People have several reasons for purchasing life insurance, and retirement is one that may represent growing opportunity. According to a Northwestern Mutual poll, only 31 percent of customers over age 55 cite retirement as their purpose for buying. Younger customers are motivated by more immediate situations such as having children. When cold calling leads, it may be tempting to only address the prospect’s most likely concerns. However, many life insurance leads in all age groups could benefit from a retirement vehicle.
Why Most of Your Leads Need Retirement
Most Americans will enter their retirement years unprepared. According to the financial services trade association LIMRA, half of all Americans are not saving for retirement. Only one third of people in their 20s are funding an IRA or similar account. That leaves most adults without a sound plan for their later years.
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Between economic challenges and the human tendency to focus on immediate needs, many people put the security of family and home ahead of retirement. About 60 percent of poll respondents over age 55 did not see retirement as a reason to purchase life insurance. Yet 7.2 million senior citizens are in the workforce, a number almost double from 15 years ago. Over 9 million face financial hardship. Today’s families will inherit fewer resources and will likely face a tougher economy than their parents and grandparents. It is no wonder that most life insurance leads need help with retirement. This is your opportunity to present a cash-value policy solution.
Selling the Benefits of Retirement Planning
A challenge when cold calling life insurance leads is to convey the importance of retirement planning. As statistics show, many people are in denial or do not believe they have the means to start saving. You have a solution, but first your sales strategy must help prospects acknowledge the need.
One approach is to start with the wisdom of having life insurance. Unlike more abstract investments, life insurance is a protection that most people can appreciate. Aged leads especially have probably discussed it with prior agents and with their loved ones. However, younger prospects may not be aware of their retirement options. Consider a sales strategy that introduces the benefits of using life insurance for long-range planning. With one product, the customer has a solution for family security and for retirement savings. People at various stages of life can relate to the potential advantage.