Did you know that selling life and living benefits insurance can be as easy as paying attention to your mail?
Insurance companies send copies of Guaranteed Insurability notices, Term Insurance Renewal notices, Lapse notices and Conversion notices to the servicing advisor. While many advisors have amazing systems in place to contact their clients about these notices, others do not pay very close attention, and leave themselves wide open to law suits! And rightfully so.
Here’s what happened in one situation where the servicing advisor ignored a copy of Conversion Notice for one of his clients.
The client had moved and the insurance company did not have the new home address, so the client never received the Conversion Notice.
The client had been diagnosed with and undergone surgery for prostate cancer. At age 67 he discovered he had missed the “convertible to age 65″ date on his term insurance. When his term insurance came up for renewal his premium went from about $300.00/month to over $2,000 – about a 630% increase per month!!
As I have said in previous newsletters, while there are tremendous benefits to Term Insurance coverage, there are also significant pitfalls – and missing a Conversion date is clearly one of them. Also as per previous newsletters remind clients they do not need to wait for a renewal date to do a partial of total conversion!! Call all of your term clients 8 or 9 months BEFORE their birthdays! Do a policy review, along with the Crystal Ball technique and sell your clients what they want most – life and living benefits insurance policies that give them total peace of mind at affordable prices!
p.s. Policy Owner Life and Living Benefits Review Guide is proven to generate sales!
p.p.s. All Insurance Know-How™ store products and coaching services are tax deductible business development expenses in Canada so if you’re stuck in start and just can’t seem to get going with insurance sales? Sign up for Insurance Know-How™ advisor coaching today!
Tags: sales tips