Do All the Clients You Serve Have Life Insurance?

If there is one thing we’ve learned over time, it’s that when it comes to security and protection, life insurance is very important. The pandemic undeniably shifted the mindset of many and re-shaped how people view the future and their financial security. Therefore, more of your clients and prospects are realizing the importance of life insurance.  

According to research, 50% of your clients don't have any life insurance or they don't have the amount they truly need to protect. September’s Life Insurance Awareness Month (LIAM) is a great opportunity to get the word out, start a life insurance conversation with clients and prospects, and get families and businesses the life insurance coverage they need.

Don't settle for just one carrier or product that may not serve the needs of your clients. Talk to an MVP Financial representative for real-life solutions from an A+ list of carriers with affordable and diverse life insurance products.

Flip the Script on Life Insurance

Many people think of buying life insurance as a reluctant task. Selling life insurance under "normal" circumstances can be difficult. The pandemic has added another dimension to that struggle. It's time to flip the script to help your clients and prospects see that life insurance is a needed investment in their family's protection, and Life Insurance Awareness Month (LIAM) is the perfect time to get started. 

Life insurance protects by providing a means to:

1. Pay for funeral expenses
2. Pay the on-going monthly bills
3. Pay off outstanding debts
4. Continue a family business
5. Finance the children's education
6. Protect a spouse's retirement

Life Happens, the official sponsor of LIAM, conducted a survey in late May of this year: 66% of the participants said the pandemic has increased their understanding for the value of life insurance. Nearly 25% of the survey participants said they had purchased life insurance for the first time because of the pandemic. Nevertheless, 43% of people are not protecting their loved ones with life insurance yet.

Many life insurance carriers have perfected online applications and electronic policy delivery, so social distancing in the sales processes is accomplished. And with the accelerated underwriting possibilities, your clients may not need to meet with a paramed examiner either!

The bottom line is that life insurance is one of the only products available that can meet the need to financially protect your clients. Your clients and prospects are more open to purchasing life insurance, and carriers are making the transaction easy and painless as ever. So, what are you waiting for? If you’re not talking with them about it, someone else probably is! 

Take Your Practice to the Next Level

As the industry continues to recognize and celebrate Life Insurance Awareness Month (LIAM), it’s a great time to take a closer look at the latest digital solutions that can help you find new prospects, gain insights and sales strategies, and grow your practice in a wide variety of markets. Take your small business benefit offerings to the next level.

In today’s competitive business environment, business owners face several challenges in attracting and rewarding key employees, particularly for small, closely held businesses or pass through entities. Employers often seek a solution that is simple to implement and administer, tax- deductible, and includes a “golden-handcuff” element. Employees want tax-advantaged ways to save for retirement and protect their families. What’s more, employers and employees alike are looking beyond pure financial compensation towards more holistic planning, incorporating health and wellness programs as a component of a total rewards package.

An Executive Bonus Plan (aka “162 Bonus Plan”) or a Restricted Endorsement Bonus Arrangement (REBA) may be an excellent solution to achieve these goals. Under both of these plans, an employer selects a key employee to purchase a permanent life insurance policy on his/her life. The insurance premiums are then paid for by the employer in the form of a bonus to the employee.

With unemployment rates at almost a 50-year low and a competitive labor market,* it can be challenging for small business owners to find ways to attract, retain, and reward talented employees. An Executive Bonus Plan is one of the easiest approaches to enhance a compensation package for key employees.

*Bureau of Labor Statistics 2019.
Credit: John Hancock-Retaining Top Employees and Attracting New Ones

Life Insurance Awareness

Every September is your chance to take advantage of the phenomenal LIAM marketing resources available to support your outreach efforts.

Use the available resources and talk to your clients about the importance of life insurance. Start making the most of the campaign now and throughout the year. After all, it’s not just for them—it’s for their loved ones.

For your convenience, MVP has compiled numerous resources all in one place!

Get LIAM resources here

#LIAM17

As you know, September is Life Insurance Awareness Month (LIAM). A time when the life insurance industry comes together for an all-out push to inform consumers of the importance of life insurance, and if you're savvy enough, you are taking advantage of it with your own clients and prospects.

Did you know that 43% haven’t bought life insurance or more of it because they’re unsure of how much or what type to buy.*

You likely have clients that do not have enough protection, or may have no protection at all. Take advantage of these complimentary resources to help communicate to your clients why they should consider life insurance.

• Online Calculators:
  Variety to meet almost any need – makes it easy
• Infographics: Eye opening stats help start conversations
• Consumer Testimonials:
  True life stories help create interest
• Useful Checklists:
  Great lists for life’s major milestones 

September is LIAM, but it's always a good time to talk to your clients about life insurance, and MVP can help. Give us a call or check out the resources available on our website.

*Life Happens and LIMRA, Insurance Barometer Study, 2017 Policies issued by American General Life Insurance Company (AGL). Products may not be available in all states and product features may vary by state.