Open the door to a younger market

By Jim Ruta | February 22 2016 03:50PM
How can I get the attention of a younger, single market who aren’t interested in life insurance?

Not every 25-year-old thinks about the future. There are many more financial security “non-believers” at that age than later in life, when sadly, it’s still quite popular. But, you can get the attention of those responsible types who care about what happens to them.

Connect with critical illness insurance. Arrange a meeting about “a worthwhile, but relatively new idea that many responsible younger clients are considering”. If they aren’t interested in joining that group, you’ll find out fast. When you do meet over a coffee, say: 

Thanks for visiting with me. I know I can make your time today worthwhile.

As an insurance advisor, I’ve become aware of the ideal product for young people. It’s called Critical Illness Insurance. It delivers tax-free money to pay your bills when your paycheque stops due to a serious medical problem. It takes the “u” out of uncertain – You, don’t have to worry. It pays cash just when you need it to take the sting out of life-changing medical issues that can bankrupt you and your family. Not all medical costs are covered by the government and the costs around serious illness can crush you. Imagine your rent, utilities, car payments, cell bill and food without an income. Who has that kind of cash? CI does and pays tax-free money to pay all those bills if you suffer a critical illness.

We all know someone with cancer or who has had a heart attack and other medical conditions that change life forever – even young people. The people who survive and recover fastest are those who don’t have to worry about their bills.

That can be you. This financial security doesn’t cost a fortune. For the price of a few lattes a month, you can be prepared. No scrimping and adjusting for you. Just getting better. That’s why I’m talking about it.

Here’s my policy and what it will do for me. Maybe you can have one too. (Review your CI policy with them for the benefits. Talk about how you chose the amount and how it pays.) Pretty amazing isn’t it? And all for just $32 per month, in my case.

Is this the sort of financial security that you’d like for yourself? Is this the right amount or would more make sense in your situation? Okay… here’s your price…

How is your health? How about your family’s? I ask because insurance is unique… and exactly opposite to most things you ever buy. You can only buy it when you don’t need it because when you need it (say you’re sick) no one will sell it to you. So, for us to go ahead I’ll need a little information… (Start filling out the Application, health questions first.)

This simple idea engages young, responsible people in a personally valuable product. It could take 30 minutes. When you deliver their policy, offer to help “back up your CI policy with term life insurance for the same premium”. You’ve started them on financial security planning by putting their lifestyle first.


How do you reconcile all the talk today about holistic financial planning with being a “specialist”?

Holistic medical treatment was born over 100 years ago. The Mayo Brothers, of Mayo Clinic fame, were the first to propose the idea of a team of specialists working together to take care of the needs of their patients. It was a radical idea at the time but it changed the nature of medical care.

It’s time to do the same for financial care too. No financial advisor, of any persuasion, works in a vacuum. Every A-list prospect has a financial team, either formal or informal in nature. So, you need to be part of a financial planning team that you can bring to your clients or be prepared to join theirs. And, everyone deserves a financial planning team, not only the wealthy.

To the advisor who can quarterback that formal or informal team comes more business, prestige and referrals. The trouble for most advisors is that it takes putting their egos on the line to make it work. You have to give up on the idea of being all things for all people or ignore the reality of today’s marketplace. There’s no limit to what you can accomplish for your clients if you don’t mind who gets the credit.

Deliberately rearrange your business into a financial team to maximize the value of your work for your clients. Start with your own expertise and develop the necessary support around you from there. Your team starts where you are: Primary financial care includes financial foundation basics like life insurance or savings plans. Secondary financial care includes group benefits, business insurance or estate planning. Tertiary financial care considers specialized financial concerns or specialized product applications for narrow, sophisticated markets.

Make yourself the center of the team and build out the help your clients will need beside you. For those of you with internal corporate resources, cobble together the right resources to help your specific type of clientele get the help they need to get the type of financial results they want. If you don’t have internal resources, use your centers of influence, client advisors or personal contacts to create your own team that you can bring to the table. Match your team’s resources to the specific financial needs of your audience.

Every team should include the basics – a lawyer, accountant, life insurance agent, investment advisor and property and casualty agent. The complexity and make-up of the team is directly related to the complexity and makeup of the audience.

You can lead the team from any position. Just decide to do it and take the responsibility. Be versatile. A top professional will be able to either fit in to an existing team with their specialty or bring in their own team to get the full job done where no team exists.

But having a team, or working with one, makes you the “go-to” advisor in your marketplace and makes you “unshoppable”. Who shops a top performer? This is how to take on the business hunters prowling for your best clients and still remain an expert where you are. Teams are the ideal way to take full advantage of the specialist concept.