Important Information About Life Insurance That Your Clients Should Know
At a certain point in nearly every person’s life, taking out a life insurance policy becomes something to consider seriously. There are numerous benefits of having a life insurance policy. First and foremost, a life insurance policy will help provide monetary assets for your family members after your death. This money may help your loved ones to maintain a nest egg or offset the cost of final expenses.
If you are struggling to find clients interested in purchasing life insurance, the professionals at BrokerCalls can help you develop your client base. We work with you to implement a unique strategy to help you find leads for clients ready to finalize their life insurance plans.
What Is Term Life Insurance?
One of the most critical decisions any potential client will need to make involves whether they would like to purchase whole life insurance or term life insurance. Term life insurance is just that, and it is life insurance that you carry for a particular term during your life. If the insured does not pass away during that term and doesn’t want to renew the policy, it will merely lapse without any cash benefit.
There are several benefits of opting to purchase a term life insurance policy. A few of the leading reasons why people tend to buy this type of policy includes:
- Lower premiums
- Greater death benefits
- Better for young families due to the lower premium rates
What Is Whole Life Insurance?
The main difference between a whole life insurance policy and a term policy is that there is a cash value associated with a whole life insurance policy. As you make premium payments, a certain amount of money begins to accrue that you can borrow against at any point in your life. Similar to a term policy, there are many advantages of opting to purchase a whole life insurance policy:
- The cash value of the policy grows on a tax-deferred basis
- Peace of mind of knowing it will take care of your loved ones after you pass away
- Access to the cash value associated with the policy if you need it for any unforeseen expenses
Important Considerations for Whole and Term Life Insurance Policies
One of the wonderful benefits that come with both a whole life insurance policy and a term policy is that the death benefit assets will be distributed directly to your beneficiaries without any adverse tax consequences.
Provided that your beneficiary designations are in order, your beneficiaries can begin the process of collecting on the policy as soon as a death certificate is available.
Discussing beneficiary designations is a meaningful conversation that you should always have with your clients. It would be best if you reminded them to designate beneficiaries for their policy as soon as possible to ensure there are no issues with distributing the policy’s proceeds quickly once you pass away.
BrokerCalls Can Help You Get the Best Leads Looking for Life Insurance
The BrokerCalls team understands the importance of finding quality client leads interested in purchasing life insurance. We collaborate with you to plan to help you grow your client base. From there, interested clients will go through a comprehensive screening process to ensure they meet your standards. Are you ready to learn more about how we can help you find whole or term life insurance leads? Please call us today at (855) 268-3773 to learn more. You can also reach us on Twitter, Facebook, or LinkedIn.