Retirement and Social Security

Presented by David Corwin The Social Security Administration estimates that 96% of American workers are covered by Social Security. Many Americans, however, don’t have a full understanding of Social Security and the benefits it provides. For example, many people are not aware that:
  • Social Security is currently the largest social insurance program in the U.S., funded through dedicated payroll taxes called Federal Insurance Contributions Act (FICA).
  • If they are injured or become ill and cannot work, they may qualify for Social Security disability benefits.
  • If they die prior to retirement, certain family members may be eligible for Social Security survivor benefits based on their work and earnings record.
  • The Social Security retirement benefit is designed to replace a percentage of earnings at retirement and the amount received will depend primarily on two factors…lifetime earnings history and retirement age.
  • Depending on year of birth, taking Social Security retirement benefits early can result in as much as a 30% reduction in the retirement benefit that would be payable at full retirement age.
  • On the other hand, deferring Social Security retirement benefits to age 70 can result in as much as a 32% higher retirement benefit as compared to the benefit available at full retirement age.
  • A portion of the Social Security retirement benefit may be subject to income tax.
  • There are a variety of strategies that can be used to enhance the value of Social Security retirement benefits.

For most people, their monthly Social Security check will form an important part of their retirement income.

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.

Give me some “SIZZLE”

Presented by John Schraut In a recent conversation I was having with a life insurance agent, he asked me to give him some “Sizzle”.  He wanted to know some term product options that are value added or in his terms “Sizzle”.  A lot of times as agents we look for just the best price on term products, but maybe we need to talk more about the “Sizzle”.  A 20 year term is a 20 year term, but what if we add a rider that offers Critical illness or perhaps Disability Income.  How about some no-cost riders that offer Chronic illness (LTC benefits) or an Accelerated Death Benefit.  This is the “SIZZLE” he was looking for that helped him close the sale.  So next time you are presenting a life product, think about the “SIZZLE” you can add to the sale.