We are living in an era of increased volatility driven by the COVID-19 pandemic, global supply chain disruptions, plunging stock markets, and Europe’s first war in nearly eighty years. In these uncertain times, can life insurance advisors continue to cut through the noise and negativity to bring value and peace of mind to their clients?
The answer is a wholehearted “Yes!”
Life insurance is a great vehicle for security in a volatile environment and should be part of every long-term investment strategy. It holds up in tough economic times, offering not just protection, but also retirement income and a guaranteed internal rate of return (IRR) that holds its own against other investment products.
So how can advisors generate more business in these economic times? By going back to the basics and doubling down on the same approach we recommend during periods of stability.
Start with getting to know your clients and listening to their needs. Generating more business is not about pushing harder or being more forceful with your clients, but about having both genuine empathy and a strong working knowledge of the products available. Remember that in times of volatility, people are searching for security, stability, and a listening ear, and we have the privilege of offering this to them. In your communication with clients, emphasize the ways in which life insurance can provide a sense of safety and certainty–not only for the future, but also for today.
You should also offer a policy review. Many times, a client bought a policy years ago and has no idea what is in it. Find out what they already have and help them adjust their coverage according to their goals. This is also an opportunity to discuss old life insurance versus new life insurance. Many clients are unaware that life insurance now includes living benefits, and as you walk through their existing coverage, you may find significant gaps that you can help fill.
You will find that if you master these practices, you will have no trouble generating more business, even in today’s volatile environment.
— Ken Shapiro, President