Here are some potential sales ideas to promote “key man” life insurance:
- Highlight the financial impact of losing a key employee: Explain to business owners that losing a key employee or executive can have a significant impact on the financial health of their business. Key man life insurance can provide the necessary funds to cover expenses such as hiring and training a replacement, paying off debts or liabilities, and covering lost revenue.
- Emphasize the affordability of term life insurance: Many businesses may be hesitant to purchase key man life insurance because they assume it will be too expensive. However, term life insurance policies can be affordable and provide the necessary coverage to protect the business.
- Use statistics to illustrate the risk: Use statistics to show how common it is for businesses to experience the loss of a key employee or executive. For example, according to the National Association of Insurance Commissioners, 70% of small businesses would be impacted if a key person were to die unexpectedly.
- Show how key man insurance can help with business continuity: Explain how key man insurance can help a business continue to operate smoothly in the event of the loss of a key employee. By having the necessary funds to cover expenses and maintain operations, a business can avoid a potentially catastrophic disruption.
- Customize policies to meet the needs of the business: Work with business owners to customize a key man insurance policy that meets the unique needs of their business. This may include adjusting the coverage amount, choosing the appropriate policy type, and tailoring the policy to fit the specific risks and challenges of the business.
By using these sales ideas, you can help businesses understand the importance of key man life insurance and provide them with the coverage they need to protect their financial health.