A recent study conducted by Northwestern Mutual suggested that one in four Americans, especially those over the age of 55, are purchasing life insurance as a vital component of their retirement planning.
The same study found that the most common reasons for purchasing life insurance included getting married, having a child, and becoming a home owner. If you sell life insurance but don’t offer any form of retirement planning, you could be missing out on a significant business opportunity, as well as doing your clients a disservice.
When in Doubt, Ask
When you speak to life insurance leads, explain that many people buy life insurance as part of their retirement planning. If the leads appear interested, you can then offer your services or the services of your agency to help them create and implement a plan suited to their unique needs, issues, and concerns.
Stay in Touch When Circumstances Change
If you hear that one of your life insurance clients has gotten married, had a baby, or purchased a new home, check with the client to see if he or she has any concerns about retirement planning.
One helpful sales approach is to send the client a hand written card offering your congratulations. You can then add a note to the effect that, “Changes, even the most positive ones, may make it necessary to rethink your retirement planning. Contact me for a free consultation to ensure that your current retirement plans are still adequate to meet your needs.”
Don’t Forget About Aged Leads
Studies have consistently shown that many aged leads are still viable as customers. Even if you come across a lead who has already purchased life insurance from a competitor, you can still bring up the issue of retirement planning and offer assistance along those lines.
Offer Retirement Planning Tips
Build an email mailing list and send out an e-newsletter featuring the newest information about retirement planning. You can also answer retirement planning questions on your Facebook page, discuss issues in retirement planning on your blog, and send out tips one Tweet at a time.
The next time a prospect tells you that he or she is interested in purchasing life insurance, don’t forget to offer retirement planning services as well.
