I would like to claim that my frequent reference to commercials I find amusing is the result of a keen marketing mind appreciating the artform. Alas, full disclosure, it is much more likely that they have simply become wedged in my slowly atrophying brain due to over-exposure via ESPN and/or Josh Gates and Expedition Unknown. My current favorite is the Chewy commercial set in a lawyers office with the attorney acting as executor. The daughter of the deceased is granted control of the company, and the anthropomorphic cat is designated “to receive recurring delivery for all of his needs in perpetuity thanks to autoship from Chewy’’ to which he replies, “I always loved that old man.” The male heir, disappointed in his award, asks, “So what’s it say about the summer house?” The attorney replies, “The summer residence goes to Mr. Marbles.” In response to the son’s challenge that “it doesn’t make logistical sense,” the cat says, perhaps consolingly, “You got a train set Todd.”
So perhaps a reach for the segue, but our industry does a good job of landing the big fish with a great variety of insurance and investment products from huge term policies, to whole life, IUL, VUL, traditional LTCI and asset-based long term care. What we don’t do so well is caring for those less affluent. It seems we’ve by-and-large ceded the small case to online purveyors and other direct to consumer low or no touch mechanisms. Better than nothing I suppose, but my belief is that seeking insurance, particularly for those with much more limited means, is severely underwhelming at best—despite the radio diatribes of “Big Lou” and his brethren. Heck, even I, with a skull full of industry knowledge and a belly full of belief in the benefits, have, on several occasions, postponed meetings with my excellent advisor for reasons that should be of much lower priority. But he keeps after me, and that may be the key.
We still see dismal numbers of un- or under-insured from our great industry watchdog and educator LIMRA. Typically when numbers don’t align with my wishes I call the instigators “Mystics with Statistics,” but the LIMRA folks work tirelessly to provide our industry with the info we need to better insure Americans. The “how” is where each producer, carrier and wholesaler must find answers and apply themselves. Yes there are those low enough on the economic spectrum that they aren’t currently realistic prospects. But there are also many hundreds of thousands that could at least afford their families a modicum of protection, and a great number of young adults and new families just starting out who won’t generate trips to Ibiza today, but can realistically become decades-long clients with steadily increasing incomes and insurance needs. The producer who cared enough to start them on the insurance protection journey simply due to caring, can and should become for them a trusted advisor, a source for further protection, and a willingly referred expert for their peers. Small fish often grow to be great catches.
Another Life Insurance Awareness Month is less than two months away. Now is the time to work on a plan to help more Americans purchase life insurance protection. One BGA I admire greatly has a very large clear glass jar in their entryway and all staff are rewarded if the agency can fill the jar with marbles. The great salient point is, however, that a marble is added for each policy sold—a $100,000 face term policy counts the same as a policy earning $100,000 in commission. I really like that as an illustration of how truly valuable each case is—especially to those who purchased it. I’m sure many of you already serve clients at all points on the affluence spectrum, anyone who appears on your radar. And I’m also confident that there are those who read Broker World who actively seek out those just starting out or who have to this point eschewed insurance protection and I salute you one and all.
I admire Josh Gates for a number of reasons, not the least of which is his courage and willingness to explore any number of claustrophobic dens, scuba in dangerous locales and non-human company, rappel into some seriously sketchy crevasses with seemingly jury-rigged lifelines, etc., and often in places with State Department travel advisories that might as well say, “If you’re stupid enough to go there, please prepare your Darwin Award acceptance speech before you go.” Often it seems he should probably open with, “Watch this! Hold my beer…”
But another reason I admire him is the enthusiasm he portrays during his inevitably inconsequential material finds while pursuing pirate treasure, or historical despots’ unknown tombs, or any number of lost antiquities. Josh’ll make you think that a rusted, twisted medieval belt clasp is as significant as finding Excalibur or a small flake of pottery is as exciting as my next plate of pork ribs. In an effort to tie this all together, I would suggest that we as an industry should periodically tithe just a small amount of time away from Captain Ahabing and emulate Josh’s enthusiasm, even though the comp is but a shard, to help those desperately in need of even a small term policy to at least mitigate the effect of the potential loss of a loved breadwinner, and ideally forge a relationship with a Moby-to-be.[SPH]
