Securing Your Assets – Digital Vaults Vs. Physical Documents

Digital vaults vs physical documents

The problem with hoarding documents is that as more and more start adding up, it is quite easy to lose track of what’s in there and what’s not – not to mention that large stacks become increasingly difficult to manage. If you are looking to create a legacy plan based on those documents, your family might find it difficult to sort through them. There is also a risk of those files getting damaged.

Today, everything is digital; so much so that succession of your digital accounts – be it your bank account or even the social media account – is tantamount to your physical self being succeeded. So, what’s to stop you from securing your asset and legacy planning ventures online?

From your investment portfolio and insurance plans all the way to scanned copies of physical documents, everything can be uploaded to the cloud for safe storage, ensuring family security when the time comes.

But the cloud isn’t exactly as safe as physical documents. You can’t just upload sensitive information on your iCloud, OneDrive, or Google Drive and call it a day. Instead, you need a digital vault with a Deadman’s switch on it.

What Is a Digital Vault?

Digital vaults, such as the ones offered by LegacyArmour, are more than just storage space on the cloud. They are literal internet-accessible digital vaults that have layer upon layers of protection; ensuring that there is no loophole that could let external traffic inside.

There is just one way in; via the passcode you generate, so make sure it’s complex! If, on the off chance, someone does manage to get in, these vaults then start focusing on ensuring that data flows in, but no data is able to flow outward, effectively hampering any attempts of documents being stolen.

These vaults might seem like ordinary information vaults, but there is one key difference between a legacy planning vault and an information vault. These digital vaults have a Deadman’s switch that gets triggered the moment the primary holder passes away.

These switches are more of a ‘service’ that check whether you are alive or not regularly. This is done either via email, SMS, phone call, or through agents who check up on you. You have the option of controlling whether the documents within are accessible to your family members immediately or after a short while.

Most often, these vaults are available individually. However, LegacyArmour takes a holistic approach toward ensuring that your legacy stays up to date, intact, and becomes available to your family at the right time. For that, we couple our digital vaults and Deadman’s switches with legacy planning experts, each one not only able to advise you, but also help you collect the right documents.

These vaults help eliminate the risks presented by physical documents, along with automatically becoming available to your family, ensuring that there is no inconvenience presented to your family.

If you’d like to learn more about our digital legacy vaults or would like to sign up, we are but a phone call away. Get in touch with our experts via call or email to learn how you can manage your investment portfolio, physical documents, and more.

Best Insurance Industry Business Practices – Case Study

Case studies for best insurance practices

Over the course of our blog, we have mentioned several key elements that make an insurance company desirable for customers. From offering clients bespoke solutions to their needs all the way to making sure they are satisfied with your service and policies; everything adds up.

Today’s article reflects something of a similar nature; some of the best insurance industry practices as employed by insurance companies and their agents; be it for legacy planning, health insurance, or more.

Geico and Hippo Insurance – Best Digital Experience

Both Geico and Hippo take the cake for offering the best digital experience to their clients. The former is for car insurance while the latter caters to home insurance solutions. The best feature – for which both are acclaimed – is their seamless insurance quoting experience.

Let’s take hippo’s process, for example. The insurance agency promises a reliable quote within 60 seconds, but it actually takes even less than that (around 35 seconds). The application process is also pretty simple; all you have to do is type your address – Hippo will handle the rest.

Amica – Experience & CSR

Amica has been awarded the top spot in J.D. Power’s Home Insurance Study for several years now – 18 to be exact – scoring a perfect 5 in coverage options, policy clarity and billing accuracy, customer service, and claim experience for clients.

The premiums for Amica are relatively higher but the coverage and customer service clients receive are well worth the money. The insurance industry’s biggest pain point is not the price tag, but the claim experience. Amica does that impeccably.

Another great element Amica boasts are its CSR initiatives in the form of grants.

