Client-Facing Resources for Life Insurance Awareness Month

  • Originally published September 4, 2018 , last updated August 30, 2021
Client-Facing Resources for Life Insurance Awareness Month

With September being Life Insurance Awareness Month, LIMRA updated its forecast for U.S. retail life insurance sales for 2021. These are updates to the original October 2020 forecast.

A lot has happened since the original forecast was projected. Vaccines have been approved for emergency use and are being put in people’s arms. Federal relief packages were passed. Plus, a last-minute change to life insurance tax law was implemented. A recent InsuranceNewsNet.com article highlights these updates and shows what they mean for life insurance producers. In short, the article’s information suggests sales increases are likely pretty much across the life insurance product spectrum. This includes whole life, term life, indexed universal life, fixed universal life and variable universal life products.

Since the beginning of the pandemic, COVID-19 has led to increased awareness about the value of life insurance, meaning clients may be more amenable to buying it. This, in conjunction with the fact that LIMRA’s forecast update is coinciding with Life Insurance Awareness Month, means that now may be an ideal time to discuss life insurance needs with your clients.

Life Happens, a nonprofit organization dedicated to helping Americans understand the importance of life insurance and related products, has resources that you can show clients. We’ve sorted through the vast library and selected some resources here that could help you with common sales objections and show the value of life insurance.

 

Why People Don’t Buy Life Insurance

Since Life Happens and LIMRA started the Insurance Barometer Study, consumers have consistently overestimated the cost of life insurance, citing cost as one reason they don't buy it. Half of millennials believe the estimated yearly cost for a $250,000 level-term life insurance policy for a healthy 30-year-old is $1,000 or more when in actuality, it’s closer to $160 per year. 

If Clients Fear They Won’t Qualify

You’ve likely had clients express fear that they won’t qualify for life insurance or that if they do qualify, it will be too expensive. Remind them that millions of Americans suffer from health issues and still qualify for preferred or preferred plus rates.

Share this article with clients who express that fear: “You Think You Won’t Qualify for Life Insurance, but You’re Wrong.”

Life Insurance 101

The Life Happens resources also include materials for people at all stages of the life-insurance-buying spectrum.

For clients unfamiliar with life insurance, Life Happens has a short video explaining life insurance basics.

The video resources page features heartbreaking stories of college-age children whose late parents didn't carry life insurance to uplifting stories of spouses whom life insurance spared from financial turmoil.

Using Life Insurance for Retirement

Because today’s life insurance offers greater flexibility than just the traditional death benefit, it’s increasingly being used as an income stream in retirement. With Senior Market Sales’ all-in-one planning tool, Income ArchiTech®, you can show clients how life insurance can mitigate risk in retirement, using accelerated benefit riders, also called living benefit riders, and a policy’s cash value.

Send your clients this link to an article on three ways life insurance can help maximize their retirement.  

Videos With Impact for All Types of Clients

The Life Happens resource library features multiple videos showing how life insurance can protect loved ones from financial burdens, help them leave a legacy, show families their love, preserve a family’s way of life and save family businesses. These videos show real-life families impacted by life tragedies and can be effective in helping clients overcome their misperceptions or apprehensions about buying life insurance.

Check out all the videos.

You have the power to help protect your clients from the financial and emotional struggles that can result from a lack of life insurance. Use these resources this September as a first step to educating clients on the value of life insurance.

To discuss how SMS can support you with life insurance marketing, call an SMS marketing consultant at 1.877.888.0166.

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Key Takeaways

  • Educating people on the real cost of life insurance could help them realize it's more affordable than they perceived.
  • Videos are available to help you share with prospects and clients the value of insurance.
  • COVID-19 has raised awareness about the value of life insurance.