If you’re a professional encountering life insurance objections from prospects, it could be because of incorrect or incomplete information they are getting from the media.
Articles pop up fairly often hitting familiar themes and it can behoove a life insurance professional to be prepared for them. For example, CBS News has posted a few stories recommending questions to ask and mistakes to avoid.
We’ll start with this article: “Life insurance mistakes seniors should avoid.”
Good news, it starts out by encouraging seniors to consider life insurance even though they are older, saying that the cost-benefit analysis might not seem to work out but that is a misconception.
More good news! Not getting enough coverage is the first mistake. The author discusses the typical uses of life insurance – paying off final expenses, clearing debt and the like. But then the next point is avoiding overinsuring. There is no discussion on other factors, such as leaving a legacy.
Then comes the usual “mistake” of buying permanent life insurance. The article states that if readers want to get insurance without paying top dollar, they should forgo whole life and opt for term. The extra expense of permanent coverage would eat into seniors’ retirement savings and Social Security. But of course, a responsible life agent wouldn’t be putting someone into something they couldn’t afford. Then again, we know some agents are in it more for the bucks than the service to others.
Then comes the practical improperly listing beneficiaries, recommending that readers make extra sure that they listed beneficiaries correctly. “The whold point of a term life insurance policyis to leaven money for loved ones after your death,” the author states.