What You Need to Know
- Millions of people need more death benefits.
- Serving them takes time.
- Maybe you can outsource part of that particular job.
Let’s face it, when financial professionals who don’t specialize in selling life insurance are talking with clients and prospects, life insurance is usually last on the priority list.
This is primarily true for term life insurance, especially among affluent clients who probably already have policies in place from when they got married, purchased a home or had kids. Not to mention, some will have (albeit limited) coverage offered through their employer.
But, for the millions of Americans who comprise the middle market — broadly defined as having $100,000 in annual household income — term life insurance is an urgent need and often a tipping point purchasing decision.
For advisors looking to grow their book of business in 2022, this presents a win-win opportunity. Not only can they use life insurance to attract new clients, but they can help deliver financial protection to millions of Americans.
Every advisor knows that generating new business requires time, financial resources and attention. Selling clients what they clearly need can often be easier said than done.
How can advisors efficiently and effectively leverage term life insurance to grow their middle market books of business in 2022?
By changing the way they sell.
Get Comfortable With Disruptors
There is no shortage of large, legacy insurance carriers offering quality term life insurance coverage.
But, no matter who within the middle market advisors are trying to attract — from millennials a decade into their careers and who are used to on-demand services or frontline health care workers who are short on time — the idea of having to work with an agent, go through a lengthy paper-based application process and complete lab work to get life insurance is simply a non-starter.
To bring middle market customers into the fold, advisors need to be well-versed with digital life insurance offerings that provide the same quality coverage, but often at lower price points and available to purchase online — either through an advisor or directly by the customer. In some cases, these policies can be issued in minutes and without the need for a medical exam.