Are your current clients' in force policies performing as intended? Do your clients have the right amount of coverage or are there gaps?
There are strategies you can start using today to sell more life insurance, annuities and long term care to existing clients. Connect with your clients on their in force policies to determine if they are still meeting the intended goal.
Is your next sale hiding in your existing book of business? Use these 6 life insurance prospecting steps to untap opportunities.
- Identify who your clients are and segment them into groups.
- Research industry products and your clients' current financial positions.
- Match and target opportunities to clients.
- Unlock the gold mine through relationship building.
Our guest blog is written by Jeff Backofen, Regional Chief Underwriter for Principal Financial Group. He held underwriting leadership positions at Mass Mutual and Phoenix Life prior to joining Principal in June 2013. Jeff has presented at several industry and association conferences, including the Association of Home Office Underwriters (AHOU) and Bramco Underwriting Conference. Jeff shares tactics that you can use to generate a successful underwriting risk management strategy with business owned life insurance.
Okay, you just sold a large business insurance life case. Next step: underwriting.
If you just yelled “help!” — you aren’t alone. Many financial professionals fear the life underwriting process, but it doesn’t need to be daunting.
One of my favorite sayings is “you’ve sold the client, now sell the underwriter.” And you can often use the same tactics you used to convince the client of the need for life insurance to explain the need for coverage to the underwriter.Read More
It's time to rethink your approach when talking to your clients about their retirement.
Simply asking your clients if they have a sufficient amount saved for retirement is not enough. As their financial advisor, you need to dig deeper and ask the tough questions. You need to know if your clients are financially prepared for retirement. Tell your clients to ask themselves, “do I have enough money to support myself for the rest of my life?”.
Approach the conversation to better help your clients realize what their expectations are for their retirement, what their spending patterns will look like and how market longevity and spending will affect their savings. Close to 60% of retirees don't budget for leisure activities when planning for retirement! Asking the right questions not only starts the conversation, but engages a productive exchange that could greatly impact the retirement planning process and your clients' future.
Brokers’ Service Marketing Group invites you to watch this informative true story from Life Happens. In the video, Coleen Stokes recalls her heartbreaking experience involving life insurance and her daughter, Summer. At 22 years old, Summer was doing what most people do at that age – going to school and working a part time job. Everything was going smoothly until Summer received the life-changing news that she was pregnant. Shortly after the news broke, Summer was approached by a licensed insurance professional advising her to purchase a life insurance policy. Like so many today, Summer's mom advised against it, making the argument that she didn’t need to worry about getting a policy while Summer was still young and healthy.
Share this video with your clients to remind them of the crucial role that life insurance can play in their lives.Read More
Preparation & Perseverance: The Pillars of RDU
The express purpose of Risk Differentiation Underwriting (RDU) is designed to deliver high risk life insurance underwriting pricing based upon the individual merits of a client’s unique clinical profile, versus a risk assessment based upon the law of large numbers. In the arena of high-risk underwriting, RDU strategies are built to recognize specific idiosyncrasies of a clinical impairment in order to favorably separate that risk from an otherwise statistical/actuarial grouping. However, achievement in this regard requires an RDU practitioner committed to meticulous preparation and persevering earnestness.Read More
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.
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.Read More
What are you doing to ensure your clients' portfolios are protected? Here's how to implement a life insurance sales strategy that will protect your clients and the assets you manage.
How do you start the conversation of life insurance with your clients? Perhaps you begin by storytelling to help your clients visualize a situation in which their lives are impacted to show how life insurance would help. The scenario that's all too familiar is when the husband (or wife) dies and doesn't have life insurance. What happens to the surviving spouse? They're often forced to start spending down their investments in order to make ends meets.
Their investments quickly deplete.Read More
No Comments 5 Jun 2017
After a long winter and wet spring, it's nice to start seeing the sun shining through the clouds! Often, summer means long days, BBQ's, vacations and fun! Unfortunately, summer can also mean danger. We looked at some scary statistics surrounding classic summer activities. Be sure to share these stats and infographics with your clients to illustrate the importance of risk protection products.Read More
No Comments 19 May 2017
May is Disability Insurance Awareness Month
Everyone knows someone who was sidelined from a job due to an unexpected injury or illness, and yet Disability Insurance (DI) is still one of the most overlooked types of insurance. The most common reason people tend to shy away from paying for DI is because they don't think it will happen to them, however we use the word unexpected for a reason. According to a Life Happens survey, "a person has a three in ten chance of suffering a disabling illness or injury that would keep them out of work for three months or more during their career".
So why aren't people protecting themselves, their family or their income? We think it's because advisors are not having the conversation. Here are the 6 most eye opening facts that should have your clients signing up for DI tomorrow.Read More