After agents have made a sale to a life insurance lead, they may forget the importance of consulting with the client to make sure that if it they need to make a claim, that it's used properly. During a speech at the Million Dollar Round Table Annual Meeting recently, an agent related a story about how not doing this can jeopardize clients' finances.
The agent talked about how after an elderly woman lost her husband who was battling leukemia, she received $1.75 million from her life insurance company, as that was the amount she, her husband and their client had settled on originally. But because the woman saw it as such a large sum of money, she spent it improvidently, buying extravagant gifts for her family.
According to the agent, before the elderly woman knew it, every last dollar of the policy was lost.
The moral here, according to the agent, is that selling to life insurance leads is only part of the goal insurance professionals. They must also chart out a goal with the client to make sure that if a claim is made, it's put to good use.
Keeping this story in mind may help agents as they develop a relationship with life insurance leads.