Benefits of Permanent Life Insurance

Presented by Gary Peterson

Many of us look for the easy or quick sale. We forget that most of the public are not familiar with the many benefits permanent life insurance can offer. I saw that a study was done showing that most people believe that life insurance is used for Final Expenses and income replacement. Here are several other ways Life insurance can be used to benefit your clients:

    1. Paying mortgages and debts
    2. Paying estate taxes
    3. Creating an estate
    4. Providing a cash flow in retirement
    5. Equalizing an inheritance
    6. Paying for college
    7. Taking out a loan/borrowing against
    8. Funding charitable contributions

Three ways for a Property and Casualty Agency to Sell More Life Insurance (Part 3)

Presented by Brian Leising

 

Are you concerned about losing clients to your competition?  Looking for new ways to boost your retention rates and grow revenue?  The average client retention rate is 10% higher when agencies cross-sell products.  Many agencies fail to effectively cross-sell life insurance because they do just a few basic things the wrong way.  You need a plan.  Here is the third item that all successful agencies use to sell life insurance to their auto and homeowners clients:

Use online applications.  You probably use these for your other lines of business already.  Nobody likes more paperwork.  You can be physically in front of your client, or speak with them over the phone.  Either way, the online process speeds up the underwriting system and eliminates paperwork errors.  Not familiar with this process?  Check out a how-to video and then listen to what a once-reluctant online app adopter has to say about the process.

Three ways for a Property and Casualty Agency to Sell More Life Insurance (Part 2)

Presented by Brian Leising

 

Are you concerned about losing clients to your competition?  Looking for new ways to boost your retention rates and grow revenue?  The average client retention rate is 10% higher when agencies cross-sell products.  Many agencies fail to effectively cross-sell life insurance because they do just a few basic things the wrong way.  You need a plan.  Here is the second of three items that all successful agencies use to sell life insurance to their auto and homeowners clients:

 

  1. Understand life insurance must be sold pro-actively. Selling auto and homeowners insurance involves sales skills, but selling life insurance requires a different skill set, a different approach.  People are not required to purchase life insurance.  The lowest price is not going to make the sale.  You have to make them realize they need the coverage.  You cannot throw out numbers of different coverage amounts and expect them to pick one.  You need a system in place to determine the amount and type of coverage needed for your client’s situation.  It really doesn’t matter if you use a computer program or a quick analysis on a napkin, have a system to use and use it, every time.  In the end, the computerized systems and the shorthand napkin systems arrive at nearly the same coverage amounts.  People only buy life insurance for two reasons, they love someone or they owe someone.  All systems take these reasons into account.  We tend to look at them as debts to pay off (owe someone) and income to provide (love someone).  Looking for a system to use?
    1. Financial Brokerage quoting engine needs analysis
    2. Calculate Your Needs from lifehappens.org
    3. My two-column shorthand system (article coming soon!)
    4. The four zeroes (0000) approach (article coming soon!)

Start using one of these systems this week, then check back next week for part three.

Three ways for a Property and Casualty Agency to Sell More Life Insurance (Part 1)

Presented by Brian Leising

 

Are you concerned about losing clients to your competition?  Looking for new ways to boost your retention rates and grow revenue?  The average client retention rate is 10% higher when agencies cross-sell products.  Many agencies fail to effectively cross-sell life insurance because they do just a few basic things the wrong way.  You need a plan.  Here are three items that all successful agencies use to sell life insurance to their auto and homeowners’ clients:

Have a system in place to ask for life insurance business.  It doesn’t matter what system you use, have one and use it.  One agent I know has a dollar bill and sign on his desk that says “This dollar is yours if I don’t ask you about life insurance.”  Do you send out annual review letters or e-mails?  Be sure you include life insurance.  You could also play a video in your office waiting area.  The LIFE organization has several “Real Life Stories” available at www.lifehappens.org.

Work on this first, then check back next week for part two.