Why does my client need life insurance?
- Buys time: Allows loved ones to focus on their grief by helping to pay for the funeral and other costs.
- Provides a fresh start: Lets loved ones start with a clean slate by helping to pay off credit card bills, outstanding loans and even the mortgage.
- Generates income: Helps replace lost income for years to come so that surviving family members can continue to pay for life’s necessities.
- Offers flexibility: Gives a surviving spouse the chance to take time off or to switch to a job that offers a more flexible work schedule.
- Creates opportunities: Can provide funding to start a business, or pay for schooling so surviving family members can train for a new career.
- Funds the future: Offers a way to fund longer-range goals like a college education for the kids or a secure retirement for a surviving spouse.
- Leaves a legacy: Gives parents the chance to leave future generations with the legacy of long term financial security
How much insurance does my client need?
Since everyone’s financial circumstances and goals are different, there is no rule of thumb to tell you how much to buy. A first step would be to visit an online Life Insurance Needs Calculator like the one offered by the nonprofit Life Happens (lifehappens.org/howmuch). Just remember that Target has trained consultants to assist in your assessment and product selection.
What kind of insurance does my client need?
The core reason to have life insurance is the death benefit – but not the only one. Some types of life insurance offer riders or other features that can play an important role in your client’s financial strategy, such as the ability to accumulate cash value that grows over time.
There are two types of life insurance – Term and Permanent.
See our related article “Picking the Right Life Insurance Product” (link)
How do I get a life insurance quote?
Any of our Target Insurance Consultants are available to provide quotes from over 28 different carriers. We are not limited to a single product line or carrier.
Quotes are also available on subscription online service, Ipipeline. We can show you how become a subscriber.
What information do I need to collect from my client to request a quote?
Life insurance premiums are usually based on the risk class of your client. The age of your client and your client’s health history and lifestyle are very important factors in obtaining an accurate quote.
Typical Risk Classes:
- Preferred Best Non Smoker
- Preferred Non Smoker
- Standard Plus Non Smoker
- Standard Non Smoker
- Preferred Smoker
- Standard Smoker
Questions to ask your client:
- Date of Birth or Age
- Amount of Death Benefit
- Length of Term, if requesting a Term Life Insurance Quote
- Tobacco Use, What Kind, Last Used
- Heath History
- Height and Weight
The Target team can answer all of your questions about life insurance. We can custom design products for your client walk you through licensing/contracting, application and underwriting. Our goal is to help you build your business and to deliver in force life insurance policies for your clients.