Paying Final Expenses or Replacing Income Isn’t the Only Job of Life Insurance

In Fact, It’s Just the Start.

Regardless of how long you’ve been in the life insurance business, it is likely that you regularly discuss with clients the need for this type of coverage as it relates to replacing income for young families and / or the way that it can provide loved ones with peace of mind in knowing that funeral and other financial expenses will be taken care of.

But if that is the only thing you’re talking about with your clients and prospects as it relates to life insurance, you could very well be missing out of a long list of other key benefits that this valuable and flexible financial tool has to offer. And, the insured doesn’t necessarily have to die in order for a policy to generate funds for meeting a myriad important needs.

For instance, just a few of the other ways in which a permanent life insurance policy can be used include the following:

  • Additional Savings for Retirement – People will oftentimes use the cash value in their permanent life insurance policy to help with supplementing retirement income in the future. One reason for this is because there are no contribution limits for these policies like there are with IRA and 401(k) plans, in turn, allowing the policy holder to build-up an additional source of tax-advantaged funds.
  • “Collateral” for Loans – A permanent life insurance policy’s cash value can also be included as an asset that may be borrowed against for any reason, at any time. These funds may be tapped for large purchases such as a vehicle or even the down payment on a home. They may also be used as collateral when securing a loan from a bank or other lender.
  • College Savings – Likewise, a permanent life insurance policy’s cash value could also be used to help a child, a grandchild, or other loved one with paying for their college education. And, unlike most other assets, the cash value of a permanent life insurance policy is not considered in the overall calculations when determining whether or not the student will be eligible for financial aid. Plus, when compared with money in a 529 college savings plan, there is much more flexibility in terms of what the funds from the life insurance cash value may be used for, as these funds do not have to be used only for education-related expenses. In addition, if the unexpected does occur, the life insurance policy’s death benefit will be paid out to the named beneficiary – free of income taxation – and it can be used for college costs (or any other need that the beneficiary chooses). This is often referred to as the “self-completing” nature of life insurance.

 

Generating Additional Life Insurance Leads Without the Need for More Prospecting

Regardless of which life insurance benefits you focus on the most with the individuals and families you meet with, all insurance professionals know that without people to talk to, your income – and your business – will stagnate.

If you want to generate a consistent and predictable flow of additional leads for life insurance sales – in turn, providing you with the opportunity to earn thousands of additional commission dollars per month – then give us a call now, toll-free, at 1-800-643-6143 and we will provide you with all of the information that you need to get started.

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Brian J. Kay, Executive Director, Leads4Insurance
921 Port Washington Blvd., Suite # 3 Port Washington, NY 11050
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