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BSMG Blog: Protecting the Future of Families and Businesses

How to Handle Policy Reinstatement


When your client calls to discuss a lapsed policy, what do you do?

Oversights happen, here are some life insurance sales tips on what you can do to prevent a lapsed policy, put it back in force and provide your client with the protection they need. 



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5 Policy Review Resources That You Need


Are your clients' policies performing as originally designed and on track to meet their financial needs? Reviewing your clients' policies is an integral part of an advisor's business. Your clients rely on you to ensure that they have proper coverage and the most competitive pricing available.

You're likely aware of the importance of policy review. However, time is often hard to come by and perhaps policy review gets set aside due to other priorities. Now is the time. July and August are typically less busy and a perfect time to start focusing on policy reviews. Use our top 5 policy review resources to get you started and save you time.

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8 Opportunities to Talk to Your Clients About Term Life Insurance

Term Life Insurance prospects are everywhere. You just need to know where to find them. Agents have shared countless stories with us about "picking up" clients in all kinds of places, from the gym to the grocery store line, even in the bar! There is a reason we've made selling term life insurance fast and easy; it is because there are so many reasons to offer it to your clients and prospects! Check out these 8 term opportunities that open a gateway into having the conversation!

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Tactics & Talking Points to Introduce a Policy Review

 

DID YOU KNOW?

It is a common misconception by consumers that once a life insurance policy is purchased they can "set it and forget it."

Has your life changed in the last five years, how about the last two years? I don't need to tell you how quickly life can change. Your client's lives are also continually evolving, so shouldn't their life insurance protection be reviewed to match? Use these life insurance sales tips to keep in touch with your clients and ensure their current policy still matches their needs.

Life is busy, your clients may (or may not) be aware that they need to update their policy coverage. They also may not have the time to research new products or even to pick up the phone to call you for help. Be proactive and check in with your clients. Do they have a new career, business, child or home? The simple question of "when was the last time someone reviewed your policy?" may be all you need to open the door.

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Increasing Your Client Retention

 
Over the last decade, we have seen a growth in financial services and life insurance retail options for clients, most notably the explosion of the robo-advisors. More options are available to consumers, meaning buyers can be more particular with whom they do business with. Some businesses are so focused on obtaining new clients, they forget about their current clientele, there is something to be said for providing that extra attention to your loyal clients.

Statistics show that customers care more about service, quality and personalization, than cost. Wouldn't you rather do business with someone who caters to you individually and gives you customized service? Your clients certainly do. So, while other advisors and firms may fall short by focusing primarily on the pursuit for new clients, take the long game by setting up a life insurance sales strategy that includes paying more attention to your current customers. Recognize your current roster and make each client feel like the MVP. This will build customer retention, brand loyalty and make your business stronger.

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Addressing Your Clients #1  Concern: Outliving their Retirement Savings

Now is the time to add more life insurance into your book of business! Start using these talking points on retirement savings to bring life back into your client conversations and their investment portfolio. 

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Use This Strategy to Close More Life Insurance Sales

6 Steps To Building A Successful Life Insurance Sales Strategy Using the "Balanced Approach"

Most of your clients face a dilemma as they find their life insurance needs shifting. They can either: 

  • Insure their highest level of coverage needed, even though it could be years from now, or
  • Insure their lowest level, all but guaranteeing they’ll be under-insured in the future.

Whether they are clients who are considering buying insurance for the first time or ones who realize that their current policy isn’t enough, finding the right balance is an important concept. 

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4 Costly Mistakes Clients Make When Claiming Social Security

For years, financial services companies have downplayed the role of Social Security in bolstering financial security in retirement. However, considering the increased financial risks, retirees are now burdened with the tax preferences that Social Security receives and the income options that Social Security now offers, a strong argument in favor of Social Security is being made. 

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Why Conduct a Policy Review in the First 5 Years

DID YOU KNOW?

It is a common misconception by consumers that once a life insurance policy is purchased they can "set it and forget it."

Policy reviews offer you a unique opportunity. They allow you to reconnect with clients or connect with prospects about their protection needs. For clients, you can see what changes have occurred in their lives, and for referrals and prospects, it can be an eye-opening review. A life insurance policy review also offers you the chance to talk about whether or not the life insurance policies they purchased are still the right policy type and coverage amount to meet their current needs, and if it's not they can leverage their original underwriting and avoid a lengthy process. Ensuring clients’ coverage is still appropriate, is as—and in many ways more —important than the initial policy they purchased.

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Why Your Clients Aren't Buying Life Insurance

You know your clients need protection and we understand how challenging it can be to explain to them why they need life insurance. You have probably heard all of the excuses, but did you have the proper rebuttal to refute their protests?

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