- How much coverage do I need?
- How much estate tax will I owe? (yawn)
… You won’t hear me talk about those worn out calculators today.
I’m bringing the goods!
Today I launched the Wise Investment Calculator at InsuranceBlogbyChris.com. It will help agents:
- Place rated cases
- Upsell approved cases for longer terms and higher premiums
- Give you ammunition for engineer/numbers guys
Here’s how it works:
How to Use the Calculator with Your Clients
The calculator is live at: www.insuranceblogbychris.com/wiseinvestmentcalculator
As of now, I’m not charging agents to use the calculator. Feel free to take screen shots of the results page and share with your clients.
Upsale Opportunity for Approved Clients
Most clients only buy the amount of insurance they think they need.
Why not run a calculation showing them double the insurance they asked for? Or triple? (Especially for older or higher income clients)
Do this after their already approved. You don’t want to appear to be upselling them before you take the app, but after they’re approved, there’s no harm in asking.
Many of these clients are already setting aside money for their children/charity and would welcome you showing them how to give them even more.
You’re just going to probe about money they’re setting aside, and ask them how much interest they’re earning in that account. (It will usually be a couple percent or less.) They you say:
Mrs. Client, if I could show you a way that would guarantee you 3 to 4 times that interest rate, would you consider moving some of that money?
Search Client Database – Or do a search in your CRM for everyone over age 70, with net worth exceeding $250,000. Many of these people are setting aside funds in a CD or bonds for their children or charity.
Here are some additional sales applications:
Still in Development… I Welcome Your Feedback
I’m planning on adding the following features to the calculator.
- Single Pay and 10 Pay Options
- Save the results in a “printer friendly” format for easy sharing with your clients. The 2 options will be to print or save as a pdf.
- I will most likely require agents to link to my IBBC site for access to the option above
Let me know in the comments below if you agree with the direction I’m taking the calc, or if you have any other ideas to add, or any additional sales applications.
*Also, be sure to sign up for our email updates below so I can update you when the revisions to the calculator come out.