Life Changes

Presented by Rich Mangiameli Change is something that will happen to you and me in our lifetime. It might be a new home, a job/career change, the birth of your child or grandchild, the need for care of your parents, spouse or even you. It might be a divorce or the death of a loved one – whatever change life has to offer us, it will either be a pleasant or a difficult time. What you need to remember is that your clients are going through these changes in some form or fashion, and as an agent, it’s important that you keep up with their current life events and changes. It is also important that you review annually with each of your clients changes in goals, assets or needs, which means that you need to be there with the advice to protect, guarantee and plan for the future. And, it’s important that you always review the BENEFICIARIES of their life insurance, annuities, IRA’s, 401k, pensions, CD’s and other investment assets to be sure that in the event something happens to your client, those assets are distributed to the person(s) they really want it to go to. Remember, the Last Will and Testament does not override the Beneficiary Designations that might have been set up years ago.
Life Insurance

Seven Myths That Clients Offer As Objections

Presented by Gary Peterson I found this on the internet the other day from an article by Patrick Bet-David. It gives seven myths that clients offer as objections. It’s not possible for a company to pay $500,000 in death benefits when I’m only paying $50 a month. If all policy holders kept their policies, life insurance companies would be in trouble, Bet-David says. “But they make their money because people tend to cancel their policies every 7 to 10 years or so,” he says. “If you’re smart, you’ll keep the policy. They can afford to give $500,000 for $50 a month when they know that 98% of policyholders won’t keep their policy for the life of the policy.” I’m young and don’t have a need for it. Most people eventually get married, Bet-David says. If you’re smart enough to buy it when you’re young and single with a low monthly cost, you’ll benefit in the long run. Also, you still have a need for final expenses, unpaid debts and medical bills. Life insurance is more expensive today because of inflation. Life insurance cost is based mainly on your life expectancy. “If you live longer, your policy will be cheaper,” he says. “And today’s life expectancy is longer than ever, which means insurance is cheaper.” Only breadwinners need coverage. Imagine what it costs to hire a homemaker raising kids, Bet-David says. Now multiply that times the amount of years your kids will be under your support financially — that’s how much insurance the homemaker needs. Better to invest that money than buy coverage. You really can’t have too much life insurance. “The complaint is always, I wish I had more,” Bet-David says. “If you can’t afford a permanent policy the least you should do is protect yourself with a 30-year term” if age allows. I won’t be dying anytime soon. I’ll get it later. “A very extensive study of roughly 113 billion people shows that 100% of people die,” Bet-David quips. “The only problem with that study is we don’t know when.” My policy at the company I work at is plenty. It usually isn’t, since your life insurance value is normally two to three times your income. But even with that amount it’s very annoying when you get laid off from the company you’ve been with for 17 years, landing in your early 40s with no coverage and three dependents who count on your income. “Having your own policy outside of work protects you regardless of what your company decides to do,” he says.