After experiencing several years of less-than-exceptional returns on their investments, customers now look forward to getting the most out of their investments. Insurance products including final expense leads that are linked benefit products can deliver better than average returns on investment. If you are like the many other financial agents and professionals in the industry, then your customers and interested prospects would probably be more focused on the product’s value for money than they were ever before. After several years of receiving less than average returns on their monetary investments, after several years of experiencing an uncertain economy and ever rising inflation, customers now are very much interesting in finding out whether they are receiving their money’s worth for every cent or not. They are now determined to only sign up for products where they can get their value for money invested. This is one of the many reasons why linked-benefit insurance products are now experiencing high growth in sales. Linked-benefit insurance products are also known as hybrid insurance products or even as combo insurance products. Hybrid insurance products combine the several advantages found with universal life insurance cover and long term care coverage into a single insurance policy. Hybrid products reduce the probability of premium payments paid by your customers ending up on unused insurance coverage.
With hybrid insurance products, the structure of the product, the guarantees associated with the insurance and the options available to the customer will vary from insurance policy to policy, and many a time also vary from one insurance provider to the other. However, in essence, hybrid products primarily have two main objectives. The first objective of hybrid products is to be able to create a death benefit or cash value for the individual policy holder’s beneficiaries as well as to leave him or her, a pool of money for medical and health care over a long period of time. The second objective of hybrid products is to be able to provide flexible insurance coverage; i.e. medical and health coverage for a much wider range of possible events. If your customers end up requiring long term medical and/or health care, then they would be covered by hybrid insurance coverage. Your customers’ assets would be much better protected. Regardless of whether they need medical and/or health care over a long period of time, beneficiaries of your insurance policy holder will receive cash value in the form of death benefit. Certain hybrid insurance products also offer riders which allow customers to get monetary refunds if they were to change their mind about enrollment and coverage.
In the current final expense leads generation and insurance industry scenario today, customers are looking to hybrid products for this very reason, that they have access to broader insurance protective offering more flexibility. Our research and studies have published that hybrid product sales have increased by more than 50% in 2011. According to this research, it is also the third continuous year that hybrid products show gains in the double-digits, despite the economy being bad. One may wonder why there is so much excitement about these products. To be able to comprehend and make sense of this trend better, New Lead, a major insurance company in the US, interviewed several agents working with universal life insurance and long term care coverage products. Of the forty five participants they researched, 91% responded in the affirmative about hybrid products, mentioning that they were definitely going to perform better. Only four agents of the lot thought that hybrid products were at a steady sales rate. Not even a single agent saw the demand for these hybrid products decreasing in the near future. Of the sixteen financial professionals who were also a part of the study, eleven mentioned that even though they did not sell linked benefit products earlier, they were very likely to try selling those products in the current year. Financial professionals believe that hybrid products will continue to see a huge growth over the next few years. This is probably because customers do not want to pay so much for long term care coverage without any assurance that some part of it will come back to their beneficiaries after them. Financial professionals have termed hybrid products as the wave of the future, stating their belief that the hybrid insurance market will only continue to grow.
New Lead provides insurance products including final expense leads that are linked benefit products can deliver better than average returns on investment.
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