Overcoming the Challenges of Life Insurance Marketing
According to a study by LIMRA, the leading research firm for the life insurance industry, ownership of life insurance has been steadily declining for decades and is at a 50-year low. Industry analysts believe there are a number of factors behind the downward spiral.
In the glory years of the industry, families depended heavily on one wage earner. Premature death of the sole breadwinner would spell financial disaster. With the rise of the two-income family, longer life spans, and a shift toward investments as a means to provide for the future all combined to create a false sense of security and diminish the motivation to buy life insurance.
Insurance agents began looking for new ways to market the product, positioning it as a tax-deferred savings vehicle. In pursuit of high net worth consumers, many agents walked away from the middle to lower income market. The combined effect of agent neglect and consumer indifference combined to drive life insurance sales to historic lows.
It was in this environment that Bodden Partners was hired to help the National Education Association sell life insurance to its members. Through a variety of database marketing strategies and creative techniques, we create a breakthrough program that has garnered unprecedented policy sales and a trophy case full of industry awards. If you would like to put our insurance team to work for you, contact Mark Silverman for a custom consultation