You've probably received considerable advice on how to find the right client and which clients are the best prospects. Have you heard anyone talk about when it's OK to walk away from a client? For most financial advisors, this is something they hope to avoid. However, every now and then you'll come across a client that may not be a great fit. Here are some tips on how you can spot them and when to walk away.
Welcome to the first installment of Brokers’ Service Marketing Group's “Letter to a Broker” series. We asked our sales team to craft insightful blogs based on topics they cover every day. Our first letter looks at helpful life insurance sales tips like "ancient" health history, field underwriting, the importance of existing policy information and more! Without further ado, let’s talk.Read More
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