What You Need to Know
- New York Life has introduced an ad based on the idea that having life insurance is a way to show love.
- Finseca, Lincoln Financial and insuranceQuotes have taken a traditional, information-based approach to using the holiday as a teachable moment.
- Ladder has created its own temporary social medial vehicle.
Life Happens — a nonprofit group that promotes life insurance and financial planning awareness — has been trying to use Valentine’s Day to win consumers’ hearts.
The Arlington, Virginia-based organization wants to plant the idea that buying life insurance and getting one’s finances in order is a much more powerful way of showing love than giving a loved one a box of chocolates.
Life Happens conducted a survey of 2,000 Americans and found that many participants prefer partners who can handle their finances.
When the group asked participants to rank the top three most attractive traits in a partner, 42% identified “financial security” as one of the most attractive traits. Financial security ranked third on the attractiveness list. The two traits that ranked higher, a sense of humor and intelligence, were each classified as top-level traits by 44% of the participants. Almost as many — 42% — identified financial security as a highly important trait.
Why It Matters
Marketers say that many people firmly believe that they should have life insurance, or more life insurance, but fail to act on their beliefs.
Advocates of the “Insure Your Love” strategy are hoping the emotion of love, and the fear of leaving loved ones in the lurch, could narrow the gap between what people think and what they do.
Other Industry Groups
Finseca, a Washington-based group for financial professionals, has supported Life Happens’ “Insure Your Love” efforts by promoting the idea that owners of family-owned businesses should begin succession planning to show their true love and commitment to their employees.
Life Insurer Efforts
Life insurers are also tying campaigns to the “Insure Your Love” theme.
Lincoln Financial, for example, has tied a retirement planning campaign to Valentine’s Day.