National Pi Day: Helping Clients Portion Their Budget for Life Insurance

Mar 14, 2018

To celebrate National Pi Day, we’re serving a slice of financial advice that you can share with your clients anytime of the year! One of the first excuses you hear when discussing life insurance with prospective clients is that they can’t afford it. As we all know, for the majority of people, that just isn’t true. This opens up the conversation to map out their income/spending and show potential clients the Pie Budget Method. Seeing the numbers laid out this way allows people to see just how easily a life insurance policy can fit into their budgets.

Pie Day Financial Budget.png

The Pie Budget Method (a.k.a the 50/20/30 method) breaks up their household income into three percentages. Around 50% of household income should go towards fixed costs. These are month-over-month payments they make such as car payments, mortgage bills, utilities and (you guessed it) insurance premiums! Clients should then allocate 20% of their household income to achieve their future financial goals. Contributions to a 401k, IRA, Roth IRA, or even an indexed universal life policy would fall into this section of the pie. That leaves clients with 30% of their household income to use for flexible spending.

By simplifying financial concepts, potential clients will see the benefits of owning insurance coverage. Remember, 80% of Americans overestimate how much life insurance costs. Debunking the myths and demonstrating the true value of a policy will help you encourage clients to find room in their budgets. For more tips and tricks of the trade, give your Brokers Alliance Agent Relationship Manager a call at 480.296.0169.





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