The Basis
- Life insurance can be an integral part of your financial plan for your future and the futures of your loved ones. Selling life insurance should always be set in that situation, where it is a very important part of a person's total financial picture.
Selling in Different Scenarios
- One way to sell insurance in this manner is to set it against competing products as superior to them in value over time. In many cases for the ideal life insurance client, the promise of future support for his or her family after death is a powerful selling point. IRAs and such savings vehicles rarely have a post-passing payoff clause, and the money in those accounts will revert to the accounts' sponsors. Selling life insurance as insurance not only for your life, but also as a hedge against IRA sponsor companies that retain that benefit upon your death is an ideal selling strategy.
- Also, selling life insurance as a total coverage tool against untimely death when there is no financial planning in place is also ideal in that, given a large enough death benefit, a person's house, bills, funeral and children's educations will be paid for in full. This is a primary motivating factor particularly for younger clients who are just married and just beginning to build a life together. Emphasis on their age and relative health being to their advantage at such an early stage in life is also a useful way of showing how life insurance is a key product to have.
- When it comes to types of life insurance to sell, it is often easier to sell term life insurance. This is because term life follows very closely in structure with such things as private mortgage insurance and auto insurance in that it is set for a specific amount of time at a specific amount of payoff with an end to the coverage coming up without penalty if the client so chooses. There are many financial planners---particularly planners with a public voice---who encourage their clients to purchase term life insurance since there's no fluff to a term policy and more of the client's dollars stay under his or her control.
A Base for Financial Planning
- Above all, constructing as much of a financial plan as your licensing and your company will allow is, by far, the absolute best way to sell life insurance. Building a financial plan with life insurance at the base of it will help the client to see the total picture when it comes to making sure his or her loved ones are cared for, should the unfortunate take place. Starting with life insurance, then recommending other financial products to help clients secure retirement income and a death benefit can secure a good foundation from which the client can build financially.
The Executive Suite
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