I know I normally complain that most life insurance agents really don’t know what they’re doing and or how best to serve their clients, and I’ll stick with that just because according to a LIMRA study there are about 300,000 life insurance agents in the country. I would be amazed if 5% of those are life insurance agents worthy of being in the category of life insurance professionals. To me a life insurance professional doesn’t just know a few products and sales closing phrases. Life insurance professionals know why it is important for a client to consider life insurance, what products are and aren’t appropriate for their clients (no kidding, one size does not fit all), underwriting guidelines and how best to work with underwriters to get the desired outcome, and probably most important, when you’ve hit a dead end in trying to help your client, how to jump out of your box and do what it takes to get the coverage they need.
The majority, the other 95%, of life insurance agents are willing to let their lead, their potential customer, wither away believing they aren’t worthy of or capable of being approved for life insurance. They don’t research other places the customer might get their needs met. I’ve even had agents call me with cases that I could certainly get placed, but their greed gets in the way and they won’t agree to split the case in return for my help. Just to put some perimeters on that situation, I don’t split small cases, but I don’t get greedy about it either. If it’s small I have an impaired risk BGA that I refer them to where they can get professional help, write the business and keep all of the commission. But larger, more complicated cases, are fun, challenging and profitable for both agents and they can turn you into a hero because you’ll become known as an agent that will do whatever it takes to get you the insurance you or your business need.
Just this morning I had two agents call, both with business life insurance clients, one whose client was HIV+ and the other because the bank they were borrowing from not only required life insurance collateral, but a second policy that would pay if the business person died during the contestable period of their traditional policy. Talk about unnecessary, but when your bank says you have to have it, what are you going to do? These agents were fresh out of weapons to help their clients with and they found us on line, able to get these types of business policies. Both were willing to split the cases, one even willing to let me take the case because of the future profits they would make handling the clients investments. I referred both of them to my business specialist underwriter who is able to help them and help them quickly. I didn’t ask for a split or to take over their case because these agents were professional and humble enough to ask for help. I was just glad I could help them. Who knows, they might have the answer I need sometime.
We are an industry in dire need of good agents and with the median age of that 300,000 being 56, we aren’t getting the kind of agents who are willing to work for their piece of the future. God has blessed Risk Life and Hinerman Group greatly and I pay that blessing forward whenever I can help another agent gain some knowledge and help a client. Mentoring is what it’s called. I’ve had plenty and I’m glad I’m able to help when I can. If you have any questions, call or email. We can help.
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