A younger look
Gilpin spoke to the factors that come into play when today ’ s younger person is evaluating which life insurance to buy . “ While it is extremely common and understandable for a younger person to gravitate towards term insurance , I do not believe that it is the only product that makes sense for such a buyer to purchase . We all know the reasons why younger people usually buy term insurance , but that doesn ’ t mean they don ’ t have the financial ability and foresight to look down the road for more permanent options . Concerns like planning for the long term , retirement , locking in good health and pricing , and covering a potential longterm care need are all concerns that young clients have as well as older clients . There is no one product that is best for an entire group of people . Again , it comes down to finding the right solution to your specific client ’ s needs and concerns .”
In light of the premium pricing factor with term insurance , Hallett addressed the myriad things the advisor brings – or should be bringing − to the table beyond a product that the potential buyer can afford . “ Advisors are important ,” he said . “ They are the reason life insurance is in the hands of American families . Life insurance is sold , not bought . We have heard that over and over , and I was a believer for a while that life insurance is bought not sold . I was wrong . It is sold . That sale might include losing someone close and seeing the devastation of not having enough life insurance ; observing how life insurance positively impacted a family going through the tragedy of losing someone too soon ; a grandparent or other family member who owns and educates the rest of the family about the value of life insurance ; a commercial or advertisement targeting them from any of the life insurance companies in the market ; or maybe by having a trusted advisor share with them the importance of protecting their family with life insurance .
“ What advisors bring to the table is experience in underwriting either through their own effort or the efforts of the BGA supporting them . Advisors bring advice and confidence in the decision the client has to make . And advisors are there to assist their clients with policy service . There are a few online brokerages that shop the client up front and even do policy service on their behalf , but those online agencies are few and far between .”
For Rohrer , education is crucial . On the topic of the advisor ’ s role , he said , “ It all boils down to educating our clients . I believe that the pendulum is swinging , and many consumers are seeking planning solutions other than term insurance more than ever . As advisors , it ’ s extremely important that we explain all the options so consumers can make a decision that is best for their families .”
The advisor brings everything to the table . An advisor can give the client their knowledge , guidance , answer questions , discuss concerns , provide different options , provide ongoing support , and that ’ s just to name a few .
Gilpin
Strengthening the relationship
Gilpin mentioned the questions that he has surrounding purchases that bypass an advisor . “ Although I know this happens quite a bit , I ’ ve never quite understood how a person can buy a life insurance policy online without any conversation or guidance from an agent ! In my opinion , the advisor brings everything to the table . An advisor can give the client their knowledge , guidance , answer questions , discuss concerns , provide different options , provide ongoing support , and that ’ s just to name a few . Life insurance is such an important part of a person ’ s planning and protection of their family or business , and an advisor is a crucial part of making sure that their needs are met and that they get the ongoing support they need .”
For many people in the life insurance business today , term insurance is viewed as a foundational sale with a client , and then after that foundation is established , other more complex insurance needs will be addressed . In Rohrer ’ s view , that ’ s often the way the advisor-client relationship unfolds , but he sees technology used in an intelligent manner adding even more opportunity for the business . “ Yes , I think that ’ s true in today ’ s life insurance landscape ,” he said . “ However , I ’ ve witnessed how insuretech solutions like Ethos can create a steady flow of life insurance prospects for advisors and drive entirely new revenue channels for agencies . Ultimately , the consumer reaps the benefit by securing the protection and education they need .”
I find it fascinating to hear the passion in the voices of these marketers , whose agencies understand the importance of term insurance to the life insurance business and to the people this business serves . Whether it ’ s developing stronger products with better pricing , better understanding the market , giving potential clients the opportunity to choose a sales process that makes the most sense for them , or continuing to find ways to educate potential clients about the value of life insurance to their family ’ s security , the business is continuing to make this fundamental life insurance product even stronger . www . nailba . org 35