Over my 66 years, I have purchased many different forms of life insurance.
My first policy was with Prudential, small whole life policy. I was newly married; we were struggling to pay our bills. I decided that I really wanted my wife to do more than just survive if I died and left her with all of our debt. I had lost my dad at 42 years of age, my brother at 22 in accidents. So unexpected death was very real to me. And for several years that was my only concern.
One day, my wife and I were discussing “the cost of college educations”. Somewhere along the line, 3 children seemed to have moved into our house. After much deliberation, I purchased a Northwestern Mutual whole life policy. The cash value grew and grew as my flock aged into college. All three of them graduated from college without any college debt.
As my business grew, I suddenly needed some form of assurance that my family could pay off my line of credit and my buy sell agreement with my partner. I purchased a large amount of term life from American General. Thank goodness, there has never been a need to use these policies.
Knowledgebase Marketing became a much larger firm than I could have ever imagined. Thus when we sold the firm in 1999, my private client advisors recommended an IRIT. So I purchased a Manual Life policy to pay inheritance taxes for my children. As the estate tax laws changed I reevaluated and switched to a Penn Mutual policy.
So, as I noted in recent email communication to those who work in the life insurance marketing arena, the individual consumer need drives the definition of an audience for that type of policy.
It is important to know:
- What is the client’s financial profile?
- What are his/her concerns?
- What are they planning to do now?
And at data decisions group we perform market research, collect and aggregate data then process analytics to define the answers to these questions.
I am a fan of life insurance for many reasons. It has been a lengthy education: from the day I sat and listened to that first young agent until today; when I have transmitted millions of messages to individual consumers asking them if they wished to review their life needs. And processed millions of positive responses