From the Front Lines: Life-Health
Colleen Corrigan
Life & Health Agent
Wallace & Turner Insurance
Springfield, Ohio
How did you get started at your agency?
In my previous role as HR director, I took responsibility for all aspects of the employee benefits program and was able to build upon my experience in this role at Wallace & Turner Insurance. I saw firsthand the positive impact of offering a full suite of benefits—including life insurance for employees. I witnessed the relief families had when a family member passed away knowing they had life insurance to help cover funeral expenses, mortgages, and other debts.
Why life insurance?
I like the consultative aspect that allows me to have a direct impact on individuals and their families. When people say, “I need life insurance,” I ask them to tell me more about their family, loans, and assets. This creates a relationship and helps me identify what they really need in the instance of death to protect their lifestyle.
Challenges in the life insurance market?
Only 53% of Americans have life insurance, according to LIMRA. The main challenge is that people often think life insurance is unaffordable. This is especially true for the younger market who don’t tend to prioritize life insurance. We saw an uptick during the pandemic of younger people engaging in life insurance, but that trend has slowed down again.
More education is needed to get younger people to incorporate life insurance into their retirement planning and overall investment strategy. If they purchase life insurance under the age of 40, it’s fairly inexpensive.
Future trends?
Technology is a huge component of the insurance industry and its impact is only growing, particularly with the introduction of artificial intelligence (AI). While there are benefits, it can take out the human component, which is a detriment to the individual seeking out life insurance. The individual can lose out on the connection, assistance, and knowledge an agent can provide, such as a direct line of communication with underwriters.
Advice for a fellow agent?
Do not be afraid of talking to individuals and families about life insurance. This should not be a taboo topic. Having life insurance is a way someone can relieve their loved ones’ financial stresses and allow them the space they need to grieve without worrying about money. Life insurance is all about being prepared and caring for your loved ones more than anything else. If you are writing different lines of insurance, it’s always a value-add to be able to offer life insurance.
Olivia Overman is the IA content editor.
Insurance Markets
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