My Wonderful Life

Letter to our Members about our Shark Tank appearance

posted on 1/19/12 by MyWonderfulLife.com Staff

Dear Members,

As you may know, we submitted the My Wonderful Life (MWL) story to the ABC reality TV show “Shark Tank” last year. We knew that it would be a once-in-a-lifetime experience that would spread the word about MWL and would help us gain more wonderful members like you.

Applying to appear on a prime time reality show is also a great way for My Wonderful Life to grow in other ways. In order for us to upgrade features and have a staff, like any business, we need to grow and generate revenue so we can continue to provide you with our free service.

Many of you have emailed us asking how you could pre-pay for your funeral/celebration. If you didn’t see our last email, we found a way to accommodate those requests through a partnership with two large national insurance companies, National Guardian Life and Forethought. Now we can provide another valuable service to our members.

Before our appearance this Friday at 8/7C on ABC, we want you to know that even though we have begun to work with new partners, your personal information will NOT be sold for financial gain, or given to any third parties. You are the only person who has access to your information.

We're all excited and curious to see our appearance this Friday. We have yet to see it ourselves, and are at the mercy of the editors. Please know that you mean a great deal to us, and we hope for your continued support in our future endeavors.

If you have any questions or comments about our appearance on Shark Tank or on our site in general, leave a comment on our blog!

Sue and Nancy

6 Previous comments:

(1) On January 21, 2012, Sandy () said:
I just watched your presentation on Shark Tank, interesting. I am a former Trust Administrator, I worked in Wealth Management for 35 years and have seen just about everything.I'm sorry to report your concept is not that unique. There are many like programs that are currently available and given away.

My questions are:
1.Who is responsible initiating My Life upon a client's death? Back up?
2. Is the Wonderful Life book printable, if so the cost. Distribution/privacy rights?
3. How is Wonderful Life linked to funeral director?
4.Pre-paid funerals are sometimes mandatory with special needs trusts. I suggest that you add SN attorneys to your contacts.
5. Contact state insurance attorney general, most states maintain a general prepaid funeral accounts.
Good Luck
(2) On January 21, 2012, D () said:
I also watched your presentation on Shark Tank and I have to say I think it hindered you instead of helping. What makes your site so different from someone creating their own electronic document and video leaving the information in the trusted hands of an attorney or individual of choice to pass on to a loved one when they are gone. You can be as specific as you wish and customize your party or funeral to your hearts desire without having to link into an insurance company. I live in CT and the fee is less than $100.00 (as long as you do all of the other planning) for an attorney to do that and free with a friend. You can also prepay for services whether it be cremation or a party on the beach in advance as long as the establishments are still there when you pass. I am sorry but I just don't see the value in your service.
(3) On January 21, 2012, Jetta () said:
I watched Shark Tank, and although I was not impressed with your appearance, I do believe there's value in your website. As the "Sharks" said, you need more research in the cost analysis, and your business is not unique. However, there's always more than one company in any type of business, and you should continue with your idea. Not everyone knows about these types of sites, and your appearance brought awareness to yours. By the way, other than Wills and Trust programs, I had not heard of your business idea. My favorite cousin just passed, and she told her family and select friends her final wishes. Several months before she died, she began recording all her passwords and accounts in a basic Word file. Had I known about your site, I would have pointed her in this direction. Many single people do not have someone to rely on (necessarily) in this situation, so please don't leave them out of your analysis. Good Luck, and make sure you address the concerns about your business that are brought to you.
(4) On January 23, 2012, Joseph () said:
I'm going to have to agree with the other comments on this page. I also I watched Shark Tank on Friday and was very disappointed with the presentation of the site. Here is a novel idea that has infinite possibilities and suddenly, (from one perspective) competing against funeral homes seems like a bad idea.

What I ultimately got from the appearance was that, members would have to pay to the two chosen insurance companies (MWL) has selected - but at the same time, we still require having to organize our funerals with a funeral home.

Pretty much, what (MWL) is offering is a kind of trust fund that gets paid out upon our (members) death. For a website looking to earn a profit, $250 from commission isn't enough to justify $100K investment. How can you guarantee that members will select that insurance company?

The idea was a good approach, but I think there is a lot of fault in the business structure. I'm sure on the website there is a similar site that doesn't require anything from its members.

Alienating your market the way (MWL) did, was in my opinion a bad move. Why work against funeral homes? Why not work with them?
(5) On January 23, 2012, RP Brown () said:
You ladies did a great job on the Shark Tank! Unfortunately you didn't secure any funding to move forward BUT you're on to something great here!!! Don't get discouraged, just keep moving forward, a little bit every day.

Remember you have competitors in the business world who may not be very nice. You've got to be prepared to "go to bat" for your product and services.

I love your concept, your enthusiasm, and your tenacity. We'll all rooting for you & we know you will succeed.
(6) On January 30, 2012, Norm () said:
I just streamed the Shark Tank appearance and unlike the others who posted here, I was not aware of any competitor doing anything similar to your service. Yes, we can all write a living will and a will but we don't necessarily put our last wishes into those. I think your idea is fantastic and evolving nicely as you're up and running and getting exposure. I often talk to my wife about my wishes after death but its not a complete plan and she probably doesn't know when I'm sincere about a request and when I'm just making pie in the sky comments. This site pulls it all together, makes you think about the various aspects of it and takes a huge burden off of your survivors and prevents the infighting that can happen between survivors over small details during a period of grief. Keep up the excellent site - I hope you grow and make a huge profit off of it.

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