Cue the scene of all the Barbies having the best day ever in Barbie Land when [record scratch] Barbie brings up “do you guys ever think about death?”. This shocks all the other Barbies. It may be uncomfortable, but this conversation needs to happen, and it is your obligation to make sure you understand your client’s legacy aspirations.
Over 60 years after Barbie was born by creator Ruth Handler, Barbie’s legacy is cemented not just in her dolls and movies, but now a permanent structure in the soon to be open theme park in Glendale, AZ. Everyone leaves a legacy, the ethics and values you want remembered after your passing. This is your opportunity to help cement your client’s legacy and make a lasting impact on a cause your client is passionate about.
Clients often do not know the potential of their unneeded life insurance policy to fulfill their philanthropic ideals. It is vital for us in the financial service profession to inform policy holders of their options. These options include a life settlement, or a new, no-cost option to donate unneeded life insurance policies to charities of the donors choosing through Insuring A Better World Fund. Every policy owner is unique and will make decisions based on their own situation. We have to equip them with the knowledge to make the best decision.
Starting the conversation with your client about their life insurance policy options can be difficult. Death is not an easy topic. That is why you shouldn’t lead with death. Studies like that of Dr. Russell James of Texas Tech University prove you can discuss life insurance by leading with the permanence of your client’s legacy, their ethics and values and examples of people in similar circumstances who have taken advantage of the various life insurance strategies.
The way we approach conversations about life insurance is very important. It’s not just about conveying information; it’s about evoking emotions, sparking inspiration, and fostering a deep sense of care for clients and potential donors. Utilizing positive and action-oriented language with clients can empower them to make a difference.
Over 80% of adults 66+ years old don’t know there is an alternative to lapsing their unneeded life insurance. Each year, more than 250,000 seniors lapse over $100 billion of life insurance when the owners stop paying premiums. Together, we can repurpose this waste to ensure a better world for us all.
It’s their life insurance. It’s their legacy. They need your help.