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10 Questions Life Insurance Agents Can Ask Clients (Level 1)

November 03, 202313 min read

This article is a written representation of the video available on our LIFE180 YouTube channel.

We will be discussing the 10 questions that you, as a life insurance agent, can pose to your prospects. These questions aim to facilitate a deeper understanding and encourage people to contemplate life insurance from a different perspective. If you are reading this and you are not a life insurance agent but are considering purchasing life insurance for yourself, I strongly recommend pondering and reflecting on these 10 questions. They can help you recognize the significance of your human life value and the role life insurance plays in your personal finances. So, without further ado, let's begin.

#1. If Life Insurance Didn't Cost Anything, How Much Would You Need?

Question number one addresses the essential consideration of determining the amount necessary to secure your family's future and replace your role. Life insurance, in my view, is not merely a matter of necessity; it's fundamentally a matter of desire. However, it's not just about need or want; it's about recognizing its value. Many individuals struggle to come to terms with the reality of mortality and what it would mean for their family if they were no longer here. How much money, in a lump sum, would be required to ensure the well-being of your spouse and children?

The perspective we should adopt is one that focuses on the problem life insurance solves rather than its cost. By considering the potential challenges it addresses, we can later evaluate the affordability aspect. We must refrain from beginning with cost considerations. Instead, we should initiate this thought process by asking, "If it didn't cost anything, how much would I actually need?" The key is to approach this matter analytically, free from emotional constraints, and proceed accordingly.

#2. What Is Your Understanding of Life Insurance And How It Works?

The second question I find valuable to ask prospects is about their comprehension of life insurance and its mechanics.

The challenge lies in the fact that many people do not fully grasp the extent of the leverage, power, and versatility of life insurance in their lives. Our primary focus revolves around term life insurance, whole life insurance, and annuities, with a view to how life insurance companies can address diverse financial challenges. It is crucial to recognize that not all insurance products are created equal. Unfortunately, many individuals tend to perceive life insurance as merely death insurance, which is far from the truth.

Life insurance should never be reduced to the role of death insurance because it offers solutions to a wide range of problems. When we pose this question to prospects and encourage them to consider their understanding of life insurance, it serves as a gateway for open dialogue. Furthermore, it allows us to adopt the principle of seeking first to understand and then to be understood.

One of the common pitfalls life insurance agents face is failing to ask these essential questions. This oversight results in a lack of insight into the perspective of our prospects and the people we aim to assist. Instead, we tend to overwhelm them with concepts, sales pitches, and product recommendations without a clear understanding of their beliefs, thoughts, or understanding.

By inquiring about their level of understanding regarding life insurance and its potential role in their lives, we can make a significant impact. If a prospect solely views life insurance as death insurance and neglects the living benefits or the emergency fund aspect, we can gently guide the conversation. We can explain that while the death insurance component is vital, life insurance can also fulfill other crucial roles. This approach opens the door to explore various facets of life insurance that prospects may not be aware of.

It's important to begin these conversations with confidence, unashamed of being a life insurance agent, as this approach can pave the way for more meaningful discussions.

#3. How Much Do You Think Life Insurance Costs?

The third crucial question is about understanding their perception of life insurance costs. It's essential to gauge their initial beliefs about the cost of life insurance because this perspective significantly impacts the conversation about its value. Without clarity on their cost-related concerns, discussing the various benefits becomes challenging. People may become fixated on the cost, thinking they can't afford it or that it's beyond their budget.

Initiating the discussion with this vital question allows you to address cost-related issues upfront. Prospects may discover that life insurance's cost aligns with their expectations, but the more critical point is to emphasize its value. On the other hand, they might believe that it's costlier than it actually is, leading to unnecessary concerns. In this case, you can provide reassurance by clarifying the actual costs and demonstrating that life insurance can indeed fit into their financial plan.

Even if cash flow is a concern, this question opens the door to further conversations. You can explore ways to help prospects reallocate money they may be unknowingly wasting and redirect those funds toward achieving their financial goals. This approach not only alleviates worries about affordability but also offers practical solutions to enhance their financial situation.

