Oftentimes, selling life insurance can be an uphill battle. Many clients worry that a life insurance product will tie them down to fees they don?t want, or that some policies will limit their freedom. In truth, though, by selling life insurance, you are selling your clients freedom, by giving them the security and peace of mind they need.
Whole Life is one of the most common types of Permanent Life insurance. With Whole Life insurance policies, the cash value accumulates at a guaranteed interest rate, and typically, the policy owner may borrow against the cash value of the policy. Some Whole Life insurance policies can produce excess credits, which can be used to purchase additional paid-up life insurance, increasing the available death benefit. [Read more…]
Oftentimes insurance agents find themselves only targeting certain age groups for the majority of their policies. ?Life insurance? generally implies retirement and/or passing away. Let SilverSide help bring a fresh, new market to your attention! Newlyweds and young families actually need just as much life insurance as the elderly (if not more) to protect their young children and spouses. Here are a few general types of life insurance for new families, to which you should direct your young clients? attention.
Term Life Insurance for New Families
Term life is the most inexpensive policy to take out for a certain period of time. We recommend that new families or young families with kids check out the 20 to 30 year term life insurance policies to protect their children at any age. This type of life insurance may be useful for families paying off a mortgage because term life insurance for new families is generally less expensive than permanent life insurance for younger people.
Whole Life Insurance for New Families
Whole life provides very stable security with guaranteed annual dividends and tax-deferrability. It is often referred to as a hybrid product, a combination of an investment and savings folder and life insurance. We recommend it for families who don?t mind paying more up front in terms of premiums, in order to receive steady, oftentimes fixed benefits over the years.
Universal Life Insurance for New Families
Universal life is a type of whole life insurance. It is basic and easy to understand because the client pays a premium towards a death benefit and towards a savings/investment portfolio. The premiums are often much more than term life insurance, but they are flexible. We usually recommend term life over universal life insurance for new families so that they can plan for coverage through their children?s college years without worrying about affording their premiums.
Life insurance agents should consider selling these life insurance policies because of their affordability, reliability, and flexibility. New families never want to think about accidents and tragedy, but we must take care of our client?s health and future well-being by keeping them informed of their policy options! Remind your clients that they are completely in control of the policies they choose. Many policies can be customly combined for each client?s situation. Give SilverSide a call with any questions or recommendations! 480.400.7171
As purveyors of affordable life insurance, we encourage all of our agents to always be at the forefront with knowledge of new products and policies. The smallest, most seemingly irrelevant change to a policy from year to year could add up to thousands of dollars in savings for your clients. Explore our site more for details on new Single Premium Life Insurance Policies and other updated annuities from all of our trusted carriers. As you well know by now, most people know very little about the terms used frequently in our insurance world, such as ?term life?, ?permanent life?, and ?ROP term life?.
Here are a few life insurance policies to brush up on heading into the new year:
Term Life Insurance
-Covers the beneficiaries of the deceased
-Premiums are paid at a fixed rate for a certain period of time
-?Pure insurance? because it has no cash value
-Best for temporary needs
Permanent Life Insurance
-Not based on a specific amount of time
-Payout guaranteed for as long as the unchanging premiums are kept current
-Best for long term situations (i.e. large estate taxes; retirement investing; medical concerns)
-Builds a cash value over time
-Two types: Whole life insurance and Universal life insurance
Return of Premium Term Life Insurance (ROP)
-A term life insurance policy that costs more than normal
-If the insured does not pass away by the end of the term period, all of the money invested is returned
-The additional premium paid for is invested into capital
-New product, but very popular, if your client can afford the extra premium
It is your job to sell?insurance to the client, which is easy if the client does not know what they are buying. At SilverSide Insurance Marketing, we go a step further. It is OUR job not only to sell insurance, but to inform our clients of their options and stick by them even after the contracts are set. We have an excellent rapport with agents and clients alike, especially in Phoenix, Arizona because of how seriously we take our motto: Plan, Develop, Grow.