- Sales Idea 74 – How Do I Value My Client’s Business? (5/20/2019)
- IRA to IUL Conversion (5/13/2019)
- Sales Idea – Six Ways to Get Cash from a UL (5/6/2019)Did you know there are six ways your clients can get money from a universal life insurance contract? To demonstrate this, I’ve re-worked the classic bucket illustration that we’ve all seen to help explain cash value life insurance. It shows the money going into the contract at the top with a spigot at the bottom that shows cash coming out of the contract for different reasons. This new bucket has six spigots because there are six ways (depending on the carrier and product you use) that your clients can get cash out of that contract. Three of them are based upon an income stream and three of them are based upon your client’s health. In just two minutes I can walk you through all six.
You are probably familiar with one or two of these already but might not know about all six.
- Is there client risk in a GUL? (4/29/2019)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.