5 Tips on How to Sell No Medical Exam Term to your clients

Your opportunity for selling term life insurance has never been greater. Rates are the lowest they have ever been, the products are well designed and now you can offer your clients life insurance without the hassle of a medical exam.  That’s right, no cumbersome lab work, and no excuse from your client that they don’t like needles!

But how do you get your clients to know about this great innovation in the life insurance industry? Here are 5 tips that might help:

1. Let them know! Most of your clients still don’t have a clue about life insurance, what it is, how it works and why it is so important for them and their family. Many still believe that the only type of insurance out there is whole life and that the process for getting it is tough.  Let them know about the advantages of term life insurance and how much easier it is to purchase.
2. 8 in 10 Americans overestimate the cost of insurance (2016 LifeHappens/LIMRA study). It’s true! Americans and your clients don’t know the real cost of term life insurance.  They think it is higher than it is.  With the online and mobile tools available you can easily show them the cost in minutes.
3. NO Medical exams. A 60 year old can now purchase up to $500,000 of term life insurance with no medical exam.  Let your clients in that age category know that.
4. Show them their options. We are all prone to sell the cheapest term product.  Maybe just the ease of buying a life insurance policy will sell it.  Give your client the options.  Here is an example:
   1. Let’s take a 50 year old male, preferred non-nicotine user. You talked with him about term insurance and he is interested in hearing how much it will cost him for $500,000 of coverage.  You run the quote and Company A’s is the least cost and shows an annual premium of $1,034.00, which would require a medical exam.  Company B’s rate is $1,075.00 and does not require a medical exam.  That is a difference of $41.00 for your client to avoid the lab work!
5. It’s easier on you and your client! Primarily the short form, Drop Ticket, method of applying for life insurance is used when your client applies for term life insurance.  This takes you less than 5 minutes to complete and you are done!   The carrier representative will then call your client to complete the application over the phone and ask some medical questions.  “Big Data” and perhaps an attending physician statement are used to make the final underwriting decision.

Selling life insurance with no medical exam is the wave of the future, hop on the wave now and let your client know how important having life insure is for the future of their family and how easy it is to get!