Banks Can Sell Life Insurance to Their Clients

Banks can sell life insurance to their clients, if they have agents licensed in that line of insurance.  Banks that do should have a sales plan specifically for life insurance products, according to a report from LIMRA.

According to the study, banks that had specific sales goals set to sell life insurance, outperformed their counterparts than those who had no goals set.

Scott Stathis, managing director of Kehrer-LIMRA, said setting goals for bank employees provides an “undeniable” return. Stathis also said life insurance products are seeing an increased importance for banks.

“As more bank managers realize the importance of this aspect of sales practice, we will continue to see an increase in the setting of specific goals for life insurance sales,” Stathis said.

According to the report from the insurance industry monitoring company, productivity for banks that sell life insurance, those with set goal levels sold 68 percent more products than banks who did not set sales goals.

Consumers can benefit from buying life insurance products, whether from a bank, an insurer directly, or a life insurance brokerage firm.  This is especially true when people are facing uncertain economic times.

Life insurance policies can provide families with a source of funds in case a primary income earner should pass away. So it is important to know that banks sell life insurance, as well as financial products.

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