Advisor interest in the foreign national space is on the upswing. This is good news since it’s arguably the most lucrative market the life insurance industry. It’s also good news that more U.S. life carriers are comfortable with foreign national business and are actually welcoming it.
But that’s just one part of the story. Getting into it isn’t easy. To put it bluntly, it’s challenging. No one is waiting to email you a list of motivated prospects, and don’t expect phone calls from people who are ready to sign an app. If this seems discouraging, it can be since doing business in the foreign national market is no slam-dunk. It takes time and work.
But don’t dismiss the opportunity. Done right, it’s very worthwhile. Here’s what you need to know to successfully penetrate the foreign national market:
1. Possess the right life insurance sales experience
The foreign national market is not the place to earn your stripes in life sales. However, if you have built a stable practice over the years so new business comes through the door, you may have the right profile to pursue this market as a way to grow your business.
2. Have the right vision
When you entered life insurance sales, you may not have thought about the need to take the long view to be successful. But you figured it out quickly. Lead generation became your number one priority. Qualified leads weren’t falling in your lap; you had to get out and network, talking to as many people as possible. Over time, the engine picked up speed.
The task is the same if you want to reap the benefits of working in the foreign national segment. It takes investing the time and effort to make it work. If you are willing to make the commitment, you will gain the rewards of this unusual opportunity.
3. Make the right connections
While estimates vary, the number of foreign nationals who either live in the United States or spend time here is about 12 million. That’s a huge community, to say the least. Foreign nationals do business here. Many own U.S. real estate, and all have relationships in their country of origin. Even though some know about U.S.-based life insurance, most are not familiar with its benefits or how to access the product. If you imagine you were in a similar situation in another part of the world, you can understand how they feel.