How To Find Life Settlement Prospects With 2 Easy Questions
What would you like to know
- Some older convertible life insurance policyholders will want to keep the coverage as is.
- Some may prefer to convert temporary coverage to permanent coverage.
- Consumers who know more want coverage may like the idea of selling their policies.
Convertible term policies on policyholders over 65 often make the best candidates for a life settlement. Futures are everywhere, but how do you find them? All you have to do is ask.
Here are two questions to help you – you never know what those questions will reveal.
1. Do you have term insurance?
2. Can I take a look?
Depending on the age, needs and situation of your client or prospect, here are the most likely results:
- No current changes are necessary, but important future dates such as the end of the conversion period or the expiration of the initial premium guarantee are identified.
- Some or all of their term insurance is converted to permanent coverage.
- The term is rewritten for a policy with a lower premium, a longer premium guarantee, or a longer conversion period.
- More coverage is required and new insurance is sold.
- Some or all of the coverage turns out to be unnecessary, unwanted or unaffordable and becomes a life settlement prospect.
In almost any situation, you have the option of benefiting the owner of the policy, as well as making a commission – a win-win for everyone.
Here are several places you might not think of asking, but potentially there are a lot of futures policies that should be reviewed.
1. Civil liability organizations
They often have large amounts of term insurance on their books, for both individuals and businesses.
Often times, they need term insurance to cover loans, mortgages, etc.
They know which of their customers, especially their business customers, have policies for needs like buy-sell, fringe benefits and fringe benefits and what needs are changing. Now that tax season is over, it is a great time to reach out to accountants, as their clients’ plight is fresh on their minds.
Just like accountants, they know a lot about the changing needs of their clients.