This is a step-by-step guide to help you connect with, converse with and convert eligible clients with term policies to a permanent life insurance solution.
As the traditional format for conversations and meetings has shifted from in-person meetings to virtual settings, digital communications have become the most accessible and effective way to nurture and strengthen your client relationships.
National Life has made it even easier to conduct virtual sales with Term Conversion available on eApp.
WITH TRAINING RESOURCES ON TERM CONVERSIONS
WITH ATTENTION-GRABBING TOUCHPOINTS AND MEANINGFUL CONVERSATIONS
ON THE VALUE OF CONVERTING TO A PERMANENT SOLUTION
THAT FITS YOUR CLIENT'S NEEDS AND CONVERT THEIR POLICY
If you have clients who purchased a term policy, they may be eligible to convert it. In order for a client to be eligible, they must be within the contract conversion period of their current term series.
To identify clients who fall within the period of eligibility and are in an optimal position to convert, National Life has made available a list of 2013 & 2018 Term Series policyholders who are in their term conversion period. Ask your agency for access to your policyholder list.
You can keep a pulse on your clients’ policy activity by leveraging the Client Intelligence tools and notifications. When subscribed, you’ll receive notifications when your Term clients are nearing expiration and level premium periods. Ready to stay informed?
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| Category | Alert |
| Sales Idea | Term Conversion Expires in 10 Days |
| Sales Idea | Term Conversion Expires in 10 Days |
| Sales Idea | Term Conversion Expires in 6 months |
| Sales Idea | Term Level Premium Period Ending 10 Days |
| Sales Idea | Term Level Premium Period Ending 30 Days |
| Sales Idea | Term Level Premium Period Ending In 6 Months |
Training resources are available to help you understand how to successfully convert a client’s term policy and equip you with answers to common questions and concerns your clients may have.
National Life offers credits for eligible National Life term conversions. Please read the NL Term Conversion Q&As for more information on how term conversion credits are applied.
Review National Life's entire Life Product line-up to understand the main features and benefits that each product provides.
Which Life Insurance Product Is the Right Fit For Your Client Flyer
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Term Conversion Agent Guide
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NL Term Conversion Q&As
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LSW Term Conversion Q&As Cat No 103622
Don’t Rush the Point
Take the opportunity to see how your client is doing and if the health and safety of their family is intact. Likewise, add a personal touch to the conversation and share how you and your family have been managing under the circumstances – showcase your compassion and understanding for the difficult environment the pandemic has placed on the economy, communities, and our families.
Ask and Listen
If it’s been a while since you were last in touch, find out what’s new, what’s changed. Have any new major milestones taken place, such as marriage, divorce, new home, new family members, job changes/promotions? How is the current economic climate affecting them? These may all contribute to reasons for more permanent protection.
1. “Hi, _______. Just contacting you about an exclusive option you have as a National Life policy holder to take your existing term insurance and convert it to a permanent policy. This will allow you to lock in your insurability as well as leverage dollars that you are paying to your current coverage and put them to work for you. I'd like to discuss this with you in more detail. Is Tuesday at 1pm or Thursday at 10am better for you?”
2. “Hi, _______. Not sure if you know this, but you have an exclusive option as a National Life policy holder to take your term insurance and convert it to a permanent policy. It's like going from “renting” your life insurance to “buying” your life insurance. You get to lock in your insurability as well as build cash value from this day forward. Unfortunately, the convertibility option period will end soon, so I'd like to show you your options while they're still available to you. If it makes sense for you, great. If not, that's ok too. Is Tuesday at 1pm or Thursday at 10am better for you?”
3. “I'm so sorry I haven't called you sooner. I just noticed your term coverage is nearing the end of its conversion period. Luckily, you still have a few options that I'm obligated to make you aware of before the window closes. Once the window closes, it will not reopen again. In other words, time is of the essence and you need to make a decision soon. When is the best time for me to make you aware of your options; Tuesday at 1pm or Thursday at 10am?
4. “Hi, ______. I have been reviewing your files and see that you have an important decision to make regarding your term insurance coverage. Even though you have a few years left of your (15/20/30) year term insurance, we need to get together to go over some of your options. Is Tuesday at 1pm or Wednesday at 10am better for you?”
5. “Hi, ______. I have been reviewing your files, specifically your life insurance… I have “good news” and I have (pause a little) “great news.”
The good news is your life insurance premiums have been paid on time and your coverage is right where you wanted it to be.
The great news is you may not know about a "great" option on your policy. It's great because not only does it provide the temporary protection you currently have, it gives you the option of keeping it for a much longer time. Even though the conversion period doesn't terminate until (xx/xx/xxxx), I've found my clients want to know about important financial decisions well in advance vs. waiting until the last minute. Don't you agree? Is Tuesday at 1pm or Wednesday at 10am better for you?”
Schedule a Follow Up
For the purposes of this initial call, don’t overwhelm your client with too many details. It is most important to show that you care and to offer your expertise and services in ways to help them. Invite your client to join you for another private conversation at a suggested date and time.
Emails provide an easy lead-in to set the tone for your conversations. Use our templates to reach out and invite your clients to a discussion about their term policy.
Before you send an email, visit the Prospecting Emails page on the Agent Portal. This page can be found under Marketing > Market Yourself > Prospecting Emails. After thoroughly reading all instructions, click "I have read and agree to the instructions for HTML use. Take me to available emails." You will then be directed to a landing page containing all of the email templates.
Follow these instructions to prepare your email:
Note: The email may not be used until you have received written approval.
Is It Time To Convert Your Term Policy?
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Use your preferred video conferencing platform (Zoom, Skype, Ring, etc) and send a calendar invite to your client.
The one-on-one presentation is available to help guide you in your conversations with your clients.
ESI representatives, be aware of your restrictions for setting appointments. See ESI Field Notice 2020-06 regarding video seminars, and ESI Supervisory Procedures regarding electronic communications such as appointment setting applications.
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Continue to follow up with clients who aren't quite ready and stay top of mind as their needs may shift and change.
Posting about the benefits and simplicity of getting permanent life insurance can help you stay engaged with your clients.
You have access to social posts that you can apply to your own social media platforms to showcase the benefits of converting to permanent solutions in an engaging and relatable way.
Emails may be found and accessed within the Agent Portal under Marketing > Prospecting Emails
Select the Term Conversion eApplication option at on the Pre-Qualification screen. Then complete the next steps on the instruction screen.
Just like the paper app, eApp requires only a few questions and information gathering to start the process.
No underwriting or additional forms needed with a few exceptions:
Don't Forget to Encourage Your Clients to Sign Up for the Customer App and Manage Their Policy Online
Customer Website & Mobile App Flyer
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