Once again, these life insurance questions serve as a starting point for a broader discussion, enabling you to explore various aspects of life insurance with your prospects.

#4. If You Knew You Were Going To Die Tomorrow, How Much Life Insurance Would You Buy?

The fourth question is a classic life insurance inquiry: "If you knew you were going to die tomorrow, how much life insurance would you want to buy?" This question is thought-provoking and aimed at addressing the emotional aspect of life insurance.

While it's tempting to say that we'd purchase as much insurance as possible if we knew our time was limited, the reality is that none of us can predict when our time will come. This question encourages a shift in perspective. Instead of dwelling solely on the emotional impulse to buy as much as possible in a hypothetical situation, it prompts us to consider what our family's situation would be like if we were to pass away suddenly.

The objective is to guide prospects toward a value-based understanding of life insurance beyond mere cost considerations. Emphasizing the role it plays and the problems it can solve for them and their families, especially in difficult times, is essential. The focus should be on the peace of mind, financial security, and stability that life insurance can provide rather than just the financial aspect.

Ultimately, this question helps prospects recognize the broader significance of life insurance and the pivotal role it can play in their lives and the lives of their loved ones.

#5. What Were Your Concerns When You Decided To Take This Meeting With Me?

The fifth question, while not in any specific order, is an essential one: "What were your thoughts and concerns when you first reached out to inquire about life insurance or when you agreed to meet with me?" Whether you're a prospect seeking life insurance or watching this video to explore life insurance for yourself, your thoughts and concerns matter.

Understanding the reasons behind your interest in life insurance, the motivations that led you to inquire, and the anxieties that occupy your thoughts is crucial. What drives you to consider life insurance at this point in time? What's keeping you up at night when you contemplate this decision?.

Recognizing these underlying emotions and concerns is vital for life insurance agents in their interactions with prospects. It's important to acknowledge that people make decisions based on emotions and then seek to justify those decisions with logical reasoning. Rather than delving into cost, analysis, and illustrations right away, it's essential to first address the emotional aspect. By starting the conversation with questions about the prospect's motivations and worries, you create a space for deeper engagement.

Once you understand their underlying concerns, you can better serve them and explore the various problems life insurance can solve. This approach opens the door to a broader perspective, allowing prospects to see the diverse solutions that life insurance can offer in addressing their specific needs and circumstances.

#6. What Other Life Insurance Do You Currently Have?

The sixth question that holds significance for a life insurance agent is understanding the prospect's existing life insurance coverage. Inquire about any life insurance policies they currently possess, as this insight is vital in addressing their specific needs.

A common scenario is that many people have life insurance, with a substantial portion of it being group insurance provided through their employer. However, it's important to highlight the limitations of group insurance. Group insurance may not offer the most cost-effective coverage, especially for individuals who are healthy, as it is designed for a group of people, not tailored to individual circumstances.

Moreover, group insurance is usually tied to employment. If someone loses their job, they often lose this insurance as well. Additionally, the coverage offered through group insurance is often insufficient. For example, someone earning $100,000 per year might only receive a quarter-million or perhaps $300,000 in coverage through their employer, which may not align with their life insurance needs.

Furthermore, group insurance policies typically lack living benefits and a savings component. This means they won't address the need for an emergency fund or provide the added benefits that can be crucial. Therefore, understanding the limitations of their existing insurance can help clarify what problems remain unsolved and create a foundation for offering comprehensive solutions.

#7. Have You Considered Your Financial Needs If Your Spouse Passes Away?

The seventh question delves into a sensitive yet crucial topic. It asks individuals to imagine the scenario in which their spouse passes away unexpectedly, prompting them to consider their financial needs during such a difficult time.

This question encourages individuals to assess the financial implications of such an event. It's often a challenging exercise because it necessitates contemplating the roles and contributions of the non-breadwinning spouse. In many households, both partners play vital roles, whether in supporting the family, raising children, or sharing responsibilities.

It's important to emphasize that the value brought by the non-breadwinning spouse is not solely financial but extends to maintaining family stability, offering emotional support, and sharing responsibilities such as childcare and household management. Therefore, the financial needs that may arise after the loss of a spouse encompass a wide range of aspects.

