What other reasons do you think have led to the decline in sales of life insurance?
September 1, 2023 by Sheryl J. Moore
Charting the Course of Life Insurance, John Forcucci‘s Letter From the Editor in InsuranceNewNet Magazine, outlines possible reasons for the decline in life insurance sales.
John correctly points to the fact that there is a huge portion of our country that are underserved. He hits the nail on the head that companies are focusing on cash accumulation, rather than death benefit, and those who aren’t wealthy are being left behind.
But I would add a third reason- GoFundMe.
So many have the mentality that GoFundMe is the new life insurance. “Why pay for today, something that won’t be your problem tomorrow?”
For the record, I despise the use of GoFundMe for life insurance purposes. Burial policies are cheap and offered on a guaranteed issue basis. So, you can’t use your income or your health as an excuse.
A lot of people get on my case, and give me a hard time about this worldview. My feelings won’t change. I paid for life insurance for myself AND my first three kids, when I was a struggling single mom. If I could do it, you can.
What other reasons do you think have led to the decline in sales of life insurance? -sjm
