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What's happening and think about the future and life insurance in particular which were in CEO ING's US life insurance business and talk -- -- about it because sales are down -- -- -- me.
People are dropping their life insurance because of the economic situation certain.
Well it's not so much that people are dropping a life insurance is back back -- people aren't buying as much right now.
-- there's so many statistics that there glimmer of which is the life insurance -- organization click data for the industry.
Has statistics on people who own life insurance and and only about 50% of US population individual households have like future.
Individually concerns and and when you go ask them 44% of -- need to -- need more.
And -- there's a gap there the people are really dropping the past year the falloff came and economics obviously.
And the biggest falloff was in premium a lot of larger face tonight cases where we're in church was huge for state planning.
Things fell off the purchase of pure protection term insurance.
While it's down it's time now nearly as much and for people still recognize -- there is a significant need for a life insurance that defense.
You know obviously somebody like me I'm single and only have.
A family that we need to leave and as any for.
It's probably great investment -- for anybody was -- family and you look at it will be a five year -- it's when he retirement investment why is life insurance.
Already the products you -- really good investment for somebody right now on this -- well.
And that there are several different kinds of buyers there's there's a buyer like you and that you're you're gonna point your your career in your life where you haven't had have been a feminist that you might.
This sooner earlier in your life that you buy life insurance less expensive and you protect something you protect -- insure ability.
Meaning if you -- -- -- today and you could qualify for a preferred.
And you bought a twenty level term policy very inexpensive.
You protected your preferred status for the -- your life.
Because feature like just allows you to convert and so -- not -- lock in the cost them points and people look at -- nutritionists say it's not particularly a good investment.
Well if you look at for example universal life or a -- we universal life policy.
There -- certain attractive features to this policy they have tax deferred accumulation.
That country death benefits and and in for example and here we universal life policy.
Use your putting your money in the same kinds of assets that you issued went to a mutual funds the difference is that in the you don't get a 1099.
-- but there's been a lot of push back on the industry for the fee structure it could be very costly.
So I think a lot of people are scared that they're you know insurance agents are scamming them sell them products they don't need -- I agree I think you should have -- insurance at least cover -- -- of god forbid your funeral let's say that because he do you think it would put you down as the beneficiary units until I get I.
It very well I would take that money going very well written but everyone should have some sort of coverage and I think a lot of it is.
People like Chris separate the gonna get scams what -- an.
And what's really a -- a lot of people.
Don't understand life insurance they don't they don't -- and why -- would -- the need for.
And NIG we've we've created a new website call ING pro life I NG FO REL I FE.
And it's a fantastic you have cited talk and -- and the person comes on the screen and and they talk you about different kinds of life insurance.
Level term for 1015 this -- -- a new concept return a premium term.
They walk you through need things like why you needed.
-- take you to how how much the how much you need.
How much did you buy they'll quote you prices but just buying things all -- the educational learning and how much -- we need to -- which generally oriented towards.
The middle income Americans not being approached by electricity in Vegas and many good -- agent who could call people and I'm not enough level.
-- that is a great point because I think.
People don't understand life insurance all know -- -- is so complicated I -- wanting to do that.
It's not sexy like stocks you know when you talk -- an investment this is true story and don't get I think is what it.
I used to have big business cards that carry with me that would say Chris -- life insurance salesman for fake company.
So what happens people at the airport.
What athletes what do you do for a living out of -- at them which rapidly and you won't mind if I -- all the TV anchor a -- I wanted to talk to really dealt with the -- when things aren't.
Warehouse people don't see it as a society -- it European it is what it might I might have these I think there's little monument.
If you really find a very good professional life insurance agent I have great respect for those people because they.
They really do a great service for their customers and and lots of people have benefited immensely for spending some time particularly -- in planning.
They can save a lot of money.
Help you establish a financial plan -- estate taxes.
And even in the middle market you know just understanding so -- two ways people want about someone about online and -- wanna look at understand that we got that covered.
But I would never take away from that special agent and you know obviously we think movies that where -- they get cash on different kinds of in fact that it has been a lot of time with these people and -- very talented and and that and do care a lot people going that efficient care about even corporate -- -- -- all independent agents right I'll independent and.
Yes that's important a fee structure but that but that.
Your point is a good one because.
We spend more time planning family vacations and we do our financial future.
I mean I'm I'm totally guilty of it I could have planned the world -- Itself on the road you're thinking I don't worry about next week went on my way to the life insurance for you know but can you brought up look an interesting angle on life insurance as well is that a lot of -- in particular use it to cover their estate tax bill at the end of the day that you're saying you're not you're not seeing them as much anymore.
Well we're still seeing it -- there's falloff -- -- it was -- immense.
Paper loss and -- let through people of certain funds and they would invest in life insurance.
Although there are some interest being concepts now where life insurance is being used as an -- -- to restore well.
But we will see most likely the estate tax increase under the Obama administration so that should.
You when we think it rekindle the industry again.
We're already starting to see your recovery and and that and that segment of the market and it's one that that very exciting is speaking of people back in that planning mode again.
Understanding -- like interest in doing many many different situation is that your big profit margin and there.
Well we we we choose to say we're broad player we cover the affluent market very nicely.
We also have a commitment.
To helping -- middle America.
The middle income Americans.
By life insurance to -- -- creating all these new tool.
We've moved from the number 35 writer of insurance policy to the number two rider in the US.
To -- term vision term us marketplace with independent agents to web site -- quote services.
And -- mean in this numbers of ways and my favorite line -- people just don't wake up and one of them can Obama social life insurance today as an education process here and people just don't realize just how valuable life assurances definitely education.
End of the month we'll have let you are yes in public with her lunch here have been -- -- -- learning experience.
Good thank you for life coupon good good -- of the ING for life and stuff thanks yeah you great.
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