Image Problem/solution

[insuresu]

I don't mean to insult or offend anyone. I'm referring to myself as well as others.

Let's face it, a lot of people don't want to talk to us about life insurance, even though they may need it, don't have it, and/or may like us personally.

I don't know what it was like before my time. I began in 1995. I do know that in the 90's there were a lot of us, including me who thought variable life insurance products were the greatest thing ever.

A few years later even before the economy crashed, I came to the realization and I believe to this day that insurance is about protection. The whole concept is about an insurance company assuming risk and reducing or eliminating risk for the client.

Variable life insurance and variable annuities go against that. As a result, I have become a fan of safe money products. I let my securities license go.

I think variable products have given our industry a black eye/image problem that we are still feeling the effects of.

It seems to me a lot of people think of us as snake oil sales people who can't be trusted (not that I have anything against snake oil sales people).

As a result I do my best to portray a different image. The name of my company and what it stands for is meant to represent that.

I use the concept of the 5 F's: Food, fitness, finances, fulfillment, fun as the basis of who and what I stand for. It's not a coincidence that finances are the 3rd F and are central to my theme and the name of my company. It's also not a coincidence that the first two F's are what they are and precede finances. Lastly, it's not a coincidence that the 4th and 5th F's follow the other 3 and are direct and indirect results of the previous 3 F's.

It is my intention that the 5 F's work in a cyclical/circular perpetual motion.

Of course, the bottom line is to do more business but I'm trying to create an image not only for myself but my peers. I live the 5 F's to the best of my ability and encourage others to do the same. I'm trying to go to market as not just a life insurance sales person but someone who has a life, a way of life, and a formula for that way of life. The formula definitely includes life insurance and safe money but it is only part of it. To be honest, it seems most people either don't get it or don't care.

Comments?

 

[sman]

I refer you to your other thread regarding simplified issue or fully underwritten plans as to why some may view the agent negatively.

 

[scagnt83]

You push SIWL to people who can pass underwriting. You are part of the problem in this industry.

 

[insuresu]

I appreciate your comments despite the assumptions. Perhaps you've heard what is said about the word assume. Best wishes.

 

[scagnt83]

I appreciate your comments despite the assumptions. Perhaps you've heard what is said about the word assume. Best wishes.

Have you hard what the pot called the kettle?

And I am assuming nothing. I am basing my opinion on the words you wrote.

 

[Cash]

I don't mean to insult or offend anyone. I'm referring to myself as well as others.

Let's face it, a lot of people don't want to talk to us about life insurance, even though they may need it, don't have it, and/or may like us personally.

I don't know what it was like before my time. I began in 1995. I do know that in the 90's there were a lot of us, including me who thought variable life insurance products were the greatest thing ever.

A few years later even before the economy crashed, I came to the realization and I believe to this day that insurance is about protection. The whole concept is about an insurance company assuming risk and reducing or eliminating risk for the client.

Variable life insurance and variable annuities go against that. As a result, I have become a fan of safe money products. I let my securities license go.

I think variable products have given our industry a black eye/image problem that we are still feeling the effects of.

It seems to me a lot of people think of us as snake oil sales people who can't be trusted (not that I have anything against snake oil sales people).

As a result I do my best to portray a different image. The name of my company and what it stands for is meant to represent that.

I use the concept of the 5 F's: Food, fitness, finances, fulfillment, fun as the basis of who and what I stand for. It's not a coincidence that finances are the 3rd F and are central to my theme and the name of my company. It's also not a coincidence that the first two F's are what they are and precede finances. Lastly, it's not a coincidence that the 4th and 5th F's follow the other 3 and are direct and indirect results of the previous 3 F's.

It is my intention that the 5 F's work in a cyclical/circular perpetual motion.

Of course, the bottom line is to do more business but I'm trying to create an image not only for myself but my peers. I live the 5 F's to the best of my ability and encourage others to do the same. I'm trying to go to market as not just a life insurance sales person but someone who has a life, a way of life, and a formula for that way of life. The formula definitely includes life insurance and safe money but it is only part of it. To be honest, it seems most people either don't get it or don't care.

Comments?

I would have put a different F as a part of my five

VUL is like the truth.... most people can't handle it.

Since you push fitness then your clients should be able to pass UW

 

[WMG]

I am not sure that I completely understand your methodology -- however, I'll share my thoughts as it relates to image, our industry, etc. The negative connotations, prejudices, perceptions, etc. -- I think have to do with insurance "agents" more than it has to do with the insurance "industry" so to speak. That said, no, I don't always agree with what insurance companies do all the time. I do think some companies have made mistakes, poor decisions, and the like, and I think some of that has had negative ramifications for our industry as a whole.

However, I've been in the life insurance industry my entire adult life. I've never done anything else. I entered this industry with a work-study program in high-school, and then in college, and I came out of college into this industry on day one. I am proud to be a life insurance professional, and I conduct myself as one. That being said, with most products -- most -- they may have an applicable place with some people. I do think there are poor and dangerous products. I think we as professionals have seen some of the "black eye" type products, and in those cases there tends to be more than one to blame. Getting into specific products is far beyond the scope of this thread. However, as much as I hate dealing in generics, term and whole life both have a place, across a wide spectrum of people. UL can as well. VL/VUL, may as well. However, we've seen the consequences of SGUL/NLGUL, yet they can still have a place -- if used properly. However, they are not always used properly. Hence, problems.

While the industry as a whole, insurance companies, certainly have had a role in this -- I think more often than not, it is the "agent" -- the poor, weak, uneducated, unprofessional agent -- that creates much of the negativity in the marketplace.

