Life Insurers Hope Consumers Will Be Their Valentines

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.

“Whispering sweet nothings is romantic, but research shows a different kind of conversation might be an even more powerful expression of everlasting love,” the company said in a recent message to consumers.

Lincoln reported that people who talk about retirement with their spouses or partners are about twice as likely as other people to contribute 15% or more to their employer-sponsored retirement plans, and are eight times as likely to feel confident about retirement.

New York Life has introduced “Our Product,” a new television ad that illustrates the idea that the effort to provide advice and financial support for clients is a form of love. The company is airing the ad during college basketball games and other national broadcasts.

Producers

Individual producers and web brokers have developed their own Insure Your Love tie-in campaigns.

One web-based lead generator, insuranceQuotes, has posted a traditional guide to love-related personal finance matters as a blog. Michael Giusti addresses topics such as engagement ring insurance.

Ladder has created its own temporary social media service: a “Say It With Ladder” campaign that gives visitors a chance to send loved ones a printed or electronic card with messages such as, “Sorry, I didn’t get you flowers. Luckily, a life life insurance policy won’t wilt.”

..

Pictured: Excerpt from a New York Life ad about the idea that using life insurance to protect one’s loved ones is a form of love. (Image: New York Life)