Banks that want to succeed in selling life insurance to customers may consider making sure they have a plan tied specifically to these products, according to a report from LIMRA.
According to the study, financial institutions that had specific life insurance goals for sales representatives outperformed their counterparts that did not. Scott Stathis, managing director of Kehrer-LIMRA, said setting goals for employees provides an “undeniable” return.
Stathis also said life insurance products are seeing increased importance for financial institutions.
“As more bank investment program managers realize the importance of this aspect of sales practice management, we will continue to see an increase in the setting of specific goals around life insurance sales,” Stathis said.
According to the report from the insurance industry monitoring company, productivity for consultants with life insurance-specific goals was 68 percent higher.
Consumers themselves may see a benefit in investing in a life insurance product, especially when facing uncertain economic times. Policies can provide families with a source of funds in case a primary income earner should pass away.