How to talk to your clients about life insurance

Financial advisors and coaches frequently ask me for advice on how to talk with their clients about life insurance. I am always gratified to hear that. Life insurance secures your client against the life hazard that can have the most damaging impact on both their emotional and financial well being: the death of a loved one and bread-winner (and in a business, the death of a partner and / or key employee.)

This means that for your client to have true financial security, the right life insurance policy (or policies) must be in force. How do you know this is the case? Here are some questions you can use to get the conversation going. Once you confirm your client’s coverage needs work, get me involved. I will make sure they get what they need.

How much coverage do you have? How do you know this is enough?

For how long are the premium and benefit guaranteed? How did you arrive at that time frame?

When does your current policy renew?

When was the last time you checked the performance of your policy, to confirm it is meeting your expectations?

When was the last time you did some price comparison shopping?

Has your life changed since you bought the policy? (Ie new home, new baby, new debt, new business?)