Before I begin, I must offer an apology and my heartfelt thanks to friend Bill Izor, Pan-American Life Insurance Group, for providing photos for the recent NBA and Insurance Designers meeting coverage. I thoughtlessly left out much deserved thanks and photo credit in those coverages. Thank you Bill!! [SPH]
I believe in charitable giving. In this issue alone there is a news release from Allianz outlining $260,000 in grants to support financial literacy programs teaching money management, providing asset-building initiatives, and offering financial resources. Over the last seven years, the Allianz Life grant program has distributed more than $1.8 million to such organizations. Also in this issue is an article by friend Brad Gordon on Simple Charitable Life Insurance—transferring otherwise taxable assets into a much larger tax-free pot of money with a specific task of improving humanity in a manner the designate desires and instructs. In the past I’ve featured special articles relaying the charitable giving efforts of several carriers and include free advertising for two charities in which I have a personal interest. I include the wonderful Brokers’ Service Marketing Group’s golf tournament in every November issue because they should be an example to us all. BSMG uses their primary annual producer event to raise money for local charities—$44,000 last year and well over $1 million over the past 16 years. Bravo! My mission in providing these articles is to offer a few arrows for producers to use to shoot down the media-enhanced misconception that the insurance industry as a whole is just a money gobbling heartless behemoth.
As most of us I’m sure do, I donate money to causes that move me—in my case pet and wild animal rescue organizations, recovery and veterans causes, and the NAILBA Charitable Foundation which has granted millions to charities working with disadvantaged children. And, I confess, I feel like a douche when I pass a red kettle without stuffing a few bucks in. Though I’m not a hoarder per se, (although one might argue if you saw the one criminally disorganized room in our house—okay, two), I certainly have countless items that could, and periodically do, go to charitable organizations for resale to benefit organizations serving the less fortunate—and I get receipts for my taxes. Therein lies the perhaps assailable paradox. Am I “profiting” by giving unwanted or unneeded items away? What about the (blessed) rationalization that an item will immediately help someone in need—versus the idea that I plan on losing the 20 pounds needed for it to fit again, or will certainly find a good use for it in the future, or it has some nebulous emotional strings attached… The donation nudge has proved invaluable in keeping my house from bursting at the seams. And donating adds a spark to so many more days than just April 15th.
So let’s put to rest the snipe that the more fortunate—individuals and institutions—”only” donate for a tax write off. The elephant (and donkey) in the room is that you have a choice—donate to the charitable organizations to which you feel so moved, or let the government “donate” for you. I choose to donate to organizations that have a bit less overhead than the Federal Government. They force enough donations on my behalf already.
So what about time? Actions speak louder than words—unless perhaps you’re one of the dozens of people I fleece for the Charitable Foundation at the annual NAILBA meeting. We don’t write off the time we donate to our causes, personally or professionally. And now the clumsy segue: September is Life Insurance Awareness Month and our industry is falling behind in getting people much needed protection. The fact that our industry faces a nearly 60 year low in the percentage of people owning individual life insurance says to me that many of those in greatest need are those being underserved. What a great way to use your God-given gifts to benefit those less fortunate. We all know that commissions on $100,000 and $250,000 term face amounts are break even at best. Doesn’t change the fact that they can be a true godsend to the vast majority of families facing the tragedy of losing a breadwinner. Shouldn’t we work harder on that? If there were 1000 more lower middle class widows tearfully thankful for those death benefit checks. Or 10,000. Or 1 million. Or 10 million. Would that change the perception of our industry in the demographic most vulnerable to be influenced by our naysayers? The Life Happens folks can help you (www.lifehappens.org).
I’ve never sold an insurance policy, but I’ve been present when bigger checks were delivered to a widow already financially fortunate. I’ve also been present when two smaller checks were delivered to a grieving widow much less fortunate and at wit’s end about how to make ends meet. I don’t know how many more widow’s checks it will take to change public perception of our industry. But I bet it only took one to change you. God bless you.[SPH]
