Gene_Simmons_in_BostonWould you believe a recent survey found that in their Walter Mitty moments more people dream of being insurance agents than rock stars?
Well, no, probably not.
But what do you think Gene Simmons does when being a rich and famous member of one of the biggest, most outlandish rock-n-roll bands on the planet isn’t quite exciting enough? He sells life insurance!
And that one is true. The superstar singer and bassist with the iconic band Kiss last year co-founded Cool Springs Life Equity Strategy, an exclusive life insurance premium financing firm for high-net-worth clients.
Simmons’s story spawned headlines late last month when TheStreet.com profiled him in a feature article. The good news is that the story put a recognizable face, albeit one often obscured by garish stage makeup, on the business of selling life insurance. It probably got more than a few people thinking about their own life insurance needs, even if those people may not be in the income bracket necessary to work with Simmons’s firm.
On the other hand, Simmons’s story presents a distorted view of the life insurance industry. As we well know, life insurance is not just the domain of the ultra-wealthy. In fact, most NAIFA members serve middle-income clients, and LIMRA International found that middle-market Americans own 73% of permanent life insurance policies. Perhaps even more-so than the wealthy, these people rely on agents and insurance products to help them protect the financial futures of their families. They count on the tax benefits of life insurance to provide them with a critical safety net.
There is certainly a place for agents like Simmons who cater to high-net-worth clients, but the industry’s real rock stars are the Main Street agents who serve the needs of everyday people.
(Photo Source: Wikipedia.)