Life Insurance Awareness Month 2017

Assurity is a proud sponsor of LIAM, coordinated by the nonprofit Life Happens.

This LIAM, Assurity is changing the conversation to help you and your clients take a new view on life insurance. Marriage, birth, a new home – these are still great reasons to talk about life insurance. But there are more changes in life, and more to prospecting. Our goal is to help you reach out to more potential clients, and promote the value of life insurance. Here's what will be coming up:

According to the 2017 Insurance Barometer Study, the most common financial concern among consumers it the ability to afford a comfortable retirement.[1] More people are using life insurance as a way to save for retirement.[1] As a trusted advisor, you may be able to help your clients maximize their earning potential through life insurance solutions.

[1] Life Happens and LIMRA, 2017 Insurance Barometer Study, 2017

[2] US Census, The Baby Boom Cohort in the United States: 2012 to 2060: Population Estimates and Projections, 2014

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Unique Needs and Considerations

  • Your clients may want to avoid passing on financial obligations.
  • Life insurance may replace lost income for retirees still working.
  • If your client’s spouse dies, it may replace all or part of the spouse’s pension or Social Security benefits.
  • Your clients have people depending on them, such as spouses, children, elderly parents or grandchildren.
  • Your clients’ employer-sponsored coverage typically ends when people retire.
  • Whole life policies earn cash value which can be used to supplement retirement income.

Conversation Starters

  • “Who will be financially dependent on you when you retire?”
  • “What is your current pre-retirement financial plan/investment situation?”
  • “Are you looking for insurance that offers a cash value you can draw upon?”

Life events may get your clients thinking about life insurance. A change in family status, like divorce, is no exception. About 40% to 50% of marriages end in divorce.As your clients navigate their situation, you can play a key role in helping them recognize life insurance is an important consideration.

* American Psychological Association

Unique Needs and Considerations

  • Does the client and ex-spouse have existing life insurance policies?
  • Are policies individual or tied to group coverage and a job?
  • Does the divorce agreement require life insurance coverage?
  • Does the face amount, type of coverage and time period adequately cover the former spouse’s financial support – alimony, child support, education costs or other expenses?
  • Does the face amount, type of coverage and time period adequately cover the primary care givers financial support and income?
  • Do beneficiaries need to change or be updated?
  • Do riders need to change or be updated?

Conversation Starters

  • “Life insurance can be an important matter in divorces. I’d like to get together with you to talk about your life coverage and make sure it still meets your family’s needs in the best way.”
  • “Sorting out life insurance is a task that can often be overlooked during divorce. I’d like to get together with you to discuss your life coverage and help you consider all your options.”
  • “Dealing with life insurance can be an important part of the divorce process. I’d like to sit down with you and talk about your coverage and your needs.”
  • “You and your family’s needs for life insurance coverage may have changed. I would like to position myself as a resource for you.”
  • “Will you receive child support or alimony after your divorce? Let’s get together and make sure life insurance coverage is in place that will protect this income.”
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Are you reaching your clients and prospects on social media? According to LIMRA, more than 80% of advisors use at least one social media platform to market themselves and their business. [1] Consider these stats:

  • 7 in 10 Americans use social media [2]
  • From 34% to 86% of U.S. Adults based on age group are on at least one social media platform [2]
  • 76% of Facebook users login daily
  • 49% of LinkedIn user login daily or weekly

 

[1] LIMRA, Evolving Social Media: Financial Professionals Use of Technology, July 14, 2016.

[2] Pew Research Center, Internet & Technology Social Media Fact Sheet, January 12, 2017.

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