30 year old in 1950, married 12 years, 3 kids. 30 year old kid in 2018, refers to himself as a millennial, lives in his parent's basement (or original bedroom), still gets an allowance, and spends hours daily on social media or playing Nintendo. Loves his mom's cooking.
Primerica reports 13% growth in term life net premiums in 3Q, 5% increase in agents
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In my opinion the life insurance business model is a lot different than 30 years ago. As I stated earlier my town and the surrounding area had approx 100 debit agents working for various companies and their job was to sell life insurance. Today in my hometown there are 5 life agents. Two state farm agents, one Ohio National and two independents. Except for the Ohio National Guy none of us make life insurance a priority we do other things.
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Kinda sorta.
There are a hell of a lot more agents at the other end of the phone and computer monitor. I am in California am currently doing some deals in California, Texas, Idaho and Virginia. Just like the prospects have changed so have the agents. The new ones come in different. The old ones evolve or die out.
I recently wrote a large Term policy on a California guy in his late 50s. He was referred to me but had already started preliminary work with a internet agent from the north east. The business has changed from the old days of a roll of dimes and 3" rate binder.
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totally agree there is a much greater number of agents working by phone/internet. My experience has been most of those additional sales are driven by leads, internet interest & some referrals. that is great for us as producers to be efficient and for those consumer we speak to.
However, in those old decades, I believe the agents locally connected with more people face to face as part of the community events, door knocking, whatever. that helped drive the discussion of protection to a greater number of people. that is why I believe PC agents or Worksite writers still have an opportunity to close the gap of insuring those who are uninsured or underinsured for protection. I would also include Brokers & Financial planners, but most I have spoke with have zero interest in dealing with term protection or the hassle of writing life for 1 time commission checks.
Luckily, young families have at least the safety net of Social Security Survivors that provides a baseline of income replacement for a window of time
