Life Insurance: 6 Good Things to KnowJohn Sanders
In our profession we know the importance of life insurance as we see loved ones effected when a person dies. But do some research so you will be sure to recommend the best possible coverage at the right price. Here are some helpful tips:
As agents we know the importance of life insurance as we want to make sure that our client’s loved ones are taken care of when they die. But do some research so you will be sure to recommend the best possible coverage at the right price. Apex Insurance Group recommends these helpful tips:
- Offer your client two life insurance options at a time. Choices create confusion. Should you offer your client 10 choices, there is plenty of terms, prices, options, and plans to remember. They will confuse the prospect and delay the purchase.
- Do not recommend more coverage than needed. Current recommended at needed life insurance is 10 years of income replacement. Anything more is costly your prospect money.
- Cause your client to buy NOW! This is something very important. Since no one knows what the future holds, procrastination NEVER pays when it comes to life insurance.
- Establish a plan to review client needs annual. The biggest favor you can do is review your client insurance needs annually. The reason for this should be obvious.
- Recommend to the client to pay their insurance premium annually or semi-annually. This choice can often save your customer money.
- Ensure your prospect fully understands life insurance provided by an employer IS NOT a smart choice. An employer controlling a family’s future is not a wise thing. At best, group insurance provided by an employer is supplemental at best.
SHOP FOR LIFE INSURANCE
When it comes to life insurance, it pays to review several carriers. Apex Insurance Group offers multiple types of coverage and carriers. shop around because premiums can vary widely. And thanks to our on-line quoting systems, it is now easier than ever. Apex Insurance Group also offers the Xrae system for impaired risk persons. XRAE is the only software in the life insurance industry to address the inefficiencies existing at the beginning of the life insurance sales process.
DO NOT RECOMMEND MORE COVERAGE THAN IS NEEDED
The key to purchasing the right amount of life insurance is to have enough to meet your needs. It is important not to have too little coverage as it would be difficult to purchase if your client get sick.
The healthier the individual, the better the life insurance rates
Healthy people get better rates on life insurance. The client will be asked to pay a higher rate if they smoke, take medications regularly, are overweight or have a bad driving record.
BUY INSURANCE NOW
If the prospect has been putting off purchasing life insurance because they do not want to pay the premiums, they may be doing themselves a disservice in the long run. If they are in good health, buy it now.
CONDUCT ANNUAL REVIEWS
Ensure you and your client review their coverage annually. They will want to make sure that a major life event such as the birth of a child, marriage, divorce or perhaps that the children are grown will not leave them underinsured or over insured.
PAYING ANNUALLY IS OFTEN LESS EXPENSIVE
Recommending to your client paying premium for their life insurance annually may result in a 10 percent discount on coverage. This is in comparison to paying by monthly installments.
GROUP LIFE INSURANCE
Plain and simple coverage provided by an employer is junk! With that said, employer coverage is controlled by the employer. Such an important aspect of family financial safety should never be left to your employer.
Many employers offer their employees some sort of group life insurance. But this amount of coverage is usually not enough, and group life insurance policies are not portable, meaning that if the employee leave their job or the business closes, they cannot take the life insurance coverage with them.
Consider Working With An FMO
Apex Insurance Group is a leading IMO/FMO offering access to over 85 insurance carriers and 250 products. We have over 40 years of combined experience and have established a powerful network of insurance professionals, carriers, and marketers. To help you start or grow your business, we provide a range of agent tools, training, and sales and marketing solutions.
Apex Insurance Group is actively seeking to recruit new producers, sign up TODAY.