[A 2004 survey conducted by LIMRA] suggested that in the middle market, the ideal producer profile includes these characteristics:

  • Offer products from more than one company.
  • Recommend a range of life insurance coverage rather than a specific amount.
  • Offer to meet the prospect in the producer’s office or in the prospect’s home.

“These customers want one-stop shopping to a degree,” said Pete Jacques, Ph.D. of LIMRA International, “in part because they want to have a relationship with one person.”

Middle market prospects want an agent who provides them with a comprehensive financial analysis and plan, instead of one who discusses only one product. They want to talk to one person on a whole range of products. This doesn’t mean they will buy all the products at the same time, but they want to establish a relationship with someone who understands their situation and can inform them of products to consider so they might budget for them in the future — products such as disability income insurance and long-term care insurance.

Jacques said producers should use what LIMRA calls the BEST approach: Build relationships, Educate, Simplify and with Trust.

Editor’s Note: The preceding tip was taken from “Large Middle Market Remains Underserved,” a column by Brian D. Baetz, CLU, that ran in the April 2005 issue of Life Insurance Selling.

To read last week’s Tip of the Week, click here.

For more advice on serving the middle market, see:

Write in the Middle

Producers tapping technology to engage elusive middle market

Are You Ready For The “New” Life Insurance Client?