NAILBA ID Trends Resource Guide 2019-20 | Page 13

#nailba38 13 Create a new revenue stream from your book of business The right life insurance policy can be greatly beneficial for its owner, but more and more seniors are realizing that in some cases selling their policy in a life settlement can be advantageous. Life insurance agents are the professionals who are best equipped to recognize these distinctions, and to direct their clients to the right option. As an experienced insurance agent, you have both a personal relationship with your clients and the information at your fingertips to determine the likelihood of a life settlement. So, how can you create a new revenue stream with the clients you already have? Determine likelihood of a life settlement Use a life settlement calculator to see if your client may qualify for a life settlement. Receive an evaluation for your client’s policy based on their current health status and determine if you should pursue a life settlement. Earn compensation from the sale of the policy Agents who are life settlement licensed are eligible to receive compensation after they help clients sell their policies. Each state has different life settlement license requirements. Check with your Department of Insurance to learn how to become life settlement licensed. Scale your transactions Use life insurance policy management software to key in on life settlement opportunities within your book of business. There are software management platforms that make it easier than ever for agencies to scale life settlement opportunities with policies they already service. Ask clients this question Find out if your client still needs or wants their life insurance policy. Agents might be concerned that they are now advocating the sale of their policy, having sold that policy to a client years ago. But at the heart of the life settlement option is the understanding that financial and insurance needs change over time. An agent who understands those shifts and the available options can be invaluable to a senior seeking advice he or she can trust. A useful conversational on-ramp to this topic is to ask the question, “Have your insurance needs changed?” Magna Life Settlements creates financial opportunities for a better life now by utilizing an unexpected asset: life insurance. Magna-Life.com RSVP to Magna’s Cocktail Reception at NAILBA! MagnaNAILBA19.com Join us for cocktails and appetizers on Thursday, November 7 at 7:30 after the Exhibit Hall Opening Reception. Attendees will receive a free Yeti tumbler (Available to the first 50 attendees) RSVP Required