Because September is Life Insurance Awareness Month, your clients may be hearing about life insurance, making it an ideal time to approach them about their life insurance needs.
Life Happens, a nonprofit organization dedicated to helping Americans understand the importance of life insurance and related products, has a series of 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
According to the 2019 Insurance Barometer Study, Life Happens and LIMRA, one common reason people do not buy life insurance is they think it's too expensive. But the study reveals that people overestimate the cost. When asked to estimate the cost of $250,000 term life policy for a healthy 30-year-old, more than half of the respondents said $500 per year or more. The average cost of such a policy is closer to $160 per year, suggesting that more than half the population thinks term life insurance is more than three times more expensive it is.
Help your clients see how affordable protecting their loved ones can be, by showing them any of these videos:
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.
It also has a video showing the value of life insurance for single people.
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.
Show clients this video highlighting four reasons people may need life insurance when they retire.
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.
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.