The Bull Market Returns
(Short Takes)
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As much as things change, they really stay the same: 2002 could well be 1931.
Without the past, there is no future. With this in mind, "Short Takes" looks back this month to offer advice from the archives of Life Association News. It was 1931, the height of the Great Depression and life insurance sales were down some 13 percent. Much like today, agents were returning to the basics to sell new policies. In today's declining market, we offer the following sales tip, which is as sound today as it was over 70 years ago. After all, if we don't learn from the past, we are doomed to repeat it.
— The Editors
From "Selling Points"
- Life Association News, April 1931
(The News endeavors to publish in this department each month, valuable selling
points selected from the various Agency house organs, Home Office publications,
insurance journals and other sources which come to our table.)
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No sooner had we definitely decided that the stock market had gone stale as a subject for conversation and editorializing than the financial fur began to fly again on Wall Street. As this is being written the newspapers are still shouting about the latest market whoopee in which the well-known bear threw the well known bull for another terrific loss. Paper yachts have been sunk and paper palaces have wobbled on their foundation. A number of people have found themselves on the warm end of a swift kick in the pocketbook. But things aren't as bad as they might be, life insurance sales are still showing a healthy gain.
Which causes us to wonder what sort of a situation we would find ourselves in if this business suffered the violent ups and downs, which seem to be the natural lot of the stock market. We, as underwriters, can be heartily thankful that life insurance maintains an even tenor of existence. Imagine, fantastic as the idea may be, the difficulties you would encounter in selling life insurance if policies were worth so much today and might be valueless tomorrow. We deal in guaranteed returns and guaranteed results.
Related in a way to this frazzled subject of Wall Street headaches is that of general business conditions. There is still a considerable amount of weeping and wailing and gnashing of teeth on the part of certain people who are hard to convince, but as a matter of record the outlook is getting brighter day by day. Conditions have improved to such a point that we are now able to hear the wee small voice of the optimist chirping softly but emphatically in the distance. Business picks up in spite of the stock market. That sounds like hard times doesn't it?
If further proof is necessary to make up your mind that the country isn't dead broke we suggest that you take an afternoon off and visit the Auto Show-if you don't mind being jostled in a crowd. (It isn't a good idea, however, to make a practice of this as life insurance can be written during the afternoon hours.)
An estimated 70,000 adult Americans jammed into the Yankee Stadium not so long ago to watch Sharkey and Schmeling bounce each other around the squared circle. And they paid good money for the privilege.
Observe the multitudes packing into the theatres, lined up at the first Pee Wee tee, and engaging in a score of other activities designed for pleasure and relaxation. The U.S. isn't poverty stricken yet.
If only a small percentage of the money spent for amusement and recreation could be diverted to channels of thrift, life underwriters would have some new production records to boast about.
--Illinois Life Bulletin
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