Insurance Uses ‘Legacy’ To Pitch The 50+ Market

February 5, 2010 | By Kim Walker

Liverpool Victoria Friendly Society Ltd  (LV), the UK-based insurance, investment and pensions group, has launched its fifth TV advertising campaign to promote its ’50 Plus plan’ life insurance policy.

The company said: “We get a lot of feedback on the reasons why our customers buy our product, and leaving a legacy that helps their family at a difficult time is at the core of those reasons….”

In Asia, the stonger family-focus and sense of ‘legacy’ would, I believe, make this pitch quite effective in many Aisan markets too. But words of caution! Years ago, the major battle insurance companies had in selling insurance (particularly ‘life insurance’) in Asia was the superstition that buying such was tempting fate. With the same ‘pioneer’ consumers closer to the exit door, the need for a strong rational AND emotional pitch will be needed to convince them of the need for such a policy. This needs some careful researching.

Launched in October 2004, the LV= 50 Plus plan is aimed at 50 to 80 year olds, living in the UK. The over 50 life insurance policy provides guaranteed cover with a cash lump sum payable on death, without the need for a medical or answering any health questions.

The ad was previewed on Facebook and YouTube in December 2009 before being launched on terrestrial, satellite and cable channels in January 2010.

What I find paritcualrly interesting in this ad is the fairly straight talk “..when you’re no longer around” and the curious ‘benefit’ that “no salesperson will call”. I thought some people might actually welcome someone to discuss this with?

But here’s the real ‘kicker”. You’ll get a free gift on signing! Whoopee.

I’d be interested to know how successful this campaign is?