Social Security Planning

Presented by John Schraut Are you thinking of a way to get in front of more pre-retiree prospects? Think of a subject matter that is important to all of those approaching retirement age, no matter what they do for a living or where they live, Social Security Planning! Protective Life’s Understanding Social Security program offers a variety of resources to help you learn about the key aspects of the Social Security program and promotional materials to help you promote your Social Security planning services to clients and prospects. Additionally, it provides educational materials to help you work with your clients on key decisions as they prepare to receive Social Security benefits. Use the categories HERE http://www.protectivemarketing.com/socialsecurity to find the materials and tools you need to help your clients see the bigger picture when it comes to their Social Security benefits and retirement.

How are you quoting term prices to your client?

Presented by John Schraut Are you just giving them carrier, product and price? Do you just stress death benefit? How about next time you talk about the living benefits. Yes, there are benefits that the insured can take advantage of while living: Disability Income, Critical Illness Benefits, Long Term Care Benefits or Return of Premium. These will add value to the policy and value to you as the insurance advisor. Plus, it will increase the premium which will increase your commission. So next time you quote term, look at the living benefits that you can offer.

Ask Grandma and Grandpa

Presented by Brian Leising

When you meet with a person who is a grandparent, what photos do you see on their walls? The photos of their children are long gone and the walls are now adorned by their adorable grandchildren. Just try to ask a question about their grandchildren and see if you can get a word in edgewise for the next hour. They love to talk about their grandchildren and would do just about anything for them. If your clients (the parents) are short on cash, ask them about their parents.

Some retirees have more money than they will spend in their lifetime. They may even have funds already earmarked for future generations. This provides you with a great opportunity, you just need to ask. Here are a few specific items you should bring up:

Do the grandparents have IRA’s or qualified plans with benefits larger than they will need for retirement income?

Are they taking required minimum distributions only to re-invest them and pay more taxes on that income?

Do they have CD’s, mutual funds or annuities earmarked for their heirs?

By taking this money and placing it into a life insurance policy, they could shelter the money so the income is not included on their tax return. If structured properly, it could also provide tax free loans that may be used for any purpose, including college tuition. The policy also produces a legacy at death.

In other cases, you may find the grandparents are able to fund a policy on the lives of the parents. The death benefit, if needed, would provide funding for the children and the cash value could be tapped for any purpose, including college tuition.

Are you “in the business” or do you just…

Presented by David Corwin Here are some indicators to tell you where you are. • Do you have a business plan? Crafting a meaningful business plan takes a lot of thought and time. Set out a strategy for your business and in particular, your marketing strategy. Set targets and objectives, including sales and financial goals so that you can monitor business performance. • Are you actively looking for new prospects (referrals and warm market) or just replacing the business you wrote in the past? It really should be a 60/40 split. Sixty percent of your marketing efforts should be spent on referrals and warm marketing. Forty percent should be reviewing clients that you’ve written before, both fostering the relationship built, as well as, looking for new business. • Are you running enough appointments throughout every week to get the result you want? The old numbers game. It only makes sense that if you have enough lines in the water the more fish you will catch. The more successful agents run between 10-15 appointments per week. If you’re running less than that…run more. It’s as simple as that. • On your appointments do you implement a fact finder to obtain material facts that allow for cross-selling opportunities? If you don’t, well then, you’re probably an order taker and if you don’t have what they want you’ll go back to your office without the business. Last I checked, an insurance license allows you to sell Life, Annuities, Health, Long Term Care and Disability insurance. If you don’t use one, then you just have an insurance license. • Are you furthering your education through industry leading programs like CLU, ChFC or CFP? Furthering your education, you become better informed to assist with the variety of unique requirements that individuals, professionals and business owners may have with respect to their estate planning, wealth transfer, income replacement and risk management needs. Holders of these designations increase their sales by up to 51%.

Time to have a conversation with your client

Presented by John Schraut When was the last time you asked (or ever asked) your client, “If you were to unexpectedly die, become seriously ill or disabled, would you and your family suffer financially?” They would probably answer “YES”. What have you done as their agent to protect them from that concern? You have the tools available, but you need to have that conversation with your clients.