John Hancock – Hyper-Personalization

John Hancock is known for its innovative solutions; one of which includes hyper personalization. It is the first US life insurer that offered hyper-personalized policies for people with diabetes, letting them save money (up to 15% on their annual insurance premium) and get rewarded for healthy lifestyle options (up to $600 on healthy food purchases).

Not only that, but the insurance company also offers premium discounts (along with other rewards) to clients who use wearable devices. From achieving exercise targets to healthy food purchases, clients can make smart choices to earn gift cards.

In turn, the program gives John Hancock a much higher engagement ratio.

The Hartford – gender equality

The Hartford was selected as one of 380 companies across eleven sectors, out of which it was ranked among the top 26 financial services companies in the US in terms of gender equality. In 2021, the Bloomberg Gender-Equality Index (GEI) also selected The Hartford for the 6th year in a row.

Some key measurements when determining The Hartford’s Gender-Equality Index included

  1. Company gender statistics
  2. Any discriminating employee policies, including those of legacy planning
  3. Gender-conscious service or product offerings
  4. Gender-oriented community support and engagement

If you would like to learn more about how your insurance company can mould itself to one day be awarded with such prestige, get in touch. If you’re looking for innovative ways to assist your clients, we’d love to help!

Leaving Behind Something Your Family Will Remember You By – Forming a Legacy

How Your Family Will Remember You

When it comes to legacy planning, many think that distributing your financial assets is all there is to a good legacy. However, it is important to remember that money will only last so long, while property tends to lose its sentimental value over time.

One way of making sure your name lasts the test of time is to leave behind a rather large business that can sustain itself over the years; however, not everyone is so lucky. It is important to remember that a legacy isn’t simply about leaving behind what you earned, but also about what you learned.

A legacy is basically a short excerpt of your life, your highlight per se, that is a culmination of your life experiences, achievements, the love you had for your family, and other similar aspects. This is something that your family members and friends will use to remember you.

But what can you do? Other than distributing your financial assets, what options do you have to make sure your legacy survives through generations? Here are some ways you can make sure your family remembers you, even if you didn’t have a conglomerate for them to inherit.

A Family Time Capsule

According to many, the true legacy that you leave behind is the number of hearts you touch – not the number of wallets you fill. However, even those who love you can learn to live in your absence (which is a good thing, mind you). Your legacy must be able to remind your family and their descendents about you.

A time capsule is a great way to do that. This is basically a ‘vault’, digital or otherwise, that you can store keepsakes important for your family. This ‘legacy gift’ may also include heirlooms and other artifacts that you can divide after some time has passed.

This will not only be a surprise for your family, but also a good throwback to remember you. Some items that you can place in a time capsule include, but aren’t limited to:

  1. Notes and letters to family members
  2. Family images as reminders
  3. Artifacts and heirlooms
  4. Newspapers hosting you or important dates
  5. Questions and answers about family members
  6. Certificates
  7. Special items
  8. Dried flowers or a special plant that will serve as a memory
  9. Family recipes
  10. Tickets or travel itineraries, and more

Traditionally, time capsules demand that they be buried, but it’s just a romantic notion; not a practical one. Digital vaults, such as those offered by Legacy Armour can be a great way to store your legacy in and turn them into time capsules.

Genealogy & Family History

One surefire way to make sure your family remembers you is by keeping your family tree alive. During your lifetime, you will have to incorporate a ‘tradition’ in your family where you all gather – perhaps have a barbeque – and revisit the memories of your parents.

Introduce your family to the concept of honoring your family tree. The tree should include the following for each person:

  1. Name

2. Date of birth

3. Highlights of their life

When you and your family gather to honor that tree, make sure you discuss any fond memory of these individuals for your children to hear. They will do the same for you! Planting a tree for each individual isn’t a bad idea, either.

Favorite Charities

You must have given charity from time to time and by now, you are bound to have a better understanding of which charity is best-suited for your donations. These charities have meant a lot to you throughout your life, so tell your children that donations shouldn’t stop just because you’ll no longer be around.

This is a great way to help your family remember you. Whenever they’re contributing to said charity, they are bound to think about you.

