Quick back story:
After getting all of my investing and retirement accounts in order a couple of my friends (one of them is a agent and the others father is an agent) suggested that I get Life insurance I told them I already have term insurance and so does my wife. They both told me that term is not good and I should get Whole Life Insurance. I asked them about the benefits of whole life and this is where the marketing of FEAR came out. Here are some of the key phrases they both used:
– You might die broke
– Your taxes might be at 50% when you retire
– The world economy is so volatile you dont know when things will be stable
– The market (stock, financial markets) never returns anyone any real money
– You might die right after your term expires
– You need protection, term is not protection.
Since I am a marketer by trade, you have to know that these tactics do not work anymore. 10 years ago, maybe. Right now there is so much information available to the common person that they can do their own research and look things up in an instant. You should not market on fear since that does not do really well with anyone that has some sort of financial education in this case.
Only market on the benefits of the product. That’s it. If someone doesn’t think the benefits relate to them at all or do not find anything useful in the product, then I would repeat the benefits or come at it on a different angle. Marketing is about bringing value to the consumer not fear. Needless to say, I did not buy whole life.