*Due to compliance and regulations, the Life Insurance process follows a straight forward formula.
The Meeting / Discussion
In person, a Life Insurance Needs Analysis must be completed. Advisors need to do this to correctly identify a client’s specific life insurance needs based on specific and accurate facts.
i.e.: income needs, asset level, debt level, number of dependents, etc.
A discussion of the different product options available in the market must happen. Certain products work for certain situations and an advisor must explore all options with a client before we can make an informed decision.
i.e.: Term Insurance vs. Permanent Insurance
Needs vs. Budget
Shopping the Market
After the information is collected and the options have been discussed, I go to the major insurance companies I am contracted with and I shop the market for pricing options. I work hard at finding my clients the right policy that suits their needs and fits into their budget.
Once the pricing is known, the decision is made by my client. I simply provide options and offer advice. After my client has made a decision we can now start the application process.