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eINDEPENDENT 07/01/2012

Helping Your Customers Secure Affordable Term Life Insurance at Any Age

As an insurance agent or broker, your job is to get affordable term life insurance for your clients—regardless of their age.

Getting a great deal for the young as well as for seniors is a challenge, because age does matter, but you can consistently be successful at getting the most-affordable term life insurance possible for all your clients. It just takes a focus on matching them with the right product for their age and in being able to find the best price for the best product.

Understand Term Life Uses for All Ages

Obviously, to get the most affordable term life insurance for clients of all ages, you need to be aware of how term life needs change as people grow older.

Young buyers are looking to ensure their future earning power, while seniors usually have far less to protect. In many cases, they only need life insurance for final expenses. So with young clients, you may be in the position of helping them to understand how they actually need more benefit than they think they do, while with seniors, you may be explaining to them that they can get by with a lower benefit amount than they realize.

The key in providing value to clients of all ages is to set them up with the product that fits their age—and that means having the knowledge of how age influences price and need, and then being able to pass that knowledge on to your clients.

Have Many Products to Offer

To get the most-affordable term life insurance for all ages, you also need to have many carriers in your product portfolio. If you’re limited in your selection, you can’t adequately shop around and may settle on a product that’s not as good a deal as your client could have gotten elsewhere.

When considering a variable that’s as significant as age, the importance of having many product options is especially critical, because you’re more likely to be able to find a carrier that offers products competitively priced to target the age group of the client you’re serving.

Using a wholesale internet brokerage is an increasingly popular way to increase your product offerings, as well as to receive sales support and assistance in underwriting approval—which can be particularly valuable when dealing with seniors with complex medical issues.

These brokerages are a way to quickly and cost-efficiently upgrade the “size of your store” so that your clients have a better chance of finding the most-affordable term life insurance, no matter how old they are.