Parents need their kids to seek out opportunities that will prepare them for moving forward faster. As every parent knows, some kids get the message better than others.
This is also the story of many life insurance agents. Some see the possibilities and are quick in responding to new opportunities. Others see hurdles that keep them from doing business.
In 2017, Life Happens and LIMRA offered a blueprint for how to work with today’s consumers with their 7th Annual Insurance Barometer Study. The picture that emerged of what consumers want from the life insurance buying experience is clear:
- 83%: Products that are “easy to understand.”
- 66%: “Ability to chat with a person.”
- 64%: “No need for a medical exam.”
- 51%: “Faster sign-up process.”
There’s more. Consumers are unclear about fundamental life insurance issues: the cost of life insurance, who needs it, and how much they should have. With a situation such as this, is it any wonder consumers aren’t standing in line to buy it? Is it surprising that they don’t want to talk about life insurance?
But this may be about to change. One company has set out to make owning life insurance desirable. It’s a program that aims to accomplish through three significant objectives:
Engaging customers with imaginative health and wellness awards and rewards program that includes premium savings
Satisfying customers with proven benefits of a longer and healthier life
Increase possibility of advisor referrals from satisfied customers
It took three years for the program to get to where it is today, and this is just the beginning. Whatever the outcome, it’s a successful effort to attract people who are interested in life insurance and who are willing to make it work for them.
This program is just one of some innovative life insurance tools for engaging prospects. They are advisor-friendly and make it possible to fulfill prospects’ expectations:
Dazzle prospects with fast, accurate offers on term life policies without a medical exam or a physician’s statement if they are in good health and have good credit. You can make it happen with accelerated underwriting. Clients can have policies in their hands in 24-to 48-hours—sometimes the same day.
Don’t confuse accelerated underwriting with “guaranteed issue” policies. accelerated underwriting is fully underwritten using algorithms. While there’s no medical exam with guaranteed issue, policy limits are lower, and premiums are higher.
There’s no need to say, “I’ll get back to you as soon as I can.” Get them what they want at just the right moment — when they’re interested and motivated in making the purchase.
Here are four ideas to keep in mind.