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While term insurance may be ideal to meet the particular needs of some clients, permanent life insurance can provide death benefit protection for your clients, along with flexibility should their needs change and can come with more accelerated death benefits than a term policy. Also, permanent premiums can oftentimes be close to the cost of a term premium, but can offer more guarantees, more living benefits, and lifetime protection.
In addition to the permanent death benefit protection for your client, you also have the opportunity to earn more commission as a permanent plan generally has a higher target premium than a term.
So, how do we position this sale to prospects and clients?
Here are a few ideas:
1. Buying permanent now saves age.
When a client converts a term plan to a permanent one, they then pay premiums based upon their current age, not the age when they took out the term policy. Going with a permanent policy from the onset possibly saves them money in the long run.
2. Buying permanent now gives your clients access to accelerated death benefits.
We hope clients will never have a need for these; however, if an unexpected illness were to occur, they could have access to benefits that would not be available with a term policy.
One of the great features of universal life is the flexibility. With a term plan, your client locks into a timeframe and payment amount. With universal life, they can make changes as life changes—whether that’s lowering the death benefit, paying up the policy, or other policy changes. Flexibility is a great benefit to your client.
4. Buying permanent saves a step later.
Sure, clients can convert a term policy to a permanent one, but buying permanent now saves them from having to do that. Clients and agents get busy in life. This is one less thing that needs to be remembered to do.
There are many more benefits, but these are some of the main points. Depending on the client’s or prospect’s needs, presenting the option of permanent insurance could be a win-win for both of you.
P.S. If you need to improve your prospecting game, click here to download the popular 17 Proven Strategies to Generate Quality Prospects.
Submitted by: Chris Korge, Sales Development Specialist, North American Life Insurance Company
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