Life Insurance Awareness Month (LIAM) is over and I have to wonder about its effectiveness. Those of us involved in the industry undoubtedly knew that that there was an awareness campaign going on but what about Tim, the bartender at a local establishment, who I know from conversations holds no life insurance? Or James, who just had a baby and is busy working two jobs? Were they made more aware?
I would have to say no, but LIAM is more about giving those in the industry the tools that they need to spread the word. The grassroots movement which is sponsored by the non-profit LIFE Foundation gives producers a wide array of useful tools that they can use to help educate those in their communities about the importance of life insurance. LIAM was never supposed to be national campaign that targeted members of the general public but maybe such an idea should now be considered.
Throughout LIAM those of us involved in the industry have been hit with a deluge reports, white papers and surveys most of which painted a gloomy picture of a severely underinsured country (see page 54). There are massive sales opportunities out there. The industry has statistics on its side; a no-frills sales approach that explains to a potential customer how underinsured the majority of the country is, coupled with clearing up the common misconception that life insurance is unaffordable, should make it as simple as selling umbrellas in the middle of an impromptu rain storm. Right?
Individual producers going out and making the argument person-to-person will hardly put a dent in the coverage gap, though. And although this flies in the face of the old industry adage that life insurance is ‘sold not bought’ an awareness campaign aimed at the general public that works in tandem with the current campaign that gives producers the tools to spread the word would be much more effective.
It should be noted that the LIFE Foundation already does an impressive job at reaching the general public. Their program, realLIFEstories showcases the importance of owning life insurance through personal anecdotes that are meant to stimulate awareness amongst the general public. This year, realLifestories were featured as part of a special advertising section in Oprah’s O magazine.
Awareness campaigns are, by definition, crudely simple. They are about conveying your message to as many people as possible. Availing producers and carriers with reports and materials meant for educating clients is all well and good but it complicates the process. The current LIAM playbook should be executed alongside a broad campaign that targets members of the general public.