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    March 2013
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    The 30-Second Life Insurance Interview

    Don Shaughnessy

    If you work in the family market for life insurance, you might want to try this interview.  Since it only takes about 30 seconds, you could theoretically have a lot of rejection and still be okay. 

    Do you have a will?

    If No, “If you had one, what would it say?’

    If Yes, ‘What does it say.”

    Expected answer.  “I leave everything to my wife.”

    What’s everything?

    Expected answer,

    “House, car, cottage, retirement plan, some investments, ……  “

    Would she become responsible for any debts?

    Either yes or no, next question follows.

    Do you think she will want some cash?

    You will be quiet as a mouse here.

    If Yes

    Would you like to see the provably least expensive way to get it for her?

    If no

    Life is complicated and changing.  Would you have any objection to me:

    • reviewing your current insurance portfolio and making some recommendations
    • working up a capital needs analysis just to confirm that everything would be okay,
    • working up a capital needs analysis for your wife,
    • reviewing your will to look for efficiencies if there is a will, or
    • making some suggestions about what should be in a will, and why you need one, if there is not.

    This will be more effective if you can modify it to suit your particular style.  The questions to deal with the final no should be in your comfort zone.

    You might also consider printing the interview form on a piece about three times bigger than a business card.  Your contact material on one side.  The interview questions and answers or check-boxes on the other.  Leave it with all people who answer no.  You can never be sure that the endangered spouse won’t notice it.  The “No” to the “Do you think she will want some cash?” may get some positive calls.

    This does not work every time by any means, but it works more often than you might think.

     Don Shaughnessy is a retired partner in an international accounting firm and is presently with The Protectors Group, a large personal insurance, employee benefits and investment agency in Peterborough Ontario. don.s@protectorsgroup.com

     

    The MONEY® Network