Life Settlements

[LifeInsuranceMan]

What is the best way to start up a conversation and build a rapport with a senior (whom you are either cold calling or meeting for the first time) when you are looking to sell them life insurance or buy their life insurance (life settlement)?

...Life insurance is very costly, and when you work for a company that only deals with high net worth clients (like I do), it's been pretty hard for me to get them to do anything...

Why would a senior want to listen to me? Should you (the agent) discuss company credentials? Options? Benefits? Dive into their needs? Really try to get to know them first? ...wouldn't that waste their time since they know you're probably only talking to them because you are trying to sell them something??

... Please advise

 

[Tampa Teddy]

What is the best way to start up a conversation and build a rapport with a senior (whom you are either cold calling or meeting for the first time) when you are looking to sell them life insurance or buy their life insurance (life settlement)?

...Life insurance is very costly, and when you work for a company that only deals with high net worth clients (like I do), it's been pretty hard for me to get them to do anything...

Why would a senior want to listen to me? Should you (the agent) discuss company credentials? Options? Benefits? Dive into their needs? Really try to get to know them first? ...wouldn't that waste their time since they know you're probably only talking to them because you are trying to sell them something??

... Please advise

You appeal to their greed!

If they are high net worth they are not stupid... Of course they will know that you are trying to sell them something.

But it's always the same. Create a need...Make them want it... then show them how they get it. If they don't want it you're screwed. Generally with seniors you can create want & need with the children and grandchildren. It's a matter of showing them how the proper use of life insurance can double or triple the size of the estate they leave them.

 

[The Rabbi]

You have to qualify them, ask probing questions to lead them to something that can improve their situation. You need to be confident in your knowledge of the market and be brave.

 

[The Rabbi]

You have to qualify them, ask probing questions to lead them to something that can improve their situation. You need to be confident in your knowledge of the market and be brave.

 

[LifeInsuranceMan]

Thank you guys for all your help... time to step it up!!

 

[xrac]

The Kentucky Department of Insurance is looking into whether insurers have restricted the ability of licensed life insurance agents in the state to broker life settlements.

Settlement Curbs Probed - Regulatory,Legislative and Tax Issues - Life and Health Insurance News

 

[Mark]

I'm done with Life Settlements!!

They are so picky on who they will take and they take forever to get done...

 

[LifeInsuranceMan]

I'm done with Life Settlements!!

They are so picky on who they will take and they take forever to get done...

Hopefully, life settlements will become regulated... the sooner the better! While too much regulation may be a bad thing, right now, all these misconceptions circulating the press are giving life settlements a bad name. People have to accept life settlements for its purpose and place in the industry... there is nothing wrong with providing a senior client with a possible exit strategy. For some (those who no longer want or need their life insurance policies - where they would rather collect a cash payment much greater than the peanuts their insurance company would pay them if surrendering), a life settlement becomes a very viable option.

Maybe when things get better (hopefully, in the near future) you will reconsider. They weren't always this picky...

 

[A.D. Banker]

The Kansas City Star recently ran a story about the emerging life settlement market. Some of you may find it helpful.

Increasingly, seniors realizing nest egg in life insurance policies - Kansas City Star

 

[TheKoenigGroup]

Yeah they do take forever, and just like you mentioned VERY picky regarding the carrier, if its not "A" rated your basically wasting your time

I'm done with Life Settlements!!

They are so picky on who they will take and they take forever to get done...