Life Insurers Move to the Future, the Old-Fashioned Way

"We need to stop with the new products," he said. "Instead, we have to help educate consumers on how these products work. We also have to take a look at what happens to all of our products when interest rates finally go up. People have an interest in less volatile products, especially as Social Security is becoming more of a question mark."

Even Kerzner admitted he recently applied for life insurance and said the experience left him befuddled. "It was way worse and much more complicated than I remember from the past," he said.

Johns said he also believes in a more basic approach.

"It's not really innovation when your products are more complex … it's more about simplifying the process," he said. "How do I get through this minefield to our particular product?"

As for new opportunities for the industry, the trio agreed that more emphasis needs to be placed on growth in products and services for small business and diversity markets such as America's growing Hispanic population, and adopting new underwriting to reach those consumers.

And while all three say that 2011 has been a banner year for business, they see the ever-mounting federal deficit as the one political issue which absolutely needs to be addressed to protect America's future.

"The only way to tackle these financial issues is a discussion where everything is on the table," Leary said. "If we get that right, we can get everything right."