No One to Call On?


How many times have we said this aloud or to ourselves?  The fact is that many households in the United States are woefully underinsured or have no life insurance at all.  In the September 2016 Life Trends Study done by LIMRA, a full 30% of households are uninsured – equal to a record low set in 2010.  Using LIMRA’s Life Insurance Needs Model, it is estimated that 48% of households have an average coverage gap of $200,000.

So who do you call?  The obvious choice would be referrals – how about the children of your older clients?  This accomplishes two objectives:  1) creating a bond with the beneficiaries of your clients’ policies; and 2) making new sales.  It has been said that the Millennials don’t buy life insurance or that they buy it online, receiving little or no education on its benefits.  However, the LIMRA study shows that 70% of Millennials own some life insurance (individual, group, or both).  This is 10 percentage points higher than in 2010.  In addition, Millennials’ ownership of individual life insurance has increased by 48% since the 2010 study.

More good news – almost half of the households in the study said that they intended to buy life insurance in the next year.  That is a whopping 80% increase from 2010!  This was most likely from the younger households (under age 45) and married couples with children. 

All of a sudden your odds have improved for making sales – 1 out of every 2 calls you make will find someone receptive to buying life insurance.  And 3 out of 10 calls will uncover a family owning none at all!  Will these calls result in a big sale?  Maybe not, but think of it as providing a public service.