61% Haven’t Bought Life Insurance or More of It Because They Have Other Financial Priorities

Oct 23, 2015

According to the 2015 Insurance Barometer Study, 61% of Americans haven’t purchased life insurance or the amount of life insurance they need because they have other financial priorities. Your job, as a broker striving for success, is to convince people who feel this way that few financial priorities can or should be more important than life insurance.

Steps that can help you achieve this are outlined here:

  1. Emphasize to customers how important life insurance is, how it can ensure their loved ones are taken care of in the event an accident occurs, and how purchasing life insurance can be equivalent to buying peace of mind.

  2. Hammer home the point that, while nobody likes to add fixed expenses to his or her budget, life insurance is relatively inexpensive. Expose customers to some of the most affordable plans on the market so that this point really sticks.

  3. If your customers tell you they have financial priorities that supersede life insurance, ask about these priorities without being invasive. Suggest that it might be possible for your customers to find a little bit of slack somewhere in their budget that can be reallocated to cover the costs of additional life insurance.

Knowing that three of every five Americans don’t have as much coverage as they should is a reminder of just how much market share remains to be captured in the life insurance industry. Get out there and try to earn some of that untapped business. Brokers Alliance® can help. To learn about tools, resources, and insurance products that can better help you market and sell insurance to your customers, call Brokers Alliance® at (800) 290-7226.

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