The best gifts you can give to senior prospects are the gifts of knowledge and experience. To serve them well, you need to get to know them. You need to understand their wishes, hopes, and dreams and how they envision the rest of their lives playing out.
That is a tall order. Nonetheless, by asking the right senior insurance prospect insurance questions, you will be able to help them bring their plans and vision to life. At your next appointment with a senior prospect, break down your questions into three categories – retirement planning, estate planning, and healthcare.
Questions About Retirement Planning
Chances are that senior insurance prospects have already taken some steps toward planning for retirement. You will need to ask some clarifying questions to learn what steps they have taken and provide information on other steps they could be taking to maximize their retirement funds.
Here is a list to get the conversation started:
- What steps have you taken already to prepare for retirement?
- Have you determined the age you plan to retire?
- Will you begin collecting from Social Security at the normal retirement age or later?
- Have you checked with Social Security to see how much you can expect and at what ages?
- Have you calculated how much money you need to retire comfortably?
- Considering your investments, how much will you need to retire, and how long will you need it?
- Would you benefit from the guarantees that an annuity could provide?
- Are you willing to risk losing money on an annuity in exchange for a guaranteed sum for life?
Questions About Estate Planning
Senior prospects have likely put some thought into plans for managing their estate after they die. They may be ready to take some steps to solidify their plans, or they may not have thought through the benefits of life insurance fully. The Insurance Information Institute puts out a nice life insurance video to share with prospects to help them see the value in it.
The following questions will assist them in responsibly planning for their estate:
- Do you have a term life insurance policy? If so, when does the term end?
- Do you have a whole life insurance policy? If so, how much cash value has accumulated in the policy?
- Are there any charities that you wish to leave money to after your passing?
- Do you own a business, and what are your plans for it after you retire?
- Have you set up a will, financial power of attorney, a living trust, and an advance care directive?
- Do you have heirs that will need financial assistance after you pass away?
- How will your family pay for your final expenses after you pass away?
- Have you considered purchasing a life insurance policy for your spouse, children, or grandchildren?
Questions About Healthcare
Senior prospects have likely already experienced some effects of aging. For this reason, quality healthcare is top of mind. They will be looking to you for guidance on the best time to enroll with Medicare. Moreover, they will be concerned about how to financially prepare to care for themselves and their partners over the long term.
The following questions will help you start a discussion about senior healthcare needs:
- Do you get your health care insurance through your employer?
- What information do you have about enrolling in Medicare?
- Did you understand Medicare Parts A, B, C, and D?
- Are you concerned about paying for vision and dental care during retirement?
- Will you need extra funds if you become disabled or acquire a critical illness such as heart problems or cancer?
- Are you interested in learning more about how to fund long-term care?
Final Thoughts
As you can see, there are many senior insurance prospect insurance questions to discuss. It may take more than one appointment to help senior prospects develop a plan for the rest of their lives. With every appointment, you have opportunities to build trust and make sales.
American Senior Benefits partners with you to help you sell and service senior prospects and clients. We give you the tools to build a solid book of business and inspire the kind of loyalty that increases your retention rate.
Find your local office and get started today!
