Middle Market Looking For Guidance On Life Insurance
Selling life insurance can be a bridge to selling other products, Rusty Hendren said at a recent conference.
Hendren, who is director of life and annuity product management with State Farm Insurance, Bloomington, Ill., said that if a customer has life insurance with State Farm, he is two to three times more likely to buy retail mutual funds from State Farm than if he just has auto insurance with the company.
Agents who sell life insurance can capitalize on this by knowing what motivates their customers, he said.
Hendren spoke on maximizing the middle market at the Life Insurance Conference sponsored by Windsor, Conn.-based LIMRA International; LOMA, Atlanta; the Society of Actuaries, Schaumburg, Ill.; and the American Council of Life Insurers, Washington.
People in the middle market today have all the information on life insurance they could possibly use at their fingertips via the Internet, Hendren said, but that doesnt mean they know what to do with it.
They still for the most part know only the very basics–that it pays when the policyholder dies, Hendren said.