to buy life insurance. Advisors should expect to spend more time answering questions and providing educational materials than they might with their male clients."

Women buyers of life insurance place more value on referrals than men do and are more likely to provide referrals to their friends and family if they are happy with their advisor, a previous LIMRA study found. Women (51 percent) are more likely than men (44 percent) to favor an insurance checkup every year or two.