And last, but not the least, you need to make sure your legacy is up to date and stored securely. The goal should be to store everything in a place where you know your family won’t have any trouble accessing it when the time comes.

Legacy Armour offers extensive plans for life’s unexpected events – not to mention how it can help keep your legacy planning ventures safe and secure over the years. To learn more about our vaults, get in touch today via call or email!

2021 Predictions for the Insurance Sector Based on What We Know So Far

What to expect from 2021 in the insurance sector

There was an internet-wide joke throughout 2020 suggesting that 2020 was the worst year so far and that with 2021, things will start getting better. From COVID-19 to the increased number of natural disasters, everything disrupted our home and work alike. Insurers are no exception.

At the start of 2020, the World Bank released an analysis suggesting that during the year, global premiums would be at an all-time high, surpassing the $5 trillion mark. However, COVID-19 had different plans and very long lasting impacts on the insurance sector.

Based on the impacts of 2020 and the few days of 2021 that have gone by, this is what we believe we can expect to see through 2021.

2020 Predictions for the Insurance Sector

Risk Will Be Redefined & New Products/Pricing May Be Introduced

Even the most reliable risk models went belly-up in 2020. While the wildfires, hurricanes, and other climate change disasters were still manageable (to some extent), the pandemic and protest marches meant uncertainty about insurance.

At the same time, we also saw a rather drastic increase in the number of ransomware attacks, causing businesses to further suffer in these trying times.

This meant that claims-as-usual was no longer a reliable model. In 2021, insurance companies (including legacy planning agents) are going to gear themselves toward financial resilience, and one great way of doing that is by creating extensive capital reserves.

Overall, we can expect to see a huge increase in the capacity of insurance offered, plans, products, and even pricing. 

Going Digital – Completing the 2020 Push

2020 pushed every business to go online, and as we watch another wave of COVID-19 (B117 mutation strain) spread like wildfire, insurers will move toward finalizing their digital ventures. Almost every insurer that hadn’t taken digital expansion seriously at first will have to, this time around.

These digital networks also need to be made secure due to the increased threats out there. 2021 will see a much more holistic implementation of these security systems and innovation.

The Focus on Inclusion, Diversity & Tolerance

As much as the insurance industry strived to remain neutral, there were several high-profile deaths in 2020 that lit the fire of diversity, inclusion, and tolerance with a passion even in this industry. They sparked not only nation-wide protests but instead, spanned across the whole world.

In 2021, the sector is expected to show progress in this regard. The insurance industry is known to be on the customers’ side whenever anything bad happens and this time, they are going to be on the side of inclusion to better reflect their customer base.

These practices are being implemented currently as well, but to a limited extent.

Broader Yet Targeted Solutions

With so much going on, insurers are bound to want to reinvent their products, services, and rates. This time around, insurers understand that their plans need to include a wellness element into the mix; especially when targeting millennials.

The 2020s (2020-2030) mean that people born in the 90s are now 30 and so, are bound to become the next target market for almost every sector; insurance included, and the industry must reflect that.

Despite the difficult year we all faced, the world continues spinning and all we, the insurance sector, can do is work hard and do our best in the face of adversity and challenges.

Privacy; Is It a Right or a Privilege – Privacy in the Insurance Sector

Privacy; right or privilege?

A survey published in 2019 showed that globally, 54% of individuals were concerned about their privacy. 68% of Latin Americans and 48% in North America reflected the same concern. More than 61% of Americans suggested that they wanted to do more to protect their privacy. Here is a graph to illustrate our point:

In this digital age, we buy everything online, entertain ourselves online, communicate and socialize via the internet, post our whole lives online; yet there are things that we would rather keep private.  Yet, the platform (internet) enables collectors to see who we are, who we visit, what we do, and even how we think!

This gives rise to a dire question:

What happened to privacy? Is privacy a right or a privilege?

The reason why, in the graph above, Europeans are least concerned about their privacy is the sheer number of strict privacy laws in the continent. Ensuring your own and your family’s security is easy there. From PII (personally identifiable information) to medical records, all of it is kept secure because in Europe, privacy is a right.

