Hate Taking Life Insurance Applications? Who Doesn't?
We can all agree that almost no one enjoys taking life insurance applications. So much so that many advisors will avoid doing life insurance all together. They are long, they ask too many personal questions (which can be a little awkward) and (did I mention?) they take too long!
Let's discuss some of the issues advisors have with life insurance applications and uncover some ways to mitigate these issues...
They Take Too Long
Despite how cliché it sounds, we both know your time is valuable. This is especially true if you're an advisor.
As a successful entrepreneur you need to recognize the value of time and always spend it on opportunities that offer the best returns. When you repeatedly waste your time on inefficient practices, you throw away your most important and valuable resource.
Even advisors who have taken hundreds of apps know how much of a waste of time it can be. Although necessary, you must go through each question one by one. Some questions you may already know the answer to; some your client may be unsure how to answer. Either way, they take forever and inevitably take time away from your other responsibilities.
Health Questions Can be Awkward
As a trusted advisor have built lasting relationships with all of your clients. However, regardless of how close you are with each of your clients, there are some topics that are just too personal and uncomfortable to discuss.
With almost any life insurance policy your client(s) must undergo a medical examination. Which means, as you go through the application paperwork with them, you will have to discuss their medical history.
This can lead to an uncomfortable situation.
Every Company Uses Different Paperwork
Considering how many applications you may have submitted in the past, you would think the process would get easier over time. We both know that isn't always the case.
Application paper work is constantly changing over time due to legislations that the insurance companies must abide by as well as the rules and regulations within the company. Not only that, but each company usually has their own unique set of rules and regulations. Meaning that life insurance applications are almost never totally consistent. Plus there is always the risk of presenting your client with an outdated or incorrect form to fill out. Trust me, I've seen it myself.
Accelerated Underwriting Requires E-Application
Take Away the Frustration: Let Someone Else Take the App
- Our LMS team will schedule a call with your client to go over the application
- We ask the client all of the medical questions needed to get the application completed
- Once completed, our LMS team will submit the application electronically
- We work with the carrier throughout the underwriting process to get the application approved as quickly as possible
This service eliminates mistakes, increases efficiency and allows you to retain your most valuable asset: time!
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