Life Insurance Awareness Month kicked off earlier this week with a message from Gov. Frank Keating, president and CEO of the American Council of Life Insurers, Washington. Keating noted that “These are difficult times. Families have seen their hopes and dreams shattered during the past year as the economy faltered and unemployment soared. Understandably, many Americans are more focused on getting through the next week than on long-term financial planning.”
But, he added, “Life insurance is the cornerstone of any financial plan. It provides financial security at the moment of greatest need. Life insurance is certainly no substitute for the loss of a breadwinner, but it can help a family withstand the financial pressure.”
The Insurance Bellwether thought it would be interesting to find out what the average guy and gal think about life insurance. Toward that end The Bellwether will kick off its 30-day project to get their gut reactions.
The Bellwether asked average people three questions in the following order:
-What is the first thing that comes to mind when they think of life insurance?
-What is the best feature of life insurance?
-What is the worst feature?
Here are six responses from the first round of interviews. Some answered the three questions while others took a stream of consciousness approach. The goal is to have several more rounds of interviews with a total of 30 or one per day.
1-Retail Clerk-Staples—Money; Money; and a person you love dying in order for you to get it.
2+3-Bake Shop—Counter person—Forensic Science and shows in which the victim is killed for insurance money; the ability to put kids through college if a parent dies; didn’t really discuss a negative.
--Counter person—“I wonder how many people think about it. I wonder if my dad has insurance. He was a life insurance salesperson a long time ago. It can provide protection.”
4-Editor in the Advertising industry—I don’t think about it.
5-Postal Mailwoman—“I don’t see anything bad about life insurance. No one is guaranteed tomorrow. I know people don’t want to pay that monthly bill but you pay other bills like rent and food. I’ve seen people who don’t have it and they’re putting money in the ground [when a love one dies.] Or there is not enough insurance to cover the expense. There’s nothing bad about it.”
6-Nurse—“I don’t really have life insurance. I get some through work and it doesn’t cost me anything. I receive 1x my salary. The good thing is that there are no health exam requirements. I don’t have kids and it is enough to bury me and leave my partner something.”