You’re not alone. Many P&C agents are hesitant to offer life insurance because they don’t feel like they have enough expertise, don’t have enough time, or are afraid that a poor life insurance experience could cause them to lose their client.
But here’s the thing: offering life insurance can be a great way to grow your business and provide your clients with even more protection. And it’s not as daunting as you might think, especially with our turn-key partnership program.
Here are a few of the concerns that P&C agents have about offering life insurance, and how to overcome them:
- Concern over not having enough expertise.
This is a common concern, but it’s one that’s easily overcome. There are a number of resources available to help you learn about life insurance, including online courses, webinars, and even books. You can also work with us directly and we are happy to provide you with life insurance training.
Even Better: With our Turn-Key Partnership program you do not need to be the expert. We are. Let us work directly with your clients to make sure they are taken care of, without any additional research on your end.
- Concern about the life insurance process taking too long.
Life insurance can seem like a time-consuming product to sell, but it doesn’t have to be. There are several ways to streamline the process, such as using online quoting tools and electronic applications. The underwriting process is typically longer than what you are used to in P&C but technology has made the process easier and more streamlined.
Even Better: With our Turn-Key Partnership program you do not need to use any of your time to help your clients with their life insurance needs. Find the client that wants to talk about life insurance and we will take it from there. We work with the client, process the application, deal with all new business processes, and even do in force policy owner service. We do all this, and not only will you receive the majority of the commission, but as your name is on the application, it is still your case/client!
- Concern that a poor life insurance process could cause them to lose their client.
This is a valid concern, but it’s one that can be minimized by following a few simple steps. First, make sure you’re well-versed in the life insurance process. Second, be honest and transparent with your clients about the benefits and limitations of life insurance. Third, set realistic expectations about timeline and the process. Not everyone can qualify for life insurance, and your clients need to know that the insurance carriers determine the outcome and rate class which therefore determines the cost.
Even Better: With our Turn-Key Partnership program we are the experts in the room, we set the client expectations, and explain the process in great detail. We will do our best to ensure that even if a possible does not go as planned that the client understands why and is satisfied with the process.
If you’re a P&C agent who’s worried to offer life insurance, I encourage you to work through your concerns. Offering life insurance can be a great way to grow your business and provide your clients with even more protection. The Thompson Agency can help you in many ways, not just as a traditional wholesale partner, but we can also act as your back office life insurance experts working directly with your clients.
Here are a few additional tips for P&C agents who are considering offering life insurance:
- Start by simply asking your clients if they would like you to review their life insurance. This question let’s them know you now offer life insurance and it assumes they have it so you can review like you do their other lines of business.
- Be prepared to answer questions about life insurance. Your clients will likely have a lot of questions but feel confident that you don’t have to answer them right away. Write down their questions and we can work through them together.
Even Better: Review our Turn-Key Partnership program and see if we can help you even more with offering life insurance to your clients. Let us be your life insurance department! Learn more at https://thompsonagency.net/turn-key-partnership-program/.
Offering life insurance can be a great way to grow your business and provide your clients with even more protection. Don’t let your concerns hold you back.