--- title: Why Lowest Life Insurance Premium Isn't the Best Option description: Consumers want the best life insurance product for the lowest price. Here's how to help clients see that the lowest premium isn’t always the best option. image: https://blog.lwtagency.com/hubfs/WhyTheLowest.png --- [Skip to content](https://blog.lwtagency.com/lowest-life-insurance-premium-isnt-best-option/#main-content) [![LWT Agency](https://blog.lwtagency.com/hubfs/lwt-logo-1.png)](https://lwtagency.com) # LWT Agency Since 1927 - [About](https://lwtagency.com/team) - [Services](https://lwtagency.com/services) - [Resources](https://lwtagency.com/resources) - [Get A Quote](https://lwtagency.com/get-a-quote) - [Contact](https://lwtagency.com/contact) - [Producer Insights](https://blog.lwtagency.com) This is a search field with an auto-suggest feature attached. - There are no suggestions because the search field is empty. # Life Insurance Premiums: Why the Lowest Cost May Not Be the Best Value [LWT Agency](https://blog.lwtagency.com/author/lwt-agency) Feb 15, 2016, 3:00:00 AM No quod sanctus instructior ius, et intellegam interesset duo. Vix cu nibh gubergren dissentias. His velit veniam habemus ne. No doctus neglegentur vituperatoribus est, qui ad ipsum oratio. Ei duo dicant facilisi, qui at harum democritum consetetur. ![glasses and keyboard](https://blog.lwtagency.com/hubfs/WhyTheLowest.png) ## What are the most important considerations when choosing a life insurance product? 1. Product features. 2. Conversion privileges. 3. Service standards. 4. Customer service. **The insurance business is tough.** Just like any other industry, customers want the best product for the lowest price. But in the long run, you know that this strategy typically doesn’t result in a satisfied customer. Customers ultimately want value! You’re essentially battling the Wal-Mart mindset: Give it to me cheap and quick. **So just how do you help clients see that the lowest [life insurance premium](https://blog.lwtagency.com/life-insurance-sales-tips-term) isn’t always the best option?** ## Life Insurance Premiums ### How to fight price objections Help clients see that the cheapest policy isn’t always the best by telling stories. For instance, you wouldn’t buy a vehicle without first test-driving it, looking under the hood, evaluating its safety and understanding its reliability, would you? Well, I hope not! Tell prospects that, just like with a car, a life insurance purchase offers the same opportunity to evaluate the options. **If your client were to purchase the least expensive car possible, they’d be pleased with the price. But consider what would happen over the life of the vehicle:** - It wouldn’t get good gas mileage. - The car may break down frequently. - The car manufacturer could be known for poor customer service, creating lots of headaches and frustrations for the owner. In the end, all of the lost money in gas and repairs and frustration with the dealer made this inexpensive purchase not worth the savings. ### What matters with life insurance purchases? The purchase price of a life insurance product is just the tip of the iceberg. **You’ll need to *educate your client on other factors that dictate satisfaction* -- along with the price -- when comparing several life insurance premiums.** **Here's what they need to know.** #### **1. Product features** To make themselves more competitive, carriers routinely add living benefits and riders to their products. Even if a product cost a few dollars more per month, it may include a chronic/critical illness rider, long-term care rider, higher cash value potential, catch-up provisions, and more. #### **2. Conversion privileges** Not all [conversion privileges](https://www.investopedia.com/terms/c/conversion-privilege.asp) are created equal. Some may have restrictions for permanent plans when converting to more costly or noncompetitive products. #### **3. Service standards** A company offering a lower price may take several weeks longer to issue the policy, making it more difficult to place the coverage. #### **4. Customer service** When it comes to placing, client disappointment grows when they experience poor customer service. ### Help clients get the coverage they need Make sure your clients are [getting the right coverage](https://blog.lwtagency.com/clients-dont-know-life-insurance-social-media) that will provide the highest value. That product may not be the cheapest life insurance premium, but it will offer the features, conversion privileges, service standards and customer service your clients deserve and expect. *Don’t sell your clients on price – sell them on value.* That’ll help you boost sales, too, as you’ll be providing your customers with a product that will serve them well over their lifetime – not just in this moment. As a result, they’ll become [loyal customers](https://www.merkleinc.com/blog/building-customer-loyalty-insurance-industry) who will give you great word-of-mouth recommendations and buy additional products from you, too. **That’s what it’s all about: Making one good sale at a time, and watching the effects of the strategy snowball.** **[![Writing a Large Life Insurance Policy](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/1853399/29752ddc-3eb1-4502-a584-d7c1e1108cd2.png)](https://hubspot-cta-redirect-na2-prod.s3.amazonaws.com/cta/redirect/1853399/29752ddc-3eb1-4502-a584-d7c1e1108cd2)** [Life Insurance Sales Ideas](https://blog.lwtagency.com/topic/life-insurance-sales-ideas) ## Related Posts ### [Apr 21, 2021, 12:00:00 AM Stop the Price Madness! How to Attract Life Insurance Prospects](https://blog.lwtagency.com/how-attract-life-insurance-prospects) ### [Jun 15, 2016, 7:30:00 AM Life Insurance Prospecting for 2020: Use Social Media to Build Trust](https://blog.lwtagency.com/life-insurance-prospecting-building-trust) ### [Jan 21, 2021, 12:00:00 AM 4 Top Life Insurance Marketing Ideas](https://blog.lwtagency.com/best-life-insurance-marketing-ideas) ![LWT Agency](https://blog.lwtagency.com/hs-fs/hubfs/tellus-campaigns/LWT-Color-Print-new2.jpg?width=215&height=112&name=LWT-Color-Print-new2.jpg) Securities offered through Simplicity Group, Inc. Member [FINRA](http://www.finra.org/)/[SIPC](http://www.sipc.org/) 475 Springfield Avenue Summit, New Jersey 07901 Leisure Werden & Terry Agency is not affiliated with The Leaders Group, Inc. 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