It’s a life insurance prospect that doesn’t get enough attention. Loss income prospects are arguably the aged life insurance leads who could benefit the most from your services. Still need alone isn’t enough when you’re prospecting aged leads like these. They need education.
Loss income prospects need to know why a lack of coverage is a huge risk, what life insurance can do for them and their families, and how you can help them protect the people they love. Let’s take another look at your cold calling sales scripts and life insurance sales strategy.
The Risk of Going Without Coverage
Without life insurance coverage for lost income, prospects open themselves and their families up to hardship. But while some may understand this tradeoff, they don’t think through the extent of the risks.
The risk of lost income doesn’t just affect a family’s everyday bills in the immediate aftermath of an unexpected death. Many don’t consider bills that may have accrued immediately before the death — costly medical procedures, for instance, last-minute travel by family, or missed work.
Many people today are sensitive to the effect emotional trauma can have on individuals. But they don’t anticipate that the anguish of losing a loved one can be heightened by immediately having financial hardship for unexpected expenses or recurring bills piling up, the bill collectors calling, etc.
The Need for Coverage Is Big
Whether they know it or not, many folks are in this situation. Life insurance coverage is at a 50-year low. About 40% of Americans have zero insurance protection in place if a breadwinner were to die.
Paying the bills for surviving families would be tough for some. According to industry data, 43% would have financial problems within six months; 29% would have problems within a single month!
Yet all that still isn’t enough for these folks to take the necessary steps to better protect their families. Life insurance is consistently ranked near the bottom of financial priorities for American consumers, even those with solid earnings.
The Benefits You Can Sell
A solid opportunity exists for these millions of American households that have little or no loss income insurance. Like many insurance strategies, the answer comes down to education of the facts, selling benefits, and a little bit of anecdotal storytelling — examples where insurance helped someone, or the lack of coverage caused avoidable hardship.
Try to get a prospect to think about the financial problems that coverage could alleviate for family members.
Immediate expenses often include things like:
- Funeral costs
- Outstanding medical bills
- Regular mortgage payments
- Ongoing car payments
- Credit card debt
- Estate settlement costs
Further down the line, your prospect’s family will need to take care of ongoing expenses with their breadwinner. That could include things like:
- Housing expenses
- Everyday expenses
And even unique situational expenses, like the cost of caring for a sick or elderly dependant.
Without a breadwinner, serious financial hardship could lie ahead for your prospect’s family far down the road. While loss income insurance is not meant to make a surviving dependent wealthy, having no backup could alter their life aspirations. Proper coverage could provide for:
- College for their dependent children
- Retirement savings for a spouse
- A financial safety net for parents or siblings
- Or allow for a charitable legacy
Lastly, any story that illustrates how such coverage helped a client take care of their family after a loss can make a big difference. For greater impact, pay attention to what’s important to your prospect and tailor your benefits and examples to directly address their needs.
Loss income coverage is important for any of your leads who don’t already have coverage — a significant opportunity for nearly half the country. What’s more, life changes and insurance needs change with them. If your prospect has coverage but hasn’t reviewed their policy in the last 2 or 3 years, or since a life change (marriage, the birth of a child, new house, etc.) it’s time for them to review their policy.
When you work with aged life insurance leads, make sure they’re aware of loss income protection and how it can provide peace of mind to a family. Make sure your scripts and cold calling strategy take these important customers into consideration, and you may be able to grow your business while helping a lot of people.
Work on your loss income insurance business with a fresh supply of high-quality aged insurance leads from The Aged Lead Store. You’ll find thousands of sortable aged leads, ready to boost your sales, whether your business is auto, life, health, Medicare supplement or homeowners insurance, annuities, auto warranty coverage, mortgage refinance, or solar installation.