“Buying life insurance is showing love,” says Amanda Korth, a registered representative with Transamerica Financial Advisors, Inc. “But it’s also showing selfless love.”
Korth and I are talking about the importance of life insurance, and the reasons why Valentine’s Day is a perfect time for advisors to discuss the topic with their clients and for their clients to discuss life insurance with their families.
Korth, who works in the Greater Denver Area, tells me of a particular case that has a potentially tragic element to it, a ticking time bomb, if you will, but a case that keeps her focused on the importance of a product like life insurance.
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“I have this man I’ve discussed life insurance with,” she says. “He keeps bouncing from job to job, getting laid off, going from minimal coverage to no coverage at all.”
But that’s not the whole story, Korth adds. “This man has an 11-year-old daughter. He’s diabetic and he’s overweight and he’s going through life without full coverage for someone who depends on him.”
As Korth had said in the beginning of our conversation, life insurance is not only about love, it’s about selfless love.
Because, ‘life happens’
Next, I speak to Marv Feldman, perhaps the preeminent expert on the importance of life insurance and what it can mean to families who have it, and what it can mean to those who don’t.
Feldman is the president and CEO of Life Happens, a nonprofit organization dedicated to educating Americans on the financial and emotional impact of owning (and not owning) life insurance and related products, including disability and long-term care insurance.
“Valentine’s Day is a fantastic time to remember family members and to appreciate all they do for you,” Feldman tells me. “A lot of times, people will say, ‘I love you,’ but do they really appreciate all the things you do?”
Because of the love connected with life insurance policies, Valentine’s Day becomes the perfect time to discuss the positives of the product with loved ones, Feldman says. Life Happens has developed a campaign around February 14th, a campaign you may have seen tagged on social media sites as #insureyourlove. In our conversation, Feldman explains why the following ideas are great reasons to turn Valentine’s Day into Life Insurance Day.
Many agents and advisors launch an annual life insurance sales push around Valentine’s Day. (Photo: iStock)
1. Jumpstart your year
Yes, Valentine’s Day is February 14th, not January 1st, but Feldman says Life Happens has built the #insureyourlove campaign around Valentine’s Day, not only to make that emotional connection, but the organization also sees the date as a launching point for many agents and advisors’ year.
Related: A brief history of life insurance
“People ask, ‘why Valentine’s Day?’” Feldman says. “We look back to the end of the year. Everybody was working like crazy to hit their numbers and by the end, they either had a great year or a bad year. They exhale, they develop their plans, suddenly they look up and go, ‘wow! I’m already six weeks into the new year.’ We believe that Valentine’s Day is a great point, no matter what’s happened in the past six weeks, to really jumpstart the new year.”
Recent research indicates that Americans are becoming more open to life insurance purchases. (Photo: iStock)
2. People want the policy
A 2016 study conducted by Life Happens and LIMRA revealed that Americans are becoming more open to discussing life insurance. Nearly 90 percent of consumers agreed that most people need life insurance. Another 66 percent of consumers say they are at least somewhat likely to recommend life insurance ownership to others.