COLDWATER, MI (WTVB) – In February 2015, Morrison Financial Group, a Coldwater, Michigan-based financial advisory firm, launched “YourPaycheckProtection.com,” a revolutionary new web-based program that they say simplifies the process of buying life insurance.
The website features a customized calculator that allows anyone to quickly and easily determine the cost of insurance for both the protection of the monthly income and for the length of time desired for the beneficiary in the event of the insured’s untimely passing. The calculator immediately determines the monthly cost as the buyer adjusts the numbers for two variables, the monthly desired income and how long it will last. The buyer can make as many adjustments as necessary in order to achieve the desired amount and is consequently presented with an affordable life insurance plan, based on industry standards. The Transamerica Life Insurance Company specifically customized this insurance program for the firm.
The “YourPaycheckProtection.com” program is unique in the fact that there is no interaction with an insurance agent until all decisions are made. The entire process is completed online—a feature that is likely to generate interest due to the totally private nature of the website.
The launch of the program is timely, as more individuals and families are without life insurance than ever before. According to a LIMRA (Life Insurance Management Research Association) study, more than 50% of consumers between the ages of 25 and 64 are without life insurance. The organization also reports that during recent years, individual life sales have experienced a decline that has not been seen since World War II. A LIMRA spokeswoman has also stated that as a result, “insurers are finding new ways to connect with Americans.” The organization’s 2013 study interestingly revealed that 85% of those asked said they would “use the Internet in some way to purchase a life insurance policy.”
Forbes.com writer, Adam Hartung, aptly states, “The trend has never been more pronounced. Regardless of how much people are going to spend, they are spending less of it in traditional brick-and-mortar retail, and more of it on-line. ”Per a PriceWaterhouseCoopers report, “as more consumers turn to the Web for insurance … it’s critical for life insurers to take action now to meet the unmet needs of consumers.“
James J. “Jim” Morrison, founder of Morrison Financial Group, replied, “The millions of families that are currently uninsured or underinsured will be severely impacted in the event of a death. Furthermore, for those who do have life insurance where benefits are distributed as a lump-sum payment, the question becomes what to do with that money, as it is often placed in the hands of people who have no investment experience. It’s time to forget about lump-sum payments and return to the true concept of life insurance, where one can focus on income replacement and knowing how long those monthly checks will last.”
“Times have changed,” he continues. “Over the years, the decline in life insurance policies has been staggering, and as a result, consumers have suffered the consequences. Due to the frustration of accurately determining how much money to leave loved ones, many families have put off any decision about life insurance, which can mean tragic and stressful times during the loss of a wage earner– this is a scenario where no one wins. Fortunately, this program can offer an easy and inexpensive solution.