Life insurance is the most important financial tool in the financial world today. Yes, it is about protection -- and when it comes to our clients, it should be protection first.

 

[DHK]

In my opinion, the BIGGEST problem our industry has... is that agents don't stay in the business. When agents don't stay, policy owners become orphaned policy owners. They don't get the service that they should get. There are NO "set it and forget it" policies. As people's lives change, so do their needs. The public is best served by agents that stay in the business long-term.

This also contributes to the idea that agents are only looking for a commission... because they won't be around later to serve what they sold. Clients don't want to be left hanging... so they would rather NOT deal with someone that they suspect won't be around. Hence the term 'fly by night'.

The 3rd is the traditional agency structure. Agencies generally don't do a great job with training anymore. It used to be that you could get great training... but now, they rely on the One Card System, in-house LUTCF/FSCP programs... and the project 200. They are all about the quick sale so the manager can be paid their override.

Hire 'em in masses, teach 'em in classes, sell all their family and friends, and fire their ***es.

An Employment Scam in the Financial Services Industry > HOME

Then you have the "financial entertainers" and other firms that proclaim a "one-size-fits-all" method of planning for the masses. Primarily "Buy Term and invest the difference". It seems the more they say it, the more people tend to believe it. Yet, it's being touted by people who have no clue about how whole life or any other permanent insurance product works. And then, these same firms and "financial entertainers" then have the gall to say that 'any agent trying to sell you a permanent life policy (or an annuity) is only looking after their own interests and is only trying to make a huge commission'.

But do we have an advocate for our industry? We actually do. His name is Ed Slott... and you can watch his PBS special on Rescue Your Retirement on my facebook page.

Also, our industry is also competing and destroying itself through marketing "bait and switch" tactics on term life insurance rates. They advertise "ultra-superman-preferred" in their rates... as though everyone can qualify for it. And because of the proliferation of term insurance rates, most people believe they can get quality insurance for next to nothing. Then, when a skilled agent shows a multi-thousand dollar premium (for the perception of death benefit only), they then question the interests in whom the agent is looking after - the client or their own pocket.

Then, because the agent field force isn't selling enough... companies find ways to go around the lack of agent production by selling direct to customers - in Walmart, on television, etc.

Add in the 'expose's' of agents being filmed when misrepresenting fixed indexed annuities (let alone real lawsuits going on in California)... and we've got MORE reasons not to trust the insurance professional.

Lots of issues that contribute to the perceived lack of respect for the life insurance professional.

The REAL question is... what are YOU going to do about it?

 

[insuresu]

I appreciate your thoughtful respornse and professional insight. Thanks for your comment.

 

[WMG]

In my opinion, the BIGGEST problem our industry has... is that agents don't stay in the business. When agents don't stay, policy owners become orphaned policy owners. They don't get the service that they should get. There are NO "set it and forget it" policies. As people's lives change, so do their needs. The public is best served by agents that stay in the business long-term.

This also contributes to the idea that agents are only looking for a commission... because they won't be around later to serve what they sold. Clients don't want to be left hanging... so they would rather NOT deal with someone that they suspect won't be around. Hence the term 'fly by night'.

The 3rd is the traditional agency structure. Agencies generally don't do a great job with training anymore. It used to be that you could get great training... but now, they rely on the One Card System, in-house LUTCF/FSCP programs... and the project 200. They are all about the quick sale so the manager can be paid their override.

Hire 'em in masses, teach 'em in classes, sell all their family and friends, and fire their ***es.

An Employment Scam in the Financial Services Industry > HOME

Then you have the "financial entertainers" and other firms that proclaim a "one-size-fits-all" method of planning for the masses. Primarily "Buy Term and invest the difference". It seems the more they say it, the more people tend to believe it. Yet, it's being touted by people who have no clue about how whole life or any other permanent insurance product works. And then, these same firms and "financial entertainers" then have the gall to say that 'any agent trying to sell you a permanent life policy (or an annuity) is only looking after their own interests and is only trying to make a huge commission'.

But do we have an advocate for our industry? We actually do. His name is Ed Slott... and you can watch his PBS special on Rescue Your Retirement on my facebook page.

Also, our industry is also competing and destroying itself through marketing "bait and switch" tactics on term life insurance rates. They advertise "ultra-superman-preferred" in their rates... as though everyone can qualify for it. And because of the proliferation of term insurance rates, most people believe they can get quality insurance for next to nothing. Then, when a skilled agent shows a multi-thousand dollar premium (for the perception of death benefit only), they then question the interests in whom the agent is looking after - the client or their own pocket.

Then, because the agent field force isn't selling enough... companies find ways to go around the lack of agent production by selling direct to customers - in Walmart, on television, etc.

Add in the 'expose's' of agents being filmed when misrepresenting fixed indexed annuities (let alone real lawsuits going on in California)... and we've got MORE reasons not to trust the insurance professional.

Lots of issues that contribute to the perceived lack of respect for the life insurance professional.

The REAL question is... what are YOU going to do about it?

DHK brings up many very good and certainly applicable points -- thank you. This problem is multi-faceted and it's origin is as well. It developed in parts over time.

I think the OP's approach of protection first (please allow me the liberty of paraphrasing) is dead on, and I agree with it. My own personal opinion has always been that when sitting with a client, new prospect, etc. -- the first discussion should be about protection, maximum protection, for the client and their family. Period. No discussion about product, type of product, etc. -- nothing else. Subsequently, if that has to be term insurance, fine, it is still about protection/maximum protection first.