What You Need to Know about Life Insurance Awareness Month

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What is Life Insurance Awareness Month?

Even though people have started realizing the importance of insurance, a huge gap exists between the total number of required coverage and the total number of existing coverage. 

Celebrated in September, Life Insurance Awareness Month is a campaign created in 2004 that has been running for the last 18 years. The campaign is created to help educate people on the importance of life insurance, how to choose the right coverage options, and secure your financial future. 

What to Do During Life Insurance Awareness Month

The awareness campaign aims to educate Americans about the value of life insurance policy and how it helps them gain peace of mind. Plus, they can learn how insurance enhances financial security for their loved ones.

While Life Insurance Awareness Month has been around for more than 18 years, life insurance policies are much older. The concept of life insurance dates back to the 18th century B.C. 

The industry has transformed a lot since then. Even a couple hundred years later, the life insurance industry continues to evolve to meet the ever-rising expectations of modern families. 

Life insurance has become even more important after the COVID-19 pandemic. One thing that we’ve learned through the pandemic is that life is fragile and we must prepare for the unexpected. 

Grow Your Industry Knowledge

When it comes to life insurance, customers are always looking out for the best coverage with low premium payments. Let’s dedicate this month to exploring more about life insurance plans so that we can pick the right one when required. 

As an insurance agent, it’s best to continuously learn how the industry is changing and explore more about the updated trends. Spend September learning about new aspects of the industry to provide better customer support, improved customer satisfaction, and boost retention. 

If you are a customer looking to buy new insurance that provides maximum coverage for you and your family, now is the right time. Start learning more about the potential policies so that you can pick a plan keeping in mind your family’s financial security and life insurance needs.   

Connect with Other Agents

Building connections with the agents and industry experts on social media is a great way to upskill. You might have the best knowledge of your insurance business, the insurance policies you sell, the premiums, and the coverage. Connecting with insurance professionals from a different life insurance company will expand your knowledge in financial protection or financial services. 

Other agents may have tips, tricks, and industry knowledge that can help you better provide an exceptional client experience. You can learn the skills to deliver the best experience that your customers expect. Learn the ways to provide unbiased advice to the customers.

As an insurance agent, your knowledge must not restrict to the insurance, but you must have a good understanding of demographics, geography, etc. Talk to other agents and ask questions based on insurance plans in their regions to stay updated. 

Provide Special Offers

Celebrate the month by making it special for customers. Consider offering deals and discounts during the month to the customers who are new to life insurance. Most new customers will be in their 30s, so make sure to personalize your deals accordingly. 

Once you connect with other agents, you will get to know about the deals, offers, and benefits they are offering to their customers. Keep in mind that when you are offering deals to your customers, it’s a “no one plan fits all” approach and you need to customize your offerings. 

Some of these discounts can be rewards points to customers with good credit history, cumulative discounts on premiums to existing clients, exclusive deals for policyholders who have multiple policies, no-claim bonuses, and more. 

Check-In with Customers

Check in with current customers to know if there is any change in their living and health status. If any of the conditions change, the life insurance policy needs to be modified to meet the current health status. 

Take some time to contact your existing customers and ensure that there is no change in beneficiaries to ensure that the right people will get the annuity if anything unexpected in life happens. It’s important to keep things aligned so that the family can claim the death benefit after the expiry of the primary wage earner. 

As a customer, if you have term life insurance that is about to expire soon, make all required arrangements to avoid any gaps. If there are any major life changes such as marriage, childbirth, job change, new house purchase, or anything similar, you need to update your policy. 

Join iLife in Celebrating Life Insurance Awareness Month

Life Insurance Awareness Month is the time you can dedicate to thinking about insurance or cross-selling life insurance. When it comes to life insurance, there are not just one but multiple factors that affect the plans, premiums, and relevant factors. Ensure you’re equipped to position yourself as a resource to your clients.

Use iLife’s CRM software to track all your customer’s analytics and offer them the best services. Skyrocket your insurance sales by getting in-depth insights into customer purchase behavior right on your personalized dashboards. 

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