Highlight The Return On Investment To Get The CommitmentJulie Brooks
Getting younger, millennial clients to focus on setting money aside for insurance planning is easier said than done. New, younger families have to make significant financial decisions early on – and while they are deciding between housing costs and making monthly payments, insurance planning falls by the wayside.
Life Insurance conversations with millennials need to shine light on the future benefits a life policy can offer.
Highlight the returns your younger clients will see from their investments – this will not only overcome any cost objection, but will undoubtedly make them take another look at including Life Insurance in their financial plan.
Real Life Example:
- A 30 year old healthy, non-smoker female client places $500 a month into an Index UL policy – receiving an initial death benefit close to $600,000.
- 20 years later, her cost is $120,000. Averaging a 6.00% rate of return on the S&P 500 index, her cash value is growing to about $160,000.
- Keeping the same rate of return, her cost basis would grow to $210,000 at age 65 – with her cash value accumulating to $512,000, and a death benefit that could grow automatically to over $1,000,000.
With this type of return on an investment, your younger clients are able to see how Life Insurance could shape not only their retirement, but also cover future costs that may come to a younger family (i.e college expenses).
Carriers want to insure your young, healthy clients – with over 14 having some type of Index UL product available. We can help you match the best product to each of your clients’ needs.