Annuities
Annuities
Annuities
Life Insurance
Final Expense vs Whole Life
Presented by Gary Peterson Here is an idea I received from two of our whole life/final expense carriers: These two carriers offer no-exam whole life plans that extend down into the final expense range ($10,000 to $25,000). What’s the difference? The final expense underwriting is faster but costs more. The client should be able to save money with the traditional dividend-paying whole life. Here are some links with a few examples: Foresters Advantage Plus Foresters PlanRight Assurity Final Expense Assurity Whole Life The pricing does not give the client a huge savings by any means, but the dividend scale makes all the difference in the world. If cash values are important, the traditional whole life projects better values, as well as options for PUA’s (paid-up additional coverage) that will give the client a policy with an increasing death benefit, thus worth the effort for the small premium savings. This may also provide value for any clients you have helped in the last couple years. If they purchased the final expense policy due to convenience and a low face amount need, you have an opportunity for another sale. Let me know if we should discuss further.
Annuities
Transactional Selling vs. Solution-Based Selling
Presented by David Corwin My money (pardon the pun), is on solution-based selling; the difference being that transactional-based selling is too much related to the product itself. In other words, it means suggesting or pushing a particular product to your client before even learning that it might not benefit them. Imagine going to a car lot wanting to buy a pickup only to find out that the salesman seems to want you to take ownership of this great, totally awesome four door sedan. I find that many insurance professionals operate exactly in that manner. Solution-based selling can be defined as the process of developing an understanding of the customer’s needs and objectives, and then offering solutions that will help the customer address their unique objectives. Fact finding will not only uncover issues, but you’ll also learn things that you might not have, had you just tried to sell them a product. Here are some other benefits to adopting a solutions-based sales practice: • Cross-sales opportunities – you’ll uncover other areas where you can provide a service and/or product that will meet their needs. • Referrals, referrals, referrals – use any method you can as a reminder to always ask; you’ll get more introductions to other people. If it’s on the fact finder as a reminder, then it’s only natural that you’ll ask. • You’ll also know what other advisors and/or attorneys they have. • Wills and trusts – you will know that they have a trust or a will. • Permanent record – it’s a permanent record of your meeting documenting everything that you talked about allowing you to revisit missed items. These ideas aren’t meant to pass judgment on your sales system that you are currently using – and if it works, that’s great. The more successful long-term agents use solution-based selling and I truly believe that is the only way that an insurance professional should operate.
Long Term Care and Disability Insurance
It’s time to break the ice on the topic…
Presented by Donna Ries Even a short time spent talking today with your clients can help them avoid years of dealing with the consequences of hasty, sporadic decisions later on. We all age and most people end up needing help in some shape or form. Discussing possible scenarios with your clients won’t make them happen. Actually helping your clients prepare for their extended care planning will mean less work, stress, worry and regret later on for them and their family. Addressing tough topics now will allow your clients to enjoy their time ahead. One way to start the conversation is by stating that most people expect to live a long life, right? Ask your clients if they have thought about the impact this may have on their spouse, children, family or friends and if they are concerned about being a burden to them. The care many people may require later in life are costs often paid out of pocket. Even substantial savings can quickly be spent for extended care. Some questions to consider are where your clients would like to live and who can they rely on for help. The people they consider for help may be caregivers that live miles away. The extra burden for the caregivers could result in consequences for them such as missed work, lost wages, and exhaustion that will ultimately not allow them to care for the family member in need. Is it realistic to expect a spouse to care for their loved one? It’s time to make a plan now for your client’s long term care needs. Ask your LTC marketer about how to discuss with your clients a plan for the possibility of needing extended care. Discuss such topics as: – Helping your clients pay for care in the setting they prefer. – Thinking of LTC as anti-nursing home insurance. – Avoiding the risk of depleting a lifetime of savings with Partnership protected LTC policies. – Gaining peace of mind when extended care decisions need to be made. – Continuing to benefit from the life your clients have planned.
Life Insurance
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