By Bryan Bernier
As agents, most of our members focus on property and casualty insurance. They handle the needs of their clients in both personal lines and commercial lines. There are a handful of agents who currently “round-out” the accounts by offering life insurance type products to their clients. Should your agency be offering these products as well? My recommendation is that yes, your agency should be able to offer these products. That said, I recommend this with a bit of caution. Offering life insurance products can bring about some challenges and PIIAC is here to help.
The first step in offering life insurance is to be licensed to sell these products. If you are not licensed, we can help with that. PIIAC will be offering a Life and Health Pre-Licensing class in the very near future at a discounted rate for our members. So, you are licensed – now what? Very likely some of the carriers you are already doing business with may have some life-type products. You will want to check with your marketing representatives about those and discuss some marketing strategies.
If your current roster of carriers does not offer life insurance products, that is okay. Through your PIIAC membership you enjoy a membership with our national association – IIABA or the Big ‘I’ – and they have a relationship Crump Life. This appointment gives you immediate access to a handful carriers with life insurance products. Crump will give you guidance and assistance when writing the more complex life cases. Crump also gives you access to other lines of business including but not limited to disability, long term care, and key-man insurance.
I have spoken to members about adding life insurance products to their catalogue. Some have said “we don’t sell personal lines.” Life-type products are not exclusively geared towards the individual. Quite frankly there are several geared towards business owners and their employees. We want to give you the tools to at least have the discussion in your agency of whether to go down this path, and if you do, we want to help you along the way. We understand stepping out of our comfort zone is always unnerving, and our goal is to always empower our members with the tools they need to succeed.
To learn more about Crump Life Insurance Services and the Employee Benefits available to PIIAC members through the Big ‘I’, join us for the second installment of our membership series on May 26th at 9am. Click here to register.
While you are there, register for the other sessions:
- June 16 – PIIAC E&O and Cyber Coverage
- July 28 – Big I Insurance Technical Support and Contract Review
- August 11 – PIIAC Talent Development
- September 8 – Big I Agency Growth and Talent
- October 27 – PIIAC Education
- November 17 – Big I Marketing, Branding and Technology