The California Consumer Privacy Act (CCPA)

In the US, the state of California passed a digital privacy protection law; the CCPA. It came into effect in January 2020 and imposes fines on businesses that collect information but can’t protect it. This act is headed into the direction customers want; i.e., making privacy a right, not just a privilege.

How does it become a right?

First and foremost, the CCPA asks businesses to keep a record of how the information is used and to whom it has been disclosed. Customers now have the option of requesting information about how, when, what and to whom the information gathered has been disclosed.

This means CCPA doesn’t allow companies to sell personal information about consumers. Furthermore, the law protects companies who deny sale of information to third parties against retaliation.

Privacy as a Right in Terms of Insurance

Just like attorney-client privilege is applicable in law; it is also applicable in the insurance sector to ensure clients safeguard their privacy and in turn protect their families. However, the insurer-insured privilege is slightly more complex compared to litigation scenarios.

This is a privilege that allows clients to be as thorough with their attorney or insurance agents as possible. The law prevents third-parties from extorting said information from attorneys or agents thenceforth.

The goal of this privilege is to ensure that agents and attorneys can give sound advice to their clients and serve them to the best of their abilities. This law-awarded sense of privacy is a privilege because it is an entitlement awarded by the State or Country.

Since in the insurance sector, sharing of information is necessary to determine the actual loss value and intentions of the client, the privilege may be waived for certain third parties. However, the shared information will always be limited to the proper function of the company and the determination of true value.

Information irrelevant to the case is covered by your privacy right, i.e., an irrevocable entitlement held by all since birth.

As far as privacy with regards to your legacy and financial portfolio is concerned (especially one that you intend to keep to protect your family), Legacy Armour can help you store all your information safely in one of our private vaults.

To learn more, get in touch with us today!

What Is Business Interruption Insurance?

What is business interruption insurance?

2020 has been an uncertain year, to say the least – not just for individuals but for businesses as well. There have been countless business interruptions with many leading to owners having to close their doors to the public. It’s not just COVID-19 that resulted in all this, but also numerous counts of civil unrest, natural disasters, and more.

That is where business insurance comes into play; but more importantly, business interruption insurance, aka business income insurance. Here, we’ll discuss how this insurance can be crucial toward ensuring business continuity for you and responding to potential losses accordingly.

Business Interruption Insurance – What Is It?

This is a type of insurance coverage that kicks in if your business loses income because of unforeseen circumstances; specifically any unexpected disasters. Examples may include flooding, damage from hurricanes, fires, or something like COVID-19.

It is important to note that this insurance coverage isn’t sold exclusively or separately but is usually included in a comprehensive package, as an add-on, or as a rider. Business interruption clauses look something like this:

The Insurer shall pay for actual business income loss the insured sustains due to necessary suspension of “operations” during the period of “restoration.” Suspension must be a result of direct physical loss, damage, or destruction to the insured party’s property and result from a covered cause.

This statement suggests that there are several key conditions that need to be fulfilled for business interruption insurance to kick in. Some key elements to keep in mind include:

Actual Business Income Loss

Business interruption coverage is only limited to the actual loss your business sustains because of an uncertain disaster and it results in an interruption of business. The insurer will pay what it owes based on the business’s past performance, or the policy limit.

Business Income

Business income generally includes:

  • Net income
  • Operating expenses, including salaries and overheads that you have to pay despite suspension of operations

Restoration Period

The above statement suggests that insurer will only be liable to pay for income lost during the period of restoration, i.e., the time a business needs to bring the damaged or destroyed property back into operation.

This period begins the moment a loss or damage occurs and extends to the time until which the property should be rebuilt or repaired at reasonable speed. It is important to note that if the policy expires before period of restoration, it doesn’t mean an end to the contract. The coverage will continue till the limit is reached or the restoration period is complete.

