Famous for her skills on the race track, Danica Patrick is also the spokesperson for Life Insurance Awareness Month (LIAM) for the second year in a row. This year marks the 14th annual LIAM, in which firms market their materials alongside resources from the nonprofit sponsor Life Happens. Seven firms within the Life Insurance Monitor coverage group promoted LIAM this year, with initiatives including public stories and client outreach.
Many firms published stories that encourage prospects to consider life insurance to avoid the risk of the unexpected. State Farm told the story of a new U.S. citizen who purchased a life insurance policy from State Farm for $20 per month. While he had never expected something bad to happen to him, he passed away at 47 and the purchased policy helped cover some of his family’s costs. Alternatively, MassMutual published an article about one of its advisors who chose his career path because of his personal experience when he lost his father. While they usually have tragic endings, these stories help reinforce the importance of life insurance.
While many firms use LIAM as an opportunity to gain new business, USAA used it as an opportunity to connect with existing clients. An email sent out to clients thanks them for owning life insurance and encourages them to review their policy in light of LIAM. While clients might not typically access their accounts for reasons other than claims, USAA’s email encourages engagement, which could result in increasing coverage or additional policies.
USAA Client Email
While many firms participated in LIAM, AXA and John Hancock published the most material out of all the firms. AXA’s advisor-oriented Promoting Life Insurance page encourages advisors to engage in LIAM in multiple ways, using both Life Happens and firm-specific marketing materials. Additionally, they encouraged advisors to participate in a Life Happens recognition program with a video of an AXA advisor who was previously recognized by the program telling his story.
Alternatively, John Hancock launched an In Your Own Words campaign made up of flyers that uniquely focuses on one specific product, Vitality, rather than life insurance as a whole. Each flyer tells a story that promotes Vitality, such as one person’s 40-pound weight loss with the help of Vitality, in addition to listing some of the product’s benefits.
Life Insurance Awareness Month provides a good opportunity to promote life insurance to prospects and clients and provide advisors with new material and opportunities for engagement. Firms should continue to use future LIAMs to publish more firm- and product-specific materials through a variety of mediums, such as social media, marketing publications, and campaigns.