How can life insurers better market their products?

Life Insurance and Annuities
by Terry Long

The life insurance industry is finally beginning to pull itself out of the problems in which it was mired for a number of years following the onset of the national recession. But that doesn't mean that selling, even to interested consumers, is especially easy these days. As such, it might be wise for companies to think about the ways in which they market their offerings in the months ahead, so that they can position themselves to better succeed throughout 2014 and beyond.

According to a report from Life Health Pro, one of the sales methods that gives companies the best chance for engaging consumers who might be interested in their products for the first time in a while is highlighting the kind of protection life coverage can provide for a family. Often, many companies may focus their efforts on aging baby boomers - and for good reason, because historically they're the people most likely to buy life insurance. But, with those born into Generation X now having children en masse, and even the older millennials entering their early 30s, turning attentions to them as well can go a long way toward building success not only in the near future, but the long-term as well. Highlighting how such coverage can be a vital security blanket to a young family in particular may be a great way to attract more business.

Estate planning could draw more older consumers
The report also noted life insurance can be a valuable part of any estate, and reminding boomers of this fact could likewise boost business. Helping potential clients to understand all the possibilities in this regard can ensure a better portfolio as well. These people might also be worried about the coming decades, and the ways in which life coverage can be used to help pay for long-term care as they grow old can likewise create an attractive option for those nearing their retirement.

Life insurance issuers may need to become more flexible when dealing with their offerings, however. Consumers want a larger number of choices when it comes to choosing the coverage that works best for them and their unique personal and financial situations. Providing such an array may go a long way toward actually getting them to buy coverage once they've been turned on to the idea of what such a plan can do.