Contingent Business Interruption (CBI)

This is insurance extension that covers loss of business income due to damage to asset or property owned by a third party. The third party may include:

  • Suppliers
  • Recivers
  • Manufacturers
  • Lessees and more

Only “direct” relationships are considered in CBI unless specifically identified.

Civil or Military Authority Business Interruptions

If a business sustains any actual loss of business income because of civil or military prohibitions, the insurer shall cover said losses. This is a rather common clause and is found under most policies where the insurer guarantees reimbursement against business interruption.

Coverage extends up to 30 consecutive days unless otherwise specified.

If you’d like to learn more about business interruption insurance or are simply looking for ways to protect your business against uncertainties, get in touch with us via call or email. We’ll help you keep your business safe and ensure continuity, all while helping you maintain your legacy!

Legacy Planning Checklist for Advisors & Insurance Agents

Legacy planning checklist

We recently discussed how COVID -19 has shifted focus toward legacy planning ventures for many individuals. From business owners to families, people have started taking estate planning much more seriously. We made a checklist for individuals [h1] that included the number of actionable tips to enact as soon as possible, and we are going to do the same here for insurance agents.

So, without further delays, here is a checklist that you should keep with you when helping any client with their legacy and financial planning ventures.

A Checklist for Insurance Advisors for Legacy Planning

Step 1.              Explain the Difference Between Estate & Legacy Planning

Address the needs of your clients by discussing both options with them before you embark on the long journey ahead. This is where you start building trust.

Step 2.              Consider Client’s Vision for Their Family’s Future

Discuss the following to get a better understanding of what exactly they are looking to accomplish.

  1. What do they want to pass down to their children/grandchildren
  2. Any short, medium and long term goals
  3. Whether the current financial position of the client is sufficient to meet said goals
  4. Consider any unique circumstances such as disabilities, multiple marriages, liabilities and more
  5. Whether the heirs are of sound mind and of age

Step 3.              Gather Client’s Documents

Once the vision is clear, it is time to start implementing it. Start collecting documents necessary for smooth transition after the client’s death. This can include numerous documents, some of which include:

  1. Wills,
  2. Trusts,
  3. List of beneficiaries,
  4. Certificates (including birth certificate),
  5. Retirement plan information,
  6. Deeds,
  7. Tax information, and more.

Step 4.              Discuss Who Gets the Power of Attorney

Ask your client who they trust with your legacy as a whole and would be responsible for making decisions about your legacy. This will include:

  1. Assigning financial power of attorney
  2. Creating a living will
  3. Long-term care insurance and beneficiaries
  4. Healthcare power of attorney and more

Step 5.              Create a Succession Plan for the Client

Next, discuss who will take over the client’s business and ask for any specific instructions to be followed. Two main considerations here include:

  1. Who will take your place in the business
  2. Who will take your place in the business
  3. Who will take your place in the business

Step 6.              Take Inventory

In this step, you will have to create a list of all the assets your client has – not just physical, but digital as well. Create a schedule to update the collected documents, inventory and legacy plan as a whole.

Step 7.              Store Documents & the “Legacy Plan” Safely

Once you have all the necessary documents collected, it is time to store them safely for the client and their family to find. There are digital vaults that you can store such information in and give access only to the clients themselves, and their family after the client has passed.

Legacy Armour can help you here with our secure vaults designed specifically to protect legacies until the time comes. If you would like to learn more about how we can help you create bullet-proof legacies, get in touch with us at 844-875-3422 or email us at info@legacyarmour.com.

Getting Your Affairs in Order – Legacy Planning Checklist

Financial Planning for the future

The Coronavirus pandemic was a shock for many and an eye-opener to say the least. Many are returning to their wills and getting their affairs in order, ranging from business succession to portfolio management, financial planning, and more. Legacy and estate planning has become a concern throughout the world.

Many are having trouble understanding what they need to do and the factors that need to be considered. Here, we will discuss a basic checklist that you need to keep in mind to protect your family and business after you pass away.

