September is around the corner, and Life Happens is ready to campaign for yet another Life Insurance Awareness Month (LIAM). Over 100 leading insurance companies in the nation join Life Happens to help spread awareness. The ultimate goal is to highlight the importance and benefits of life insurance to those who buy it.
To help explain why life insurance is so important, LifeHappens.org is here to provide top-notch agent resources. You and your agency can use them to help your clients understand the basics.
Unfortunately, many consumers are not so well informed. They don't know how much coverage they need, what each type of policy covers, or how much each policy costs. Provide some simple facts to answer these questions. For uninformed clients, there are some short and sweet answers to the basic questions.
Why buy it?
A main reason is that it offers financial security for you and your family in the event of an unexpected or untimely death.
What kind of policies are there?
Term Life Insurance covers 10 to 30 years. It only pays out if you pass away within that period. Whole Life Insurance covers you for the entirety of your life.
How much coverage do I need?
The amount of coverage you need depends on income, marital status, and number of dependents. You'll want a plan that fits your personal situation.
Answering these questions will allow your clients to make more practical choices when buying life insurance.
LifeHappens.org provides excellent infographics and videos for you to post on your agency’s social media accounts. They address consumer concerns about life insurance like, “One-third of people haven’t bought life insurance because they don't know how much or which type to buy.” Make sure to include a call to action at the header or footer to show that you’re available to answer questions.
If you really want to improve your marketing strategy, adopt a logo! The website offers a LIAM logo that your agency can use for all LIAM-related communications and efforts. Branding helps put your idea out there and gets people thinking about life insurance.
Another thing you can do is filter through your Twitter and Facebook feeds to look for status updates. Be on the hunt for posts that exhibit major life changes. You might see posts about newlyweds, newborn babies, or a couple finally closing on their dream home. These all present great opportunities to get prospects to start considering life insurance. Send a message congratulating them and ask if they’re open to new ideas on how to protect a family.
Social media is a powerful outlet for connecting and closing business deals. New York Life agent Andrew Hooper used this strategy and as a result wrote six applications. Buying life insurance usually isn't the first thing on people's minds when they're getting married, having children, or house-hunting. Aim to make it a priority so your clients feel ready for these changes.
Your agency sends thousands of emails to current and past prospects. Emails with eye-grabbing subject heads can easily get attention. Make your email content more appealing by including infographics and videos. Many people like to learn visually. Having the facts literally laid out in front of them will help them understand the importance of life insurance.
You want your prospects to understand why life insurance is important, but you also want to play a role in guiding their buying decisions. Life Happens has three online insurance calculators that can help assess where your client stands with his insurance.
Life Insurance Needs
This calculator helps answer two questions:
- How much money will be needed at death to meet immediate obligations?
- How much future income is needed to sustain the household?
It conducts a quick needs analysis for insurance agents so your prospects have a clearer idea of how much coverage they need and how much they can afford.
Disability Insurance Needs
If your clients ask, "How can I be financially prepared in case I become disabled and can't work anymore?" then help assess their needs with the Disability calculator. It estimates the total amount of income needed to maintain one's current living situation.
Human Life Value
If your clients ask, "How much would my family be protected if I were to die today?" refer them to the Human Life Value Calculator. It determines financial losses in the event of a family member's death. In the end, your net contribution equals your total "human life value." Keep in mind when using this calculator that it only accounts for generalities.
These calculators provide great resources for assessing finances when looking to buy life insurance. Understand how to use them and then show your clients how to use them as well.
Now that your prospects better understand life insurance, you can easily converse with them. They are officially educated buyers who realize that risks can apply to everyone. They know that life insurance is not only beneficial, but also affordable.
All people and families should know how to protect themselves. LIAM offers resources that can help. Think of LIAM resources as an aide to your insurance agent expertise; it exists to help you better educate these people. They provide excellent materials for you to use to the fullest. With such helpful resources, you'll be able to close more business as a result of increased awareness.