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Sometimes, “new” is just better. Period.

How about it – which do you prefer? A 1970 Mustang Mach 1 Convertible with a 7.0L 428 cubic inch V8, or a 2014 Mustang Shelby GT 500 with a 5.8L supercharged V8 boasting 662 horsepower? Paperback books, or an e-book reader? Vinyl or CDs?

The list goes on and on, and as with many things in life, there exists a healthy debate between convention and nostalgia. There are merits to both the old, and the new. However, sometimes when things change, they change undeniably for the better. Take life insurance, for example.

In his article, Which kind of life insurance are you selling?, Brent Welch recounts a time when he was asked whether he has “…the old kind of life insurance, or the new kind?”

Try asking this question to one of your clients. Of course, the desired response is “What’s the difference?” And then you’re in.

The “old” kind of life insurance was straightforward – when you passed away, your heirs receive your death benefit. And while this arrangement worked well in the past, clients wanted more. Gradually, life insurance companies began to sit up and take notice, and eventually the “new” kind of life insurance was born – the kind where not only does the client (figuratively) see the funds after they die, but where they can also possibly have access to them while they are alive!

This is where the “new” kind of life insurance really shines. Not only does the client maintain their death benefit coverage, but now there are a wide variety of built-in and optional riders to choose from. The most popular of these are living benefit riders (variations of chronic, terminal, and critical illness accelerated death benefit riders); clients who take advantage of these types of riders can access some or all of their policy funds in the event of an illness or disability. There are also other riders out there that provide other additional benefits, such as cash value enhancements,  accidental death benefits, charitable benefits, and the list goes on.

Suffice it to say, there are many of your clients out there who own “old” life insurance policies, and many of them may be perfectly happy with their contracts. However, this is the perfect opportunity to present some of the “new” policy options to them via a policy review – not only will you ensure that your clients’ current policies are functioning as planned, but you just might also uncover some clients that look at the “new” life insurance as an attractive alternative – leading to more sales for you.

Check out our CPR Producer Talking Points, or give your Zenith Sales Team a call today for ideas on how to get started.

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