Everybody needs life insurance, but most people wait until they are older to purchase coverage. This leaves life insurance agents struggling to find new clients.
According to Investopedia, millennials are the least likely to purchase a life insurance policy, and they overestimate coverage costs by 213%. In total, only 57% of U.S. citizens have life insurance, and more than half of them are 45 or older.
Death can happen at any time, which is a fact that people don't want to face. This may lead to them putting off thinking about life insurance. They also may think life insurance is too expensive with no immediate benefit. However, they may be able to find a low premium to cover exactly what they need: Money to settle their finances once they are gone and replace any after-tax income for their beneficiaries.
If you are an agent experiencing pushback from your clients, here are some of the ways you can convince them to adequately protect their assets and purchase life insurance now.
1. Remind them that younger equals cheaper.
As people age, or they become sick or injured, their life insurance premiums skyrocket. When they are young and healthy, they can lock in a rate that they will pay for years to come, even as their peers pay more and more money for coverage as they age.
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