The opportunities to sell life insurance policies abound just about everywhere, but there is one niche that experts deem as very fertile ground and that is middle-market families.
What are the characteristics of middle-market families, and how can you identify them and help them get the life insurance coverage they need? Let’s take a look at this segment of the market and what may work for them.
A Lot Going On in Their Lives
Middle-market families are building their lives out, and their lives have gotten complex over the last few years. They are working hard. They have kids, debt, and are juggling a lot of things. In many cases they know they need life insurance coverage but won’t slow down long enough to get something done. Pandora Insurance agents can help them sort through the noise and get coverage.
Here are some other facts about middle-market families:
- Ages 28–45
- Married or partnered
- 1–3 children
- Household income: $60k–$180k
- Homeowners or first-time buyers
- Dual-income households
- Mortgage
- Auto loans
- Student loans
- Credit cards
- *Limited retirement savings
- Usually underinsured
As you can see, there is a lot going on with this group. There is a spouse or partner that needs to be cared for, children to be raised, and debt that needs to be retired in the event of a death.
Their Concerns
Research shows this group knows they need coverage. But they may lack a full understanding of how products can help them. They worry about how will they will educate their kids, and they know the life policy offered through their employer is far too small.
They may think term insurance is “throwing away” money because it only pays upon death of the insured. They may want their money to do more than just purchase insurance upon death.
Look at Permanent Coverage
Here is why this demographic will want to take a look at some permanent life insurance options that Pandora Insurance agents can offer.
- Lifetime coverage, easy to “set and forget”.
- Locked-in insurability, can’t lose coverage.
- Death benefit security, the main reason they need insurance.
- Chronic and critical illness riders can be added.
- Income protection features, can work with overall financial planning.
- Supplemental retirement income, can work with retirement planning.
- Emergency liquidity, to assist with the unforeseen problems.
- Tax-advantaged growth, to help as income taxes grow.
- No-Exam simplicity, many people don’t want to bother with a medical exam.
- Accelerated underwriting and instant decision products, to get the process moving.
Who to Be Looking For
Your efforts to reach this group and assist these people with life insurance should focus on the demographics we have covered so far. People are often aware that they need to increase insurance after things like the birth of a child, obtaining a new mortgage, getting a new job, or a move.
When a family relies on two incomes, you have a prime opportunity to help them realize they need to make a plan for some type of income replacement. In the event a spouse is lost, funds can be used to help raise kids, retire debt, and fund education needs.
You can employ advertising through social media outlets to reach these potential clients, but also do not overlook networking. You want to be in contact with accountants, financial planners, mortgage brokers, bankers, and real estate agents.
It is likely these people are working with young families that need life insurance coverage, and the family recently made a life change.
Conclusion
Middle-market parents with young families are a massive opportunity for agents. These folks are often looking for life insurance solutions as they realize their lives are becoming increasingly complex.
Your networking and marketing should always be trying to reach families with middle incomes, and you need to be ready to help them with products that make their life better.
How Pandora Insurance Helps You
Pandora Insurance partners with National Life Insurance and major insurers in the Medicare market and the ACA market. We have the training, commissions, and marketing support to help you.
Enjoy these benefits when contracted with us!
- Freepre-license courses for our contracted agents
- Industry leading carrier contracting
- Federal Marketplace Certification for Affordable Care Act (ACA)
- Knowledge-based and practical training
- Partnerships with proven sales professionals
- Carriers include: ACA (Obamacare), Medicare, life, and supplemental
- Commission and bonus reporting
- Bilingual support.
Start today on your path to growing your business! Contact us at 305-603-7603.