You shelled out for an iPad, now use it for something other than Angry Birds. These four apps can help you better explain life insurance products to your prospects. End result? Better protection for your clients and more production for you.
Looking for more cool apps? Check out the rest of this series:
LIFE Foundation Needs Calculator
Free for Apple devices
Surveys commonly find that one of the top reasons people don’t buy life insurance these days is that they don’t know how much they need. This calculator from the LIFE Foundation can help change that. Clients answer a handful of financial questions, aided by definitions provided by the LIFE Foundation, and wind up with the life insurance coverage amount that best suits their needs.
Life Insurance Sales Application (LISA)
Free for Apple devices
For agents sick of toting bundles of paperwork to every client meeting, LISA could be the answer. Short for Life Insurance Sales Application, LISA gives producers a digital version of a compliance-approved application, which the client can fill out and sign electronically. Users can also access sales training and presentation materials via the app.
$499 yearly licensing fee
LIMRA’s Ready-2-Retire app recently won a silver Horizon Interactive Award for educational mobile app, and that’s not very surprising. The tool walks clients through the process of establishing a vision for retirement and setting up goals to achieve it — in about 15 minutes. When consumers finish, they’re given a personal retirement plan that summarizes their desired retirement lifestyle, their level of preparedness, topics they need to review and next steps. It’s a great start to working with an advisor. LIMRA promotes it as “an excellent lead-generation platform,” and says a subscription to Ready-2-Retire “gives you a personalized Internet application. You’ll get a personal URL that you can give your clients and prospects.”
(For a free demo of the app, click here.)
Human Life Value Calculator
Free for the iPad
Life insurance is often bought to cover immediate debt and sometimes lifetime priorities, like a child’s college tuition. However, a client’s actual worth includes all of that plus his or her potential earnings through retirement. This app from Minnesota Life can help agents determine their clients’ “Human Life Value,” their long-term economic worth based on what they can expect to earn in their lifetime. The agent feeds the calculator basic information, such as current income and debt, and the app determines a range of value for the client — with basic needs on the low end and total Human Life Value on the other. A slide bar allows clients to choose a desired amount of insurance coverage somewhere along that range. Results can also be emailed to clients and advisors.