Legacy Planning Checklist – 9 Steps to a Secure Legacy

Step 1. Gather Documents

It all starts with gathering the right documents at the right place. This may include property deeds, share certificates (in your portfolio), titles, certificates (including marriage and birth certificates), and more. Try to include contact information of your personal doctor, attorney and brokers as well. Make sure you place these documents in a place where your family can find them easily.

Step 2. Make a Will

A will is perhaps one of the most important documents that you can include in your legacy plan. Click here to learn more about the importance of a will.

Step 3. Give Someone the Power of Attorney

By giving someone the power of attorney, you are basically allowing them to make important decisions on your behalf, should something happen to you. This also includes if you’re alive but are no longer of sound mind, i.e., aren’t able to make sound decisions.

Step 4. Living Trust

A living trust is a great way to make sure your estate planning ventures remain smooth. Trusts don’t need to go to court to be distributed, but wills may, should anyone contest them. Furthermore, via a living trust, your family doesn’t have to pay estate taxes either, not to mention your affairs remain private.

Step 5. Revisit Your Beneficiary List

From life insurance to retirement accounts, pension or even property, revisit these affairs to see who you’ve listed as a beneficiary and make sure the list is up to date. Remember, just because you mentioned their name in your will doesn’t mean companies will follow the same unless specifically mentioned.

Step 6. Make a List of Your Digital Assets & Secure Them

Your online bank, any cryptocurrency you’ve bought, investments, shopping accounts and more should be revisited. Make a list of all your accounts and upload/store it in a secure place for your family to find.

Step 7. Make Final Arrangements

This aspect can include what happens to your body, e.g., organ donation and funeral plans, all the way to any pay-on-death bank accounts. We recommend you not include this in your will.

Step 8. Have a Little Chat With Your Loved Ones

This might not be the easiest conversation to have, but it is essential none the less. Make sure you tell them where you’ve stored everything and clear any confusion they may have.

Step 9. Storing Everything Safely

There’s an option of keeping your documents safe under your mattress or in a cupboard, but we recommend storing it online. Legacy Armour vaults are a great way to ensure your legacy remains secure while you live and is passed on to the right person(s) when you pass away.

To learn more about our vaults, get in touch with us at 844-875-3422 or email us at info@legacyarmour.com to learn more about the legacy planning checklist!

Life Insurance Vs Health Insurance – What to Invest In?

Difference between life and health insurance

In 2020, 54% of Americans owned life insurance while 91.5% of Americans owned a health insurance plan. Despite the large gap in ownership percentages, unfortunately both terms; health and life insurance, are often used interchangeably. This is a grave error that people make; one that can have direct impacts on their financial planning and ultimately, their health.

It is important to know the difference between the two, especially in the economic climate left behind by the coronavirus pandemic. In this article, you will learn more about the differences between the two and which one is more important.

Life Insurance vs. Health Insurance – The General Difference

Insurance as a whole is a very important sector, helping people mitigate damages and effectively reduce the inconvenience of unexpected events. However, every type of insurance – no matter how similar they might seem – is different from the other.

Life insurance is a type of insurance that pays a death benefit to your appointed beneficiary(s) in case of your death. The purpose is to leave behind some sort of financial support to replace the loss of your future income and to help them in their time of need.

You can think of life insurance as a sort of premature legacy plan where you leave money for your spouse and/or children so that they don’t struggle.

Health insurance, also known as medical insurance, is a type of insurance that helps pay your medical expenses. In the US, health insurance used to be mandatory until 31st December, 2018. Since 1st January, 2019, the only type of insurance that is still compulsory is automotive insurance.

The goal of this insurance is to pay for doctor’s visits, medications, tests, procedures, and more, as and when the need arises. Unfortunately, the cost of Medicare in the US without insurance is extremely high – to a point where people can go bankrupt over something as simple as a panic attack!

Here is a table to highlight even more differences.

