Why Sell Term Life Insurance?
Retain Your Clients Through Offering a Product They Need
Why Do Consumers Buy Term Life Insurance?
If death occurs, the only financial question usually asked is "How much life insurance did he/she have?" No one asks if the death benefit was term insurance or permanent insurance or group insurance… or any other kind of insurance… only how much.
Term insurance is a BEST BUY for death benefit for a specific period of time… such as a 30-year mortgage, for the 15 years between the age of your youngest child and the age when it is estimated he graduates from school or any other time period that can reasonably be determined. If you are age 40 and in good health, $100,000 of 20 year term insurance can be purchased for around $19 per month. The cost is much less at younger ages and a little more if you are older.
When everyone else is doing their best to support the anguish any family faces at the death of a family member, you are the only one that can provide that family with the financial support they will need… and with the TLC process, it is very easy to determine the life insurance needs of a family member and to apply for that needed insurance.
What is the Opportunity to Sell to Clients?
- The most commonly cited reason for not purchasing more insurance is cost (63 percent cited "too expensive"). A LIMRA study found that consumers overestimate the cost of life insurance by nearly three-fold.*
- More than 75 percent believe they would benefit from the close guidance of financial-services professionals.*
- One third of Americans believe they would feel the financial impact from the loss of a primary wage earner within a month of the wage earner's passing.*
- The most important reason consumers cite for shopping for life insurance is either to replace their income (42 percent) or to pay for burial and other final expenses.*
What are some of the potential benefits of Term Life policies?
- Term insurance provides death benefit for a specific fixed period
- Common fixed periods for coverage are: 10, 15, 20, and 30 years
- Some policies provide a return of premiums at the end of the fixed period
- Some policies offer Chronic, Critical and Terminal Illness riders
- Most policies offer conversion to a cash value accumulation policy
If you are interested in taking the next step, please register for a Term Life Champions account by clicking below to gain access to the rest of this website.
*Source: 2014 U.S. Life Ownership Study, LIMRA
Term Life Champions (TLC) is a website dedicated to providing independent agents with resources to sell term life insurance. This website contains access to term life insurance carriers, online training, consumer sales tools, and materials to support your sales strategy. For Agent Use Only – Not approved for use with the general public. Information deemed accurate, but not guaranteed. Copyright 2019