Sample Life Insurance Needs Analysis that helps protect more clients
Young high earner married client with new 3 month old son. He thought it’s time to buy insurance and asked his property and casualty agent for a quote. Client spoke to his Farmers Agent and already signed an application, but didn’t know if amount was enough and happened to ask his financial planner for advice.
Advisor called Westland for assistance for a Needs Analysis Tool.
First of all, you shouldn’t be surprised by a request like this and then put yourself in a competitive situation. Your clients need to know that you also offer protection strategies, that include; life insurance, long term care and disability insurance.
Second of all, you need to be proactive and predict client needs. This advisor admitted that his client was expanding their family and failed to prepare a plan to address the logical need.
We provided a traditional worksheet below, but also offered to do more to create a real Insurance Needs Analysis.
To create the Need Analysis, we had a good conversation with the Advisor to better understand the case and client needs. We the drafted a much more useful and presentable plan on the Advisor’s letterhead. When he presented the case design, it was much easier for him to gain acceptance by the client and proceed with implementation.
Don’t let this happen in your practice and learn to predict client needs. For example: You might have a business client… Ask them if they have a succession plan? Ask Grandparents if they would like to create a real legacy?
Ask all your clients questions like, what would happen if you were not in the picture any longer tomorrow? If you could no longer work? If you needed to start writing checks for long term care expenses? Don’t gloss over these items, but truly listen to their answers and dig a little deeper into the emotional needs. Then give Westland a call and let us help you develop the best and practical approach to solving the need.
Hopefully these ideas will get your juices going and thinking of clients where you can add real additional value to their family with protection and legacy strategies.
Call for your personalized case designs today. We are here at your service.