What I've Learned About Quoting Term Life Insurance
When I speak with clients shopping for term life insurance there are a couple of questions I always ask up front; (1) Is this the first time you have looked into term life insurance and (2) What is the reason you are looking into it today? These questions help me get a sense of the client’s understanding of what life insurance is and how it works and allows me to hear from the client what their concerns are or what they want to protect with life insurance.
If you have young children and that is the primary reason for life insurance then in this case the parent wants to provide the necessary protection for the children in case they suddenly pass away. If the parent wants a whole life insurance policy so grown children are not burdened with having to pay funeral and burial expenses, then the parent is looking to protect them from that burden. In my opinion life insurance is mainly about protecting people such as your spouse or children; places such as the home and mortgage attached to it and things such as bills, funeral or burial costs.
One thing I’ve learned is to help explain term or whole life insurance as plainly as possible. If I use a bunch of industry words that don’t make sense to people, who have never looked into life insurance, then it will only confuse them and make them less interested.
Another thing I have learned is to help people understand why I ask all of the questions I do in order to just receive a quote. There are quotes known as Quick Quotes where you are only asked for things such as date of birth, state you live in, gender and whether you are a smoker or not. Quick Quotes are designed to give you just that which is a very fast estimate. It’s really designed to give you an idea of what term life insurance may possibly cost. After a quick quote I would end up doing a more in-depth quote asking about such things as medical history and medications to give a more accurate estimate on the cost of insurance.
Each quote I give is tailored to that specific person because all of us are different. We are different genders, ages, height, weight and our health histories are completely different. I explain to people that the companies I quote do not have one generic price for everyone. Each quote is tailored to each person based on specific information.
About the author: Dan Cody has been in the life insurance business for over 7 years. He loves playing a variety of instruments including the guitar, bass, drums, and piano. He also supports cancer research foundations and volunteers at local pet shelters. Dan enjoys helping customers understand life insurance, so they can find a solid policy that fits their needs. You can reach Dan at 1-800-651-1953 or DCody@Pivot.com.