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Marketing Term Life Insurance |
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This research develops a plan for the marketing of term life insurance in the State of Florida. The elements of the plan are considered with respect to (1) the product, (2) the target market, (3) the market, and (4) the sales organization. The product which is the subject of this marketing plan is term life insurance. Term insurance provides coverage for a specific period of time, or term.1 If the insured dies during the term of the policy, the life insurance company promises to pay the face value of the policy to the insured's beneficiar ies. Term life insurance is available in a variety of formats. Two of the most common are decreasing term and level term. The face value of a decreasing term policy declines each year, while the face value of a level term policy remains unchanged over the life of the policy. The product which is the subject of this marketing plan is a level term policy. Term life insurance policies do not generate cash or investment values. Their advantage over other forms of life insurance is a significantly lower cost. As an example, the annual premium for a $100,00 term life insurance policy 1 2(renewable) for a reasonably healthy 35 year old male non smoker approximates $115, while the annual premium for a uni versal life policy on the same individual for the same face value would approximate $4,870.2 At the end of the first year of paying premiums, the universal life policy would have a cash surr
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constellation of person's attitudes, beliefs, opinions, hopes, fears, prejudices, needs, desires, and aspirations that, taken together, govern how one behaves, and, in turn, finds holistic expres sion in a life style.7
The most significant development in psychographics research is the Values and Lifestyles Program (VALS).8VALS divides the American population into nine life style classifications, which are, in turn, grouped into four categor ies. The assignment of individuals to the various classifica tions is based upon their own perceptions of self image and aspirations, and upon the products which they use. The charac teristics which describe the members of each of the nine life style classifications are as follows:9
1. Survivors. The individuals included in this class ification are predominantly (a) elderly, (b) poorly educated, and (c) barely getting by economically.
2. Sustainers. These individuals are characterized by (a) high levels of unemployment, and (b) low incomes (although their incomes are higher than tose of Survivors). Sustainers also tend to (c) be distrustful, and (d) live for the moment (although they do hold out hope for the future).
3. Belongers. Belongers are the heart of so called middl
Category: Business - M
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Socially Conscious, , MARKET Target, SALES ORGANIZATION, Societally Conscious, Program VALS8VALS, life insurance, term life, term life insurance, I Am Mes I Am Mes, Emulators Emulator, Belongers Belongers, independent insurance, insurance agents, Advertising Research, underwriting company, independent insurance agents, target market, insurance product, life insurance policies, life insurance product, insurance policies, life style, marketing term, marketing term life,
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 = 12 (250 words per page)
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