Term Life Insurance in Florida

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 beneficiaries.

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 35year old male nonsmoker approximates $115, while the annual premium for a universal 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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ersonality differences.5 In psychographic research, life style refers to the distinctive mode of individual or group orientation toward consumption, work, or leisure. When dividing buyers according to personality differences, marketers attempt to develop product brand personalities, or images, which are designed to appeal to corresponding consumer personalities. Psychographic segmentation cannot be practiced in a vacuum. The procedure must be integrated into the total spectrum of a firm's marketing activities, and a firm's psychographic segmentation is significantly affected by the actions of competitors.6 Psychographic segmentation describes . . . the entire constellation of person's attitudes, beliefs, opinions, hopes, fears, prejudices, needs, desires, and aspirations that, taken together, govern how 5 one behaves, and, in turn, finds holistic expression in a lifestyle.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 categories. The assignment of individuals to the various classifications is based upon their own perceptions of self
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Approximate Word count = 2033
Approximate Pages = 8 (250 words per page)

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