Allow me to bring out my soapbox. Ready? Ok, here I go.
I don’t care what you call it: Final Expenses, Burial Insurance, Funeral Insurance, Income Replacement, or whatever. I call it “Life Insurance” and most importantly, what we don’t stress enough, is that “Life Insurance is for the LIVING”.
Plain-and-Simple. “Life Insurance is for the LIVING”. We’re insuring a person’s life so that dollars will be available for those loved ones who must continue the “cost” to live, to pay bills, to settle all kinds of final costs, to clothe and feed the family, and the list continues. Yes the family must continue living and that requires MONEY.
One of the greatest life insurance salesmen of all time, Ben Feldman (New York Life), said “The basic purpose of life insurance is to create cash… nothing more or nothing less. Everything else confuses and complicates.” He continued with one of the most impactful features of our wonderful product, “Life Insurance is the only tool that takes pennies and guarantees dollars.”
Utterly simple, isn’t it? You, and the company you represent, create CASH — future dollars. And the cost? Mere pennies for each dollar the company will deliver. And yet — and yet — we see another sobering LIMRA study that illustrates why people don’t buy insurance:
They think it’s too expensive and they have other financial priorities….
and what are those “financial priorities?...
2. Those financial priorities include paying living expenses, building savings, managing debt and/or saving for retirement.
In a previous blog I stated: The market is there. The people are there. What are you waiting for? Sorry, no excuses.
Well it’s up to you to be persistent, to be client-focused and compassionate. And most importantly, it’s up to you to convince the client that life insurance is NOT expensive, that it HAS to be one of their financial priorities so that dollars for living expenses will be there when you’re not.
Your mantra to clients should always be: life insurance is for the living.
*LIMRA, a worldwide research, learning and development organization, is the trusted source of industry knowledge for over 850 financial services firms. LIMRA provides its members with the latest insight and analysis on retirement, insurance and distribution, helping them develops effective business strategies that positively impact the bottom line.