This question prompts both spouses to think about the potential financial challenges they would face if the other were no longer there to fulfill their respective roles. It helps them realize the significant contributions each makes to the family and encourages a more comprehensive evaluation of the role life insurance can play in providing financial support during such trying times.

By focusing on the broader aspects of life and family rather than solely on income, this question fosters a deeper understanding of the multifaceted value each spouse brings to the household. It reframes the conversation about life insurance from being solely about money to encompass the entire life experience and family well-being.

#8. Have You Considered Your Financial Needs If Your Spouse Passes Away?

This leads to question number eight, which is, if your spouse were to pass away, have you considered what other financial needs you might have? I touched on this a bit earlier, but once again, we're delving deeper into this topic. It's important to consider the potential consequences of your spouse's passing, not just emotionally but also from a practical standpoint.

As you continue this conversation, these questions naturally build upon each other, creating a meaningful sequence that allows for a more profound connection. The journey towards securing life insurance often involves shifting from logical to emotional thinking, and these questions play a vital role in this transition. Purchasing life insurance is a deeply emotional decision, as it involves safeguarding your family's future, and these inquiries help prospects explore this aspect more thoroughly. By considering the financial and emotional implications of losing a spouse, individuals can better understand the value and necessity of life insurance in their lives.

#9.  What Would Happen To Your Family If Your Income Stopped Tomorrow?

The ninth question I'd recommend asking is more focused on their family's financial stability. It delves into the scenario where the primary income earner's financial contribution to the family ceases unexpectedly. This question isn't centered on mortality, as we explored that aspect earlier in the conversation. Instead, it's a way to broach the topic of income loss in a more subtle manner.

When you inquire about what would happen if their income were to suddenly stop, it prompts them to consider the various implications such a situation might have, whether due to job loss or any other reason. It's a clever segue to lead into a discussion about the value they bring to their family and what would be needed to replace that value, which is precisely where life insurance plays a crucial role.

#10.  If You Were Killed By A Drunk Driver, How Much Would Your Family Sue For?

This question serves as a powerful tool to help you contemplate your human life value. Imagine you're driving to work tomorrow, and tragically, you're killed by a drunk driver. The question here is: How much compensation do you think your family would seek in a lawsuit? This amount they'd sue for directly reflects what they believe your value is. In essence, it's an indicator of how much you perceive your worth.

The significance lies in the alignment between your financial decisions and your core values and beliefs. As a life insurance agent, you can't simply tell someone, "Your human life value is $8 million, so you need $8 million of life insurance." Such an approach might raise doubts and questions about how that number was determined. But if you were asked, "How much do you think your family would seek in a lawsuit if you were killed by a drunk driver?" - that question prompts deep introspection. You'd begin contemplating why your family would seek a specific amount and what you contribute to your loved ones.

Let's say, for instance, you arrive at a figure like $8 million. Now, the insurance agent can follow up with, "So, how much insurance do you currently have?" If your response is something like, "I have a million dollars because I think that's sufficient," or "I have $2 million because that seems good," it becomes clear there's a gap. You've recognized a cognitive and emotional separation, and you've become emotionally aware that what you have might not align with what you're truly worth. What's vital here is that this realization isn't imposed by an insurance agent; it's an outcome of the question you asked yourself, prompting valuable self-reflection. This understanding is essential to the decision-making process.

So, those are the 10 questions. However, in our upcoming articles, we will delve even deeper into more questions that relate to various aspects of life insurance. While these questions primarily focus on specific life insurance topics, it's essential to remember that life insurance offers far more than just death coverage; it encompasses various living benefits as well.

One such element is the Accelerated Benefit Rider (ABR), which deals with leveraging the cash value of your policy. It helps us operate with maximum financial efficiency, ensuring our dollars serve multiple functions along the way.

Stay tuned for my forthcoming content, where I will explore how to take these initial questions to the next level. We'll pivot into more in-depth financial education discussions. Wishing you a blessed and inspirational day. Talk to you soon.

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