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June 03, 2004 at 08:00 PM
The Industry Has Become Alices Restaurant
Many of you, I know, dont like to be reminded of the 1960s, that explosive decade when everything that the 1950s held dear seemed to go up in smoke (of one kind or another). But, in going through the stories on insurance riders in this weeks issue, I was reminded more than anything else of one of the anthems of the 60s. So, even if you dont want to, youll probably remember Arlo Guthrie and his famous line, “You can get anything you wantat Alices restaurant.”
(Just as an aside, however, even if you hated the 60s, youd probably rather remember Arlos tune than another great anthem of that decadethe Rolling Stones “You Cant Always Get What You Want.”)
But back to the issue of riders. Like it or not, in this area, at least, the industry has become Alices restaurant. And this is a good thing. Because, just like at Alices, what the industry is presenting to clients is a vast smorgasbord of choice and satisfaction.
Take a look at the stories in this issue and its obvious that someone has been very busy in the industry kitchen when it comes to cooking up variations on the rider recipe.
We had a lot of fun with the cow on the cover and keying the riders to the various parts of the animal. But believe me, we probably left out more riders than we were able to fit in. The number seems to be growing by the hour.
When you consider all the rider permutations for life insurance, annuities, long term care and various other products, its no wonder that some advisors are feeling bombarded. Or, to continue with the motif, feeling like theyre being chased by a herd of stampeding cows.
Not only do advisors have to master what each rider does, they have to be authorities in conveying to their clients what the benefits are in and of themselves and what the benefits are in relation to the riders cost.