TypeLife InsuranceHealth Insurance
PurposeHelping beneficiaries after you pass awayCovering the cost of medical treatment for yourself and other beneficiaries
TypesTerm, whole and investment-linked policyDifferent tiers of coverage
Payout TermsLump sum upon death of policy holderOnce policy terms are fulfilled[KH1] 
Tax Benefit/ReliefYesYes

What Type of Insurance Do I Need?

If you think about it, both insurance policies are important in their own way. Where one helps you take care of your family in case of an uncertain event, while the other continues to help you and your family through sickness.

However, if you really must pick one of the two – and we don’t recommend opting out of either of the two – you should go for health insurance. As mentioned above, Medicare costs without insurance are enough to break your bank in just one day. Your savings can help your family after your death if it comes down to it.

Having said that, we recommend that you don’t opt out of either one, but only limit coverage to the service you really need. The more limits you implement, the most affordable insurance costs become.

If you’d like help determining which insurance policy fits you best or how you can reduce costs of health and life insurance, we recommend you get in touch with us at LegacyArmour. We have a team of experts that can help determine the best action for you in regards to any type of insurance policy, as well as making a will, storing sensitive information, and more!

Objections in Insurance Sales – How Can You Overcome Them?

Selling insurance and legacy planning tools on call

When it comes to handling customers as an insurance agent, there are four major objections that you’ll have to handle throughout your career:

  1. Price and risk involved,
  2. Quality of service you’re providing,
  3. The trust and relationships you build over the course of your career, and
  4. Decision stalls, where you have to keep asking customers for their decisions.

Whether it’s a matter of legacy planning, life insurance, wills or even just a simple matter of estate planning, you’ll always have to overcome hurdles. Unfortunately, there is no such thing as the “perfect sale.”

One of the most common reasons sales aren’t successful are customer objections in insurance sales, and one of the best ways to resolve these objections is to understand them. You, as an insurance agent, need to understand how you can make your audiences engage with you positively and why people might not want to work with you.

Here are our observations about these objections, which helped us build much better relationships with our customers:

People Generally Don’t Like Change

To satisfy customers, you need to head to their turf. Clients – especially those you call – are satisfied with what they have. Yes, you know better about what additional or different insurance policies or products they’d need, but you must take into consideration what Newton said,

“Things that are in motion tend to stay in motion, and those at rest tend to remain at rest unless an external force is applied to them.”

You need to have all the relevant information at the ready to help your clients understand why change is necessary and the costs involved (for them).

The Price – It’s Almost Always the Price

Regardless of whether you’re charging more or less for the same insurance policy, it will always present itself as a hurdle. Yes, lower prices may be less of a hurdle, but it raises a question; why are they charging me less for the same? Is there something wrong with their service?

You need to explain the price difference to your customers in detail and how it affects their insurance or legacy planning.

If high annual payments are a concern, remember to show customers how smaller monthly payments would be better-suited.

“Let Me Ask the Partner”

If there are gatekeepers, there will always be a delay. If people need to check with someone else, chances are that you will have to convince another member of the same household. This presents a stall, where you might end up having to explain your position again.

Keep a cool head and continue to do your best. If you noticed any objections the first person had, hint at them subtly until the other person asks about the same in detail. STICK TO YOUR PITCH. Make amends, not drastic changes.

Customers Looking to Negotiate

As an insurance agent, you know well enough that negotiation isn’t usually on the table unless you’re in an executive position. But as a person buying insurance, it is natural to always look for more insurance against less money.

Be sure to listen to what the clients want and if you can create a custom plan for them that reduces costs and gives them what they want, go for it. Usually, customers aren’t clear about what they want. They don’t know much about their options, so they’ll simply highlight the most important aspects for them in an insurance policy or financial planning.

See if they mention anything manageable, such as a slight amendment in a given plan.

Handling clients in the heat of the moment is trickier than it seems. You might see more and more options in hindsight, but being present in the moment is much harder. At Legacy Armour, we’re here to help you increase your clientele with tailored advice as and when you need it, along with a safe haven for your client’s documents and legacy planning ventures. If you’d like to learn more, contact us today via call or mail