From the Boardroom to the Break Room

Sep 20, 2023

[IMPACT+: This series features IMPACT articles that take a longer look at vital topics that affect Americans.]

September is Life Insurance Awareness Month (LIAM) when the industry spreads the word about the importance of life insurance.

At its core, a life insurance policy can provide families with the peace of mind that comes from being certain they will be provided for if a loved one dies. As financial professional Wanda Caffrey of Lincoln, Neb. said, “These are people that don’t have to go out and do a GoFundMe to pay for a funeral or to be able to put food on the table or continue to be able to pay the mortgage when a parent dies or a spouse dies. It’s truly a blessing for many families.”

Caffrey mentioned one client whose life was upended when his wife passed away. But thanks to her life insurance policy, he was still able to retire.

“Because there’s that lump sum there that makes up for the Social Security check that they’re going to be missing,” she said. “You know, utilities really don’t go down when somebody passes away. The property taxes don’t change when somebody passes away. So having that lump sum that can help us get through and have some additional income coming in is a real benefit.”

Thanks to LIAM, educational information about life insurance is widely shared during September. But many financial professionals are teaching lessons all year long.

“Look at your social media these days,” said financial professional Kate Frank of Spring, Texas. “I don’t know how many pancake breakfasts or GoFundMe’s that we see all the time. And they just break my heart every time I see one of them … if somebody just would have spoken to them …”

“That’s one of the things that people don’t realize is that these products that we do sell are very accessible to people. They’re not as scary and they’re not as expensive as people think.”

And the education isn’t limited to individuals. Financial professional Rebecca Brown Schulter of Memphis, Tenn. works with small business owners to explain how life insurance can help protect their companies and employees.

“I think sometimes they don’t stop to think, what if I wasn’t here?” Schulter said. “What would happen to all these employees that I have? What would happen to my family? So, I think sometimes it’s just having candid conversations with them about making sure their business is protected. So, I think a lot of times they’re so busy working in their business, which is what they should be doing, that they really do need outside counsel, if you will, to help them make sure that their business is going to continue and succeed in the way that they want it to.”

Schulter works for the same financial services firm as her father. She said their slogan when talking with potential business customers is: “From the boardroom to the break room.”

“So, no one is too small for us to work with and try and help and touch their lives,” she said. “We truly do when we’re working with those business owners in all walks of life and income is … we just try and make a difference and a positive effect on people’s lives every day.”

Diane Boyle

Diane R. Boyle is the senior vice president of government relations for the National Association of Insurance and Financial Advisors. Her responsibilities include the development and implementation of legislative and regulatory strategy, and daily execution of association activities to provide advocacy services for insurance and financial professionals to support a private, competitive insurance marketplace.