Six Questions for Six Life Insurance Sales to Seniors – Part 4

Presented by Brian Leising.

Do you have senior clients?  Did they purchase only one product from you?  Was it a Medicare supplement, annuity, long term care or final expense policy?  If you were able to uncover the need for one insurance product, could you uncover another?  What if you had six simple questions to ask your clients that would uncover additional sales?

The fourth question comes in two parts.  “Where do you keep your safe money?  What is the purpose of these funds?”  Aside from emergency money, many seniors have funds they do not plan to spend in their lