September is Life Insurance Awareness Month

   

A recent survey indicates that 68 million Americans have no life insurance and those with coverage have far less than most experts recommend to ensure a secure financial future for their families*. In fact, ownership of life insurance has been declining for decades and the impact is being felt in very human terms today. When a loved one dies without adequate life insurance coverage, surviving family members often face very difficult financial consequences like having to work additional jobs or longer hours, borrow money from friends and family, move to smaller, less expensive housing, or put plans for a child’s education on hold.

·    70% of Americans say they couldn’t take more than 1 month of unpaid vacation before running out of money* 

·    19% said that 2 weeks would be the most they could afford to take off and not get paid, assuming their job would be there when they return.  The same number said they could only take 1 week off*

The Hartford has developed an effective method for cross-selling life insurance that can help build profitability for your agency while helping customers meet goals and plan for their future.  Our local experts can help you work with clients to identify opportunities where life insurance can benefit them.

For example, big opportunities may exist among clients who are small business owners, according to LIMRA research**

  • Fifty-eight percent of firms (up from 50 percent in 1994) have formal written business continuation plans; and 57 percent of these firms with written plans purchased life insurance as part of the plan.
     

  • Small-business owners continue to be a very attractive market for financial products and services.  While three fourths are in the prime child-rearing and income-producing ages, almost one fifth (more than in the past) are 65 or older.  Like the overall population, business owners are aging.
     

  • Small business owners have higher incomes and investments and carry much higher life insurance needs (individual and group) than the general public.
     

  • Small business owners are more likely to meet with and purchase products or services from producers with whom they have done business with than from “strangers”.
     

The opportunities available and the strength of the cross-sell approach is to leverage existing relationships to uncover additional sales and revenue opportunities.

For more information on The Hartford and it’s life insurance products please call The Hartford Life Sales & Marketing desk at 1-800-800-2738.

The Hartford is partnering with the Life and Health Insurance Foundation for Education (LIFE) to create a month-long public awareness campaign aimed at encouraging the public to take stock of their life insurance needs.  The objective: to end unnecessary financial suffering that so often occurs when a loved one dies.

Life Insurance policies contain fees and expenses, including cost of insurance, administrative fees and premium loads, surrender charges and other charges or fees that may be incurred under the policy.

The Hartford is The Hartford Financial Services Group, Inc. and its subsidiaries, including the issuing companies of Hartford Life Insurance Company (New York) and Hartford Life and Annuity Insurance Company (outside New York).

* Statistics provided by the LIFE foundation, July 2007
** LIMRA research report, U.S. Small Businesses in 2000: A Dynamic Market (2001)

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