Today, I talked with Ralph, a life insurance sales professional. He has higher end clients, and while interested in our idea, didn’t see a lot of value in it for his business. They have limited capacity, and their clients are more affluent, and usually prefer to reach him through WOM referrals.
He told us that there do exist high-volume, lower dollar amount life insurance salesmen, but that their cuts on the policies they sell are already so low, he doubts that they’d be able to give much of a referral fee.
Ralph also thought that most people do not think about end-of-life planning on their own – even those who actively seek life insurance usually do so at the prodding of someone else, and similarly, life insurance agents or estate planners may be the ones to prod someone to get a will….
Some good feedback – a perspective we expect to get frequently, and validated some of our concerns about referrals to individual agents. And, the question of whether we can get enough people interested in planning ahead is a significant one that still don’t know whether will pan out or not…