The following are three simple steps to generate activity:

Run an in-force life insurance report from your Client Relationship Management (CRM) system on all of your life clients. If your life clients are not on your CRM or not all have been inputted, ask your carriers to produce your books of business using your agent code(s). Look for term policies that are approaching their premium guarantee expiration periods as well as term and permanent plans with policyowners age 65 and older. A quality settlement broker will help you gather the necessary data on each policy to determine if that policy is a candidate for a life settlement. If you think you might have a prospect, ask us for our Life Settlement Qualifying Worksheet.
Use your CRM system to identify all personal lines policyholders age 65 and older. Create a campaign to educate them on the opportunity a life settlement creates to help them in their retirement. The Life Insurance Settlement Association (LISA) claims that well over $100 billion face amount of life insurance lapses annually with no value. A reasonable percentage of those policies would have priced in the settlement market, turning an expense into an asset. Ask your BGA to help you put together campaign language.
Ask your commercial clients if the company carries life insurance on key employees and/or has funded their buy-sell agreement. If so, ask if those policies have been reviewed recently. If not, ask if they would allow you to utilize the relationship you have with your life settlement broker to determine if those policies have market value.

In any of the three scenarios above, an agent can create an asset from an insurance policy that the policyowner previously perceived no intrinsic value. We believe that a relationship with a quality life settlement broker, sound advice and expertise will set agents apart from competitors in this area, and endear agents even more to their clients.

Special Reports /

How P&C agents and brokers can start selling life settlements

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