Estate Planning is for Everyone

Every client can benefit from estate planning. Of course, estate planning needs vary from client to client, ranging from simple solutions to complex strategies custom-designed for high-net-worth clients.

To help determine the right approach to use with your clients and prospects, refer to this guide for an overview of the many estate planning strategies. Review the information to become familiar with the strategies and target client profiles; then, when you come across opportunities in your book of business, we can help you deliver the best approach to meet clients’ financial wellness needs.

Also, check out these additional resources, and watch our monthly sales solution video: 

"But, You Said..."

We have all been there with a life insurance applicant. We want to believe that because our client looks healthy (and says they are), they will definitely qualify for the Preferred Best underwriting classification. So, we quote it. We compare all of the premiums, and the client chooses to go with the least expensive. We submit the application without giving it another thought.

Until... the underwriting process uncovers something that is not a big deal in day to day living but is a concern from a mortality perspective.

So, now your client has lost confidence in the process, and is upset because of the additional underwriting that takes additional time. Plus, the premium is now higher than expected!

Less than 10% of life insurance applicants qualify for the best classification, and we can help you work smarter by quoting the right classification the first time. We have a questionnaire that you can use at the front-end of the sale with your clients and prospects to avoid unrealistic hopes and limit the resulted disappointment. 

Use our Underwriting Criteria Questionnaire to quote the right classification the first time without setting unrealistic expectations for the underwriting outcome.

Rethink the Life Insurance Request for Its Purpose

The most requested type of life insurance is term because it is less expensive, but it is not always the right type of life insurance for every client. Advisors who only take the request and make the sale of term insurance without proper evaluation for the appropriate need are doing a disservice to their clients.  

In the event of an unexpected death, life insurance is more than standalone protection for family members; it is a valuable planning tool that should be part of an overall financial strategy for personal and business preparations. 

Definitely consider term insurance when it comes to limited budgets, short-term needs or supplementation for existing life insurance coverage. Young families with children are a great example of fulfilling the essential need of income replacement and mortgage protection. Meanwhile, term insurance has no cash value, renewal premiums are expensive beyond the level term period and extending or converting a policy may require additional medical or underwriting requirements, it's also important to take into consideration that each stage of life has different needs to protect.

Permanent insurance is less expensive than most people think, and it provides flexibility, lifelong coverage that can protect in sickness, early death and even living too long. Contemplate permanent insurance for its ability to accumulate value and complete a strategy. 

Trying to sell one life insurance policy that will cover all needs for their entire lifetime would probably exceed most budgets. So addressing the needs in a cost-effective and budget-friendly way may be a combination of term and permanent life insurance policies. 

Working with your clients to determine what type of life insurance is desirable and developing a plan tailored to their specific needs is important. Help them create a strategy that is best for them now and looking into the future. 

Get solutions to tailored life insurance here.