Your Clients Can Sell Their Unwanted Life Policies
The business of buying unwanted life policies is growing by leaps and bounds as the baby-boomers age further into retirement.
Clients’ needs change, and many policies no longer serve the need they were intended to cover.
Or, sometimes critical or terminal illness change clients’ financial needs unexpectedly.
Regardless of the reason a client no longer needs their life policy, they can often sell the policy for a substantial amount of money.
Case in point…
A 78 year old man had a 20 year term policy, with 5 years left on the term, and a $250,000 death benefit.
His needs and life situation changed, and he no longer wanted to maintain the policy. We called upon our life settlement brokerage expert Lisa Rehburg, and she went to work pitching the case to dozens of investors who purchase such cases. After much hard work and negotiation on Lisa’s part, the winning offer was accepted. The client received a sizable lump sum payment, and the agent who brought the case to us at TWH received a handsome commission.
So, don’t hesitate to reach out to your clients and ask if they have any life policies they no longer need or want.
We can help you with how to approach the subject, and walk you through FAQs. We can even arrange a conference call to help get the ball rolling.
Offering this service will expand your business, and help further cement you in the minds of your clients as a full-service consultant they can come to with many different needs. Which leads to the next topic…
Don’t be a RedBox!
You may have used a RedBox to rent a DVD movie in the last few years. You can find one at many grocery, convenience, and drug stores. They are great for giving you one service, and one service only—dispensing DVD movies.
his can also be how clients see agents who sell life insurance, annuities, Medicare plans, health insurance, etc.—because they only see the adviser as a one-trick-pony, just like a RedBox. They think of the adviser as a product dispenser, rather than a professional expert and consultant. For instance; If they bought health insurance from the adviser, they only think of that adviser if something comes up related to health insurance. Just last week an agent told me that his own brother bought a life insurance policy from someone else, because he only thought of his brother as “a Medicare guy” and didn’t even think to ask him for help with life insurance.
You do NOT even have to become an expert in multiple areas to be able to be seen as a full service financial and/or insurance professional. We can help you with all of the information and resources you will need to be able to confidently offer more services to clients. We have been doing it for decades, from coast to coast.
Expanding your services will do many things:
- 1.Give you several more reasons to stay in touch with clients and ‘farm’ your book of business.
- 2.Increase sales and revenue you otherwise would not get.
- 3.Increase sales from referrals, as clients will have more reasons to recommend you to their friends and family.
Call us and let’s expand your business in the New Year!
~ Greg Skogsberg