For many families and individuals this year, health and wellness has been a top priority. The pandemic and lockdowns have led many people to consider the quality of their health, both as it relates to COVID-19 and the impact of quarantines on overall well-being. This introspection by consumers during a global health crisis has caused a spike in life insurance policy purchases, especially by Millennials, who are now considering the importance of life insurance products, long considered something for older people. “It’s [COVID-19] forced the idea of financial protection and mortality to the top of mind for consumers in a way very few events have,” said insurance expert Jennifer Fitzgerald.
Many insurance firms are benefiting from the renewed interest in life insurance. For example, AccuQuote, which saw life insurance policy sales grow more than 30% due to the pandemic. And, other metrics bore out similar information about the growth in this vertical. In 2020:
- Between March and May, Google Search traffic for “life insurance” saw an uptick of 50%.
- Between April and September, the nation’s largest life insurance provider, Northwestern Mutual, saw a jump of 15% in the number of life insurance policies sold.
- Between July and August, life insurance and investment ads increased on air 77%, according to ad tracking firm Ace Metrix.
For brands, striking the right tone in life insurance commercials is critical, especially when appealing to younger audiences who often consider the purchase of life insurance fussy and time consuming. Many advertising campaigns over the last year have appealed to the emotions of audiences, tugging at heart strings and asking consumers to consider their families when they contemplate whether or not to buy life insurance. Almost all life insurance brands, particularly newer providers, focus on ease of enrollment, affordability and digital tools to make the process seamless.
Bestow Users Humor – And Shame – To Reach Consumers Who Don’t Have Life Insurance
A little guilt goes a long way. In a series of commercials from Bestow, an online insurance agency, people without life insurance are “outed” by their friends and family. In one of the funny spots, a mom on the playground is “mom shamed” for not having life insurance, a relatable experience for many parents. The commercials aim to use humor, and a bit of guilt, to convince consumers to purchase life insurance. There are three different spots in the new brand campaign, which are debuting across Bestow’s home state of Texas first, but will roll out nationally in early 2021.
Bestow has seen increased traffic during the pandemic. “In COVID, we have certainly seen a lot of higher intent, traffic and interest in life insurance as people start to consider their mortality more seriously,” said Tannen Campbell, who joined Bestow last year as chief marketing officer. Like many other insurance start-ups, Bestow offers low-premium, term life policies aimed at younger consumers that can be almost entirely acquired online without phone calls or meetings.
New York Life Insurance Reminds People That To Love Someone Can Mean Taking Action
Although the New York Life commercial “Love Takes Action” aired during the 2020 Super Bowl, prior to COVID-19 reaching the U.S., this spot still appeals to the hearts of consumers, urging them to take action for the good of their families. The touching advertisement explains the four different kinds of love as described in the ancient Greek language, landing on the importance of doing the right thing for the ones you love. By eliciting feelings of love and compassion from viewers, New York Life prompts consumers to consider how life insurance protects loved ones. “The creative aims to remind Americans that they have the power to act on their love, whether through considerable hardships or the smallest and most personal gestures,” said Kari Axberg, VP of brand marketing, New York Life. “Fortitude is required to build better futures for loved ones, and we want to celebrate love taking action with our policy owners, future customers, agents and employees.”
As a heritage brand, New York Life may have more traditional, robust products that appeal to older consumers. However, their detailed and sophisticated website offers reassurance and easily accessed answers to a host of questions about enrollment, plan options and coronavirus concerns.
Ethos Uses Real People To Sell Their Message Of Life Insurance For Regular People
Ethos, a digital life insurance company started in 2016, which offers quick and easy life insurance quotes and enrollment, launched “Why I Chose Ethos,” a campaign featuring real people sharing why Ethos works for them. The commercials are able to tap into the feelings many consumers have about getting life insurance — that it can be cumbersome or time consuming, and whether it’s even necessary. By sharing the stories of real customers, Ethos can reach consumers and offer solutions for those people who might be feeling overwhelmed by the prospect of getting life insurance, and want reassurance that it’s as straightforward as Ethos Promises.
Life insurance companies that are able to emotionally connect with consumers, while leveraging digital solutions like online enrollment, are able to establish credibility with new consumers, especially younger life insurance shoppers. By sharing an authentic message that resonates with consumers, and meets their current needs for seamless, digital solutions, life insurance companies can stay relevant during turbulent times and scale enrollments.
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