Life Insurance

Sell Life Insurance to Age 65+ (Part 1)

Episode Summary

This podcast episode provides tips for insurance brokers on how to cross-sell life insurance policies to existing senior clients. Many brokers focus exclusively on health insurance products like Medicare Advantage and miss out on opportunities to provide additional coverage like life insurance.

The host argues there is a tremendous unmet need in the senior market, as many families do not have funeral and final expenses planned for. By selling permanent life insurance, brokers can provide peace of mind knowing costs will be covered. It can also greatly increase annual commissions. For example, a typical final expense policy may generate around $700 per year. Combined with Medicare Advantage sales, this adds significant earnings.

The host provides a sample script for following up with current clients to introduce life insurance offerings. The script involves asking clients if they have comprehensive coverage for needs like dental, vision, and life insurance. If they don't have life insurance, the broker can transition into explaining permanent policy options.

For clients who already have life insurance, the host recommends offering a policy review. Many seniors think they have permanent coverage but only have term insurance. Reviewing helps ensure clients have the coverage they think they have.

To explain benefits, the host suggests reassuring clients that permanent life insurance never expires, continues as long as premiums are paid, and has premiums that never increase. This provides certainty the policy will be there when needed. The purpose is to protect family finances and cover final expenses.

Before quoting, the host emphasizes prescreening clients on health and budget to find affordable options tailored to their needs. This prevents dropping policies down the road due to high costs. Asking about the monthly budget and percentage of income can help determine an appropriate policy price point.

For new brokers, the key advice is gathering information first, consulting experts to identify suitable products, and then following up with the best 2-3 options based on health and budget factors. Leveraging experienced support helps agents successfully transition into life insurance.

In summary, cross-selling life insurance allows brokers to expand their offerings while also providing substantial additional value to senior clients. It can exponentially increase earnings potential.


(0:00:02) - By adding life insurance to your portfolio you can increase your commission greatly
(0:01:02) - By adding life insurance to your portfolio, you can increase your commission greatly
(0:03:51) - You need to make sure your client knows you offer life insurance
(0:09:14) - Texas listeners get an opportunity to attend a life insurance roadshow this month
(0:12:16) - One question brokers regularly get is I don't know if I'll qualify because of health
(0:13:27) - The next step is to determine your client's budget. There's a couple of different ways you can do it
(0:14:38) - Ask your clients what they would like to spend on life insurance
(0:17:13) - Joel: When you're new to insurance, it can seem overwhelming

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