BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Insurance Company, a subsidiary of Protective Life
Corporation, today announced it is supporting Life Insurance Awareness
Month in September with a variety of educational tools delivered through
its extended online channels, independent agents, ‘mommy bloggers’ and
even social media events.
“Research shows that individuals understand the need for life insurance.
Yet they continually focus on shorter-term financial priorities, perhaps
because they think life insurance is too complicated or too expensive,”
said Frank Sottosanti, Protective’s chief marketing officer.
“This campaign is designed to educate,” he continued. “We want to
provide resources for people to be able to confidently answer questions
much life insurance do I need?
much life insurance do I need?’ and ‘What’s the difference between
term life insurance and permanent life insurance?’ It’s often the basic
questions that keep people from protecting their families.”
The outreach effort will leverage Protective’s library
of nearly 400 financial education articles and online tools. Protective
is also providing educational material to their network of more than
80,000 independent agents. In addition, Protective will collaborate with
influential parenting bloggers from around the country to drive
awareness of the need for and the affordability of life insurance
through the company’s social channels and bloggers’ personal networks.
The campaign will kick off on September 8th at noon CT with
an online “Twitter Party,” with bloggers sharing stories and educational
materials via the hashtag #IAMPROTECTIVE.
Protective already reaches more than three million consumers a month
through their communities in Twitter, Facebook, Google+, LinkedIn,
YouTube and Pinterest. By collaborating with independent bloggers, they
will be able to reach a wider audience of consumers with both general
financial education and life insurance materials.
Protective’s online educational library includes information on the
different types of life insurance, calculators to determine how much
life insurance someone might need and general budgeting, college and
retirement planning articles.
Protective’s efforts coordinate with national Life Insurance Awareness
month, an education and awareness campaign developed by the non-profit
Life Happens, in conjunction with more than 140 of the nation’s leading
insurance companies and industry groups. This year, the national
campaign will also feature celebrity spokesperson and comedian Anthony
Anderson and his personal story on life insurance.
ABOUT PROTECTIVE LIFE
Protective Life Corporation is headquartered in Birmingham, Alabama. The
Company provides financial services through the production, distribution
and administration of insurance and investment products throughout the
United States. It has annual revenue of approximately $4.4 billion and
as of December 31, 2014, had assets of approximately $70.5 billion.
For more information on Protective Life, please visit www.protective.com.
Basic Facts about Consumers and Life Insurance Purchases
According to the 2015 Life Insurance Barometer Study, which is jointly
produced by the industry trade group LIMRA and the non-profit Life
Happens, less than 60 percent of US adults have life insurance. This
means more than 100 million Americans are without life insurance
coverage either through an employer or through an individual policy. The
Barometer Study also indicates that half of American households would
feel the financial impact of the loss of the primary wage earner in less
than a year. Forty-three percent would notice the impact within six
months, with 29 percent indicating they would notice the loss in income
within a month.
According to this study most Americans continue to put other financial
priorities ahead of purchasing life insurance; however, those priorities
vary by generation:
29 percent of millennials cited saving for vacation as a priority over
purchasing some or more life insurance,
23 percent of Gen Xers said paying for recreational activities such as
going out to eat, movies or shopping was a priority over purchasing
some or more life insurance,
49 percent of those 65 and older cited paying for expenses such as
Internet, cable and cell phones as a priority over purchasing some or
more life insurance, and
60 percent of millennials said the same.
The 2015 research indicates that cost is the reason most Americans give
for not owning life insurance. Yet, 80 percent of consumers misjudge the
price for term life insurance, with millennials overestimating the cost
by 213 percent, and Gen Xers overestimating the cost by 119 percent.
About Life Happens
Life Happens is a nonprofit organization dedicated to helping consumers
take personal financial responsibility through the ownership of life
insurance and related products. The organization does not endorse any
product, company or insurance advisor. Since its inception in 1994, Life
Happens has provided the highest quality, independent and objective
information for people seeking help with their insurance buying
decisions. The organization supports the insurance industry by providing
marketing tools and resources and convening the industry each September
for Life Insurance Awareness Month. Life Happens is supported by more
than 140 of the nation’s leading insurance company and financial
services organizations. To learn more, visit www.lifehappens.org.