Term life insurance may be a good choice for some of your clients, but there are quite a few reasons to sell permanent life insurance to people who are over age 65.
Watch the video to find out all the reasons you should sell permanent life insurance, as well as an explanation of why each one is important.
Keep reading below for a summary of the 10 reasons you should sell permanent life insurance.
10 Reasons You Should Sell Permanent Life Insurance
Here’s a countdown of 10 reasons to sell permanent life to your 65+ prospects and clients.
- A well-designed permanent life insurance policy is “good” property.
- Permanent life insurance can help older clients permit themselves to spend down principal at older ages while still providing for a surviving spouse.
- People buy term life insurance to protect themselves during their child-rearing years. People buy permanent life insurance to protect a devoted spouse.
- Desire to leave some assets to children or grandchildren.
- Effects of taxation: property tax and income tax on IRA or pension distributions. Due to lifestyle, many people find themselves paying substantial taxes during retirement years.
- Increased premiums for Medicare, especially if reduced by income.
- Self-insured long-term care costs. People prefer to stay in their homes. A life insurance contract can include a long-term care or chronic illness rider.
- Uncovered medical costs: RX drugs, dental costs, etc.
- Inflation and longevity can diminish standard of living.
- Social security reduction at first death. Two payments reduced to one.
Want to know more about selling permanent life insurance to your clients and potential clients?
Get in touch today and let’s talk about how a General Agency like Leisure Werden & Terry can help you reach your goals.