Timothy Schucker argues that when someone says they already have life insurance, it's usually worth asking what kind. Many people have inadequate coverage, expiring term policies, or accidental-death-only plans. Half of people die without life insurance, and much of Schucker's business comes from replacing poor policies.
I already have life insurance is not an objection. If you're getting off of the phone with a lead as soon as they tell you this, you're literally losing tens of thousands of dollars a year at a minimum. I did some research and found out that 50% of people die without life insurance, meaning that one in every two of the people that told me they already had life insurance were going to pass away without it. Over half of Julian and I's business that we would write in the field was replacing bad policies. Most of the people that tell you they already have insurance are either paying way too much for way too little. They have the wrong type of policy, like an accidental death policy that'll only pay out if they die in a car wreck or they have a term policy that's about to expire. Majority of people that tell you they already have life insurance do not have the best thing in place. All you need to do is dig deeper into their situation and find out what they have, how much they're paying, and once you get good enough at this, you'll start to recognize immediately based off of small details and be able to figure out what type of policy they have so you can see if you need to replace it.
