29 May 2017
The PA Formula to Live and Sell By
The insurance business is all about people. More to the point, it’s about helping them protect themselves against risk – risk to their families, their businesses or their financial security – and it all starts with a conversation.
Successful financial advisors spend large parts of their day connecting with their current and potential clients. That’s where the 10- 2-8 philosophy comes into play. For every 10 prospects that an advisor speaks to there is a high probability that two of those individuals will agree to make the investment into life insurance. That leaves eight other individuals who may find personal accident coverage to be more in line with their needs, their priorities or the financial resources that they have available.
Personal accident coverage has such a wide range of benefits that a savvy advisor will be able to pick and choose the most relevant ones for each one of those eight conversations. For an individual who already has life insurance, personal accident coverage can be a way to protect that investment. For someone particularly concerned about their health, PA can be an affordable alternative to major medical insurance.
PA can also stand on its own two feet because life is simply that unpredictable. Accidents can happen at any time no matter where you are and they can have devastating consequences. In 2016, the U.S. National Safety Council estimated that someone died from an unintentional injury every four minutes.
At the same time, the World Health Organization (WHO) estimates that up to 50 million people globally suffer non-fatal injuries as a result of road traffic accidents every year. That trend highlights one of the most important aspects of PA coverage – the living benefits such as medical expense reimbursement and disability income.
For a long time, insurance has been about what happens to your loved ones after you die. Personal accident coverage starts with the opposite question. What happens if you live, after an accident or a serious illness? Will you have the financial resources to maintain your standard of living and quality of life?
Financial advisors that live and sell by the 10-2-8 philosophy create numerous opportunities to ask those thought provoking questions and offer personal accident insurance as a solution to eight out of every ten potential clients.
That’s a formula destined for success.