Life insurance has evolved into more of a sophisticated instrument with riders, indexes and strategies. But it’s still basically all about widows and orphans.
I first ran into the phrase “widows and orphans” in connection with how life industry lobbyists were perceived in the marble halls of Congress. Always crying about the widows and orphans, they were.
That cynical perception overlooked the reason for coverage. And today, life insurance is even more unfashionable in the market of financial products. Insurance just sits there faithful as dog, waiting to help family members if the worst should happen.
An article on our website last week reminded me that, yes, it still is about widows and orphans. Erica Davis wrote about how thousands of families are turning to crowdsourcing because somebody died without life insurance or a substantial estate.
Erica pointed out that when she searched for “no life insurance” on GoFundMe, 33,000 campaigns came back. She also talked about how her parents instilled the value of life insurance and financial planning in her from an early age, so that as a young, single mother, she sacrificed to put aside money to make sure her son was provided for in case of her early demise.
In this Life Insurance Awareness Month, this crowdfunding phenomenon is an easy way to show families what it is like for loved ones if they are not protected. No stretch of the imagination required. There it is. Do they really want that as their families’ future?
Erica’s article is also an excellent resource. Her example knocks down any objection about price and priorities.
It’s as easy as a forward to your prospect list. Let us know what happens!
Steven A. Morelli is editor-in-chief for InsuranceNewsNet. He has more than 25 years of experience as a reporter and editor for newspapers, magazines and insurance periodicals. He was also vice president of communications for an insurance agents’ association. Steve can be reached at email@example.com.
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