Survey Said?

[Jerard]

No, Richard Dawson is not here.

I'm working on a new brochure and I wanted to include some data on peoples knowledge of Term vs WL. From my own experience most don't know the difference. I started to just make something up (joking) but I figured what the hell...someone here may have some real stats.

What I'm looking for are the following:

The percentage of "white collar" workers that know the difference between Term and WL.

The percentage of "blue collar" workers that know the difference between Term and WL.

Hmmm....I guess this post in itself could be called a "survey" so if the numbers I get here are good I'll use them, even if it's just a general opinion from the personal experiences of my fellow members. TIA everyone.

 

[pcbinsurance]

I simply do not see the benefit of having a mailer with percentages of people who may know or not know the difference between WL and Term.

It's much more effective to have something like the percentage of families without life insurance. You need to be able to refer back to the study or reference that had this information. You can't do a crude (forum) survey and then refer back to "Jerard's survey of 19 fellow insurance agents".

When you talk to your prospects, you will ask them ALL if they know the difference...not a percentage of them.

 

[GoCubsGo]

I don.t think they care who doesn't know the difference OR who doesn't have insurance other then themselves and they know that. What would be effective is pointing out the hardship imposed on loved ones when someone dies without life. That hits home. JMHO

 

[Jerard]

No, it's not for a mailer. It's part of a marketing idea for businesses I started working on this week-end. Lot's left to do. The survey part is one small aspect of the idea that in the end will make more sense than it does here. I was hoping someone knew of any statistics regarding the topic.

 

[shonceman]

Don't know any stats, but you might try kicking around on LIFE Foundation for some ideas you could incorporate.

 

[Jerard]

Don't know any stats, but you might try kicking around on LIFE Foundation for some ideas you could incorporate.

Thanks, I wondered around there for a bit but didn't see anything that I've been looking for. Lots of other good stuff there. I guess I'll just rephrase that part of my "project".

 

[jdeasy]

From my experience it's 99% of people, regardless of collar, don't know the difference. Including many insurance agents.

 

[shonceman]

From my experience it's 99% of people, regardless of collar, don't know the difference. Including many insurance agents.

LOL! So true. I've learned that when someone asks me if I sell whole life or term, I respond that I sell both, then quickly ask a couple of questions: 1) Do you have a preference? 2) Why do you prefer that type?
I've often been told that they wanted term so the rates wouldn't increase! More often, they've just been told that term is cheaper, but don't have a clue as to why it's "cheaper." (That includes some clueless, part time agents from a well known "buy term & invest the difference" company!)

 

[Jerard]

From my experience it's 99% of people, regardless of collar, don't know the difference. Including many insurance agents.

99% ? Is it really that high? I was assuming 9 out of 10 white collar (like business owners) do know the difference and that 8 out of 10 blue collar don't.

As for agents isn't that part in the state study manuals? ...and on the test? It's a wonder how some pass...

 

[shonceman]

99% ? Is it really that high? I was assuming 9 out of 10 white collar (like business owners) do know the difference and that 8 out of 10 blue collar don't.

As for agents isn't that part in state study manuals? ...and on the test? It's a wonder how some pass...

Has it ever occurred to anyone that if all it takes is a 70% score to pass the test, then there are agents out there that didn't understand nearly a third of the material? And they're giving financial advice to people?! (Ok, I didn't make 100% either, which is why I studied more after the test. So, why are some agents still clueless after seeing in print how much they don't know?!)

Old joke: Q) What do you call the student who finished last in medical school?
A) DOCTOR!!