Long Term Care and Disability Insurance

Small Business Disability Coverage

Authored by Steve Knapp The small business market is a completely underserved market in terms of disability protection. As you know, many states require the business owner to carry workers compensation on their W2 employees, but not on themselves. In addition, businesses with less than 100 employees are too small to qualify for group disability coverage, so many small business owners enroll in workers compensation and leave themselves uninsured. That’s where you come in. You can offer your business owners’ clients a personal disability plan to cover their personal expenses (coverage is 24/7), a business overhead expense plan to cover the business expenses in the event of the owner’s disability, and a disability buy-out plan for corporate partnerships ……all of which are tax deductible to the business. Client approved marketing pieces are available and smart agents direct mail these pieces to small businesses in their local area and follow-up with a phone call.  Need a good reason to call? In addition, you can offer your prospects a free valuation if they apply for a DI Buy-Out plan. The valuation is done by Principal Financial Group and takes approximately 1 week to complete. A proper valuation normally costs anywhere from $3,000-$10,000. Keep in mind, through Principal you can offer your clients a 20% multi-life discount in addition!
Life Insurance

Finding Prospects

Authored by John Schraut Are you sitting around thinking where you are going to get your next prospect?  You have more prospects sitting right in front of you than you know.  Grab your check book and credit card/bank statements – look at all the business prospects you have through your purchases.  These are all potential clients or referrals to prospect.  Here is a list of a few from my bank statement: Hair stylist Auto mechanic shop Heating and Cooling company Lawn care professional Tax preparer Veterinarian Dentist Tailor Photographer (for my 4 year old daughter’s pictures) Dry cleaner Locally owned restaurant I frequent Plumber You will be amazed by the number and types of businesses you have been in contact with already. Get the word out to these businesses and start right away with setting up introduction meetings.
Life Insurance

Put People before Product

Authored by Justin Reeves There is an old phrase, “People don’t care how much you know until they know how much you care.”   It rings true in so much of our personal lives and it absolutely translates to our selling as well. Here are four great reminders for all of us to live by as we approach our prospects and clients: 1)  Treat everyone you meet as you would your mother or close family member. 2)  Work at connecting with your prospect before you try to make the close. 3)  Seek to make a friend. 4)   Maintain focus on the client – not the sale or yourself. Take the time to make them feel like they are the most important person in the world.  Spend time getting to know them and make notes about what they like and the people that are important to them.  Review these notes right before you have your next meeting and ask follow-up questions about them.  These principles will serve you well in business and life.
Life Insurance

How do I choose? They all look the same!

Authored by Brian Leising Term insurance is a highly competitive market, with most top carriers offering coverage at similar prices.  When you see a comparison with several carriers just pennies apart, how do you choose the best one?  When prices are virtually the same, here are some other factors to consider based on the preferences of your client:
  • Extra benefits.  Do the carriers offer extra, built-in benefits?  Benefits may include disaster relief, chronic and critical illness accelerated benefits, medical second opinions.
  • Price breaks.  Would the client save money by rounding up 250K, 500K or 1 MIL?
  • Online application.  Would the client like to avoid paperwork?  Choose a carrier that offers an online application.
  • Underwriting.  Which carrier makes it easier?  What chance does you client really have to receive the quoted rate class?  How quickly do they issue policies?
  • Conversion products.  What permanent products does the carrier currently offer?  Is every product available for conversion?  Do they include no-lapse guarantees?
  • Company name.  Does the client prefer a name-brand company?
  • Financial ratings.  Does it matter to the client if the carrier has an A++, A+ or A rating?
  • Commissions.  Assuming the same cost to the consumer, which carrier will pay you more?  How much is the policy fee?  Is it commissionable?
Annuities

Referrals – An Obvious Place to Look

Authored by John Schraut Are you looking for qualified referrals?  Every time you complete an application for life insurance or an annuity you get at least one possible referral. That’s right! Your next prospect could be hiding in plain sight in the beneficiary section. A smart producer can take that name, find out the relationship to the insured and use the opportunity to ask for an introduction or referral endorsement, something like, “Do you mind if I give (beneficiary name) a call to introduce myself? Many of my clients have found it helpful if their beneficiaries have my contact information.” This eliminates the standard objection from clients when asked for a referral, “I can’t think of anyone.” They provided the name to you. Producers who follow up to turn that into a referral find that it is an easy way to get at least one referral on every application they complete.