By Rachel Smith
Oct. 10, 2018.
Why is our theme Life Insurance at All Ages and Stages? It’s simple, we believe that selling insurance protection products are vital because it protects client’s financial well-being during times of unexpected loss and change, while at the same time giving them additional income options in retirement.
While most advisors will agree that their clients need some type of insurance protection, not everyone is comfortable bringing up the topic. After 20 plus years in this business and asking top advisors, I have discovered that there are three key things that make them successful.
The first step is using a needs analysis. This is very basic but effective. According to LIMRA, if you use a simple fact finder that demonstrates to your client how much insurance they need, you will sell larger policies and close more cases. This applies to both individuals and business owners. If you need a step by step fact-finder, First Protective can provide one to you which you can brand with your company’s logo.
Once you have determined how much insurance your client needs, the second step is deciding what type of policy to purchase. There are many different types of policies and companies available which can make this seem like an overwhelming task! We don’t want you to get bogged down in the details. There are several pieces that First Protective recommends that can help you through this process. One of the pieces I recommend is called, “Let’s make this simple.” This stepby-step decision guide can help your client decide if they need a term or permanent policy.
After determining what type of policy your client needs, it’s time to talk about underwriting. Typically, this is the most overlooked step in the process. Too often we see clients applying for a policy based on just the need without the information on what it takes to qualify.
The first step in the underwriting process should start with the Prequalification questionnaire. This one-page document contains the top 12 questions to determine a client’s health class. Once you have completed this task, use the accompanying Field Underwriting Guide to see if there are any major health conditions that may be highly rated or declined. If you determine that your clients have health history, family history, or activities that might cause them to be rated, then our advice is to reach out to one of our dedicated underwriters. At this point, they will assist you on what companies would be best suited for your situation.
After you have completed these simple steps, reach out to your dedicated marketing assistant team for illustrations and product suggestions. We believe selling insurance is much easier when you have a partner walking right beside you!