Selling permanent life insurance has never been easy. Often, the hardest part is just knowing where to start the conversation.
Maybe you’ve been selling permanent life insurance for years, but your tried-and-true methods are losing their luster. By combining your experience and expertise with proven language, you can have more effective conversations with potential clients of all ages. And if you’ve never sold permanent life insurance or generally handed it off to someone else, this will give you a place to start offering it directly – with confidence.
Many people are familiar with the mantra “buy term and invest the rest.” That’s what you’re up against. You’ve also probably noticed that most potential clients don’t know much about permanent life, which can be a complex product. And, frankly, trust in the financial services and insurance industry is low, particularly after the recent recession.
As their financial professional, you are often the first resource for your clients. You might introduce them to this product for the very first time, and how you set up the conversation can have a significant impact on their attitudes and perceptions of permanent life and other permanent life insurance products.
What you say really matters.
Life insurance: The consumer’s truth
Quantitative research reveals three roadblocks holding clients back from purchasing a permanent life insurance policy:
The ideal targets for permanent life insurance are financially literate, engaged, active managers of their finances. They have the financial means to purchase permanent life. They want a comfortable retirement, for which they have spent years saving up. They are concerned about what might happen to their family when they’re gone. And many of them know they need some kind of insurance to protect their family.
So why aren’t they fully planning for their insurance needs? Why aren’t they buying permanent life?
The truth is, most consumers just don’t know much about permanent life insurance. And what they don’t know can hurt them – and you.
Several reasonable, fact-based arguments simply fall flat when tested with consumers.
Your truth: Permanent life insurance offers so much more value than term.
Client’s truth: What’s permanent life insurance?
Your truth: Permanent life insurance is for you and your family.
Client’s truth: Life insurance is for your family when you die.
Your truth: Permanent life insurance offers the opportunity for investment growth.
Client’s truth: The whole point of insurance is to minimize risk!