Sales Idea – Top Five Most Profitable Life Insurance Sales

Top Five Most Profitable Life Insurance Sales
Do you know the top five most profitable life insurance sales you could be making? We’ve pulled the numbers from several sources to arrive at the five largest average premium sales in the industry. Take a couple minutes to learn how you can be making these sales.
 

Why You Need to Review Every Mortgage Term Life Policy Your Clients Own

Why You Need to Review Every Mortgage Term Life Policy Your Clients Own
Why should you re-write every mortgage term life insurance contract your clients own? Chances are their old policies don’t include critical and chronic illness benefits. What does that have to do with paying off a mortgage?

A mortgage is usually the largest single debt a person would leave behind if they died too soon. With no income, the family’s largest monthly bill might become impossible to pay.

Wouldn’t you have the same problem if you were diagnosed with a life threatening condition like cancer, a heart attack or a stroke? Disability policies help some but most don’t until pay until 90 or 180 days after a diagnosis. Health insurance covers some expenses but does not replace lost income. In fact, 62% of bankruptcies are filed for medical reasons, and 78% of those involved people that actually had health insurance.

Several life insurance companies now include critical illness benefits in their term life insurance policies. They pay a portion of the death benefit upon diagnosis of a critical illness like cancer, heart attack, stroke, kidney failure and several other life threatening conditions. Go through your book of business (even old prospects) and make sure they have a policy that covers against this threat as well.

 

Sales Idea – What Is A Protection Focused IUL?

What Is A Protection Focused IUL?
A Protection Focused IUL is an alternative to a GUL. It’s designed to last for a client’s lifetime but without a lifetime guarantee. Instead it has a life expectancy guarantee and relies on cash values to maintain coverage for life.

If you’re like me, you’ve heard this before, right? Old fashioned ULs from the 80’s and 90’s didn’t meet expectations and policies lapsed. That’s why GULs were invented, so clients would have guarantees and not worry about their policy remaining in force.

You may not be aware that there are still potential problems with GULs. In fact, your clients may now be better off with the new protection focused IULs. If they prefer lower premiums or greater flexibility in their permanent life insurance policies, you want to consider a Protection Focused IUL.

 

IRA to IUL Conversion

IRA to IUL Conversion
Converting retirement funds from tax-deferred to tax-free status isn’t new. Over the past decade, more and more Americans – helped by financial advisors- have realized that deferring taxes may not be in their best financial interest. In the past, Traditional IRAs were converted to tax-free Roth IRAs. Today, funds from IRAs are being placed in Index Universal Life policies.

So who might benefit from this strategy? Is it a good fit for all of your clients? At Financial Brokerage, we have a pdf available that explains all. It takes you and your clients through six steps you want to consider in order to determine if this approach is the right one for your client, and how to best execute the strategy.

 

Is there client risk in a GUL?

Is there client risk in a GUL?
Nearly 20 years ago, the insurance industry responded to consumer problems with old fashioned universal life contracts by creating the no-lapse guarantee UL. Rather than a policy based on the concept of maintaining cash value in the contract, a no-lapse UL gives the client another method to keep their policy in force. If the client pays their premium every time, on time, takes no loans and no withdrawals, the policy will always remain in force. It does not need to have cash value. This has been by far the most popular UL we’ve seen at Financial Brokerage over that time period. It’s about a third the cost of a traditional whole life product but still has the same coverage and premium guarantees.

So, what risk is there for the client? If a client is going to maintain this contract for a few decades, what are the chances of them missing a premium somewhere along the way? If that happens they void their guarantee.

What can we do about this? Take a couple minutes to learn what you can do to save your client’s contract and save your bacon as well.