You May Be Lighting Benjamins on Fire

You are passing up maybe $1,000 in commissions per client if you aren't cross-selling instant-issue term life insurance policies that don't require a medical checkup.

Hundred dollar bill on fire

Wait! You Forgot Your Thousand Bucks!

You just wrapped up this year's renewal  on your client's auto and homeowners coverage. You got the green light to place the umbrella coverage, too. And you got a nice referral to the brother-in-law. Nice work, right? Of course it is. But you probably left about $1,000 in commissions on the table if you didn't log in and hand them a "While-You-Wait" instant-issue term life insurance policy. What's that you say? Read on.... SO much has changed.

It's All About the "E"

Sixty seconds. That is how long it takes to have a term life policy electronically underwritten in real time, approved, issued and spouting forth from your (or your client's) printer. The client puts their E-signature on the online E-application, and the policy is immediately E-delivered via PDF for qualified applicants. Is that enough "Ease" for you (bad pun intended :) ?

What if there was a simple, online system that provided:

  • A step-by-stop questionnaire to fill out your client's E-application in 10 minutes
  • Built-in E-signature
  • Automated underwriting based on "AI" (artificial intelligence)
  • No need for a medical exam
  • Immediate approval for qualified applicants
  • E-policy delivery of the life insurance policy PDF in about 60 seconds?

Cross-Selling Is King

We all want to generate additional revenue for our businesses. Existing clients and policyholders are the best source of new business. The "bridge of trust "already exists with them.

But, in working with huge numbers of property & casualty as well as health insurance agencies and agents over the years, we have heard countless times how they are not asking the client about their life insurance needs. Giant numbers of consumers tell us the reason they don't have life insurance is because "no one has approached me about it."

What need is the most unaddressed financial risk for American consumers? Life insurance.

See also: Selling Where Life Happens

The Old Reasoning for Not Cross-Selling Does Not Fly Anymore

Before high-speed, real-time processing of life insurance sales, the reason for not embracing cross-selling life insurance held water. Clients hated the lengthy forms, the confusion, the waiting and the mysterious nature of getting life insurance coverage. One life insurance industry veteran who comes to mind used to say, "Life Insurance is the only industry where one could swear that we're trying to actually PREVENT the customer from buying our product." Back then, he got that right. But today, the right digital tools are here, are super easy to use and are the key to almost unlimited amounts of additional revenue and profits to your organization.

Recent Advances in Agent-Friendly Technology Create the Golden Opportunity

Non-medically underwritten term life is the key. It satisfies most consumers' needs. This is the basic family-needs market we're talking about. $50,000 to $500,000 of coverage.

Better than old, worn-out "simplified" programs that are too small, are too expensive and are perceived as "flimsy" by consumers, Non-medically underwritten term life uses a thorough but still compact application online. Underwriting decisions are made electronically and, therefore, instantly for the majority of applications. 

This new frontier described here is opening up right in front of us. Now is the time to embrace the new capabilities, which are making the great promise and potential of digital technology a reality for life insurance sales. 

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