What makes people buy life insurance and then never talk about it?
Let’s first look at the reasons why a consumer would go out to buy life insurance. From my experience they are as follows:
- getting in debt
- having children
- relation/friend has suffered an illness or died.
These are the main reasons but what about another? What about being sold life insurance by a Financial Adviser or a Life Insurance Agent that knocked on your door? What about being cross sold life insurance when signing up to a new energy company via a call centre? This type of consumer was not actively looking to get life insurance, it was sold to them in an opportunistic way when trying to buy something else.
For me these are pretty much the main triggers. I have been working in the life insurance space for over 15 years and really have not come across any more. It’s a pretty simple industry however getting people to buy is another thing. Unless the consumer drives the purchase it can impossible.
It’s not as if people have to own an insurance policy, it is not seen as an essential thing to have, although it should be in some instances.
It’s also not something you can boast about to your mates;
“check out my new trauma insurance policy guys.”
Really wouldn’t waste my time posting on Facebook
“check out the new Life Insurance policy I bought from AIA…isn’t it lovely”
So really, you get your life insurance sorted out and then just don’t mention it to anyone. It is one of those things that people buy and have for quite a long amount of time-but don’t mention it. It must be seen from time to time because you must see it when you check your bank statement. Just seeing the name of the insurance company and the amount of money going out of your account must make you question what you have and why. Wouldn’t it?
Is it just an embarrassing thing to buy when you get older?
It is just oozing with the fact that you are getting older and are not as cool as you used to be? Do you get life insurance when you buy your first ‘family’ car with rooftop box and tow bar?
So really, in order to motivate younger people to buy life insurance we need to make the product attractive to younger people. So we need to create – cool, dare I say ‘sexy’, life insurance. Life insurance that people are jealous about. Life insurance that you want people to retweet and favourite when you share your new purchase on Twitter…imagine…Not too much to ask!
What are your thoughts?