When clients compare term and permanent life insurance, the conversation can quickly come down to one thing: What does it cost? But the premium alone may not tell the whole story.
A useful way to broaden the conversation is to introduce the idea of opportunity cost and long-term value. Term insurance can be an appropriate solution for temporary needs, but helping clients understand what they may be giving up over time, including potential cash value and the effects of inflation on purchasing power, can create a more meaningful discussion about whether permanent insurance may better fit their goals.
Watch this short video for a simple way to illustrate the true cost of term insurance and help clients think beyond the initial premium.
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