Has The Ship Really Come In?
I just returned from the NACII convention that was held in Las Vegas, NV from September 10th – 12th. The National Association of Critical Illness Insurance has been holding annual conventions across the nation for almost 20 years. This year’s event had more paid attendees than any other year in the history of NACII.
Bob Morhauser (Nation Sales Vice President- Group Markets for National Guardian Life Insurance Company) said something during a session that I can’t get out of my mind. I am paraphrasing but it sounded something like “the critical illness graveyard is filled with VP’s, Actuaries & L&H professionals that either didn’t set up their product and distributions properly or didn’t have the ability to see this product out for the long term”.
For those of you that are familiar with my writing and marketing experience in CI know, I have been involved with CI since my father and brother first approached Bob Morhauser in 1996/1997! What a wonderful coincidence that I was able to moderate a session where a seasoned veteran of the CI market spoke at, someone that has been successful in a marketplace that has been written off so many times in the past. With all of that swirling in my head I want to give you a brief state of the union regarding CI and where I think we are headed.
As most of you know CI was developed by Dr. Marius Bernard not long after he assisted his brother Dr. Christian Bernard in the first successful heart transplant in 1967. After several more years Marius realized that the clients were recovering physically but getting obliterated financially. That is where the light bulb went off and CI was born. What most of you do not know is the long journey that CI has taken to get to the USA and the not so warm welcoming committee it has received for almost 2 decades.
In addition to that you will be surprised to know how successful CI is in Canada, Australia, Great Britain, China and even Singapore! How has such an ingenious product not taken off in the USA as predicted by so many insurance executives and producers? Every year we hear that this is the year for CI and although we are having phenomenal growth rates in the CI market year after year we are still waiting for the giant wave of CI sales. Is this the year as predicted by more people than ever or will they eventually need to build another graveyard for the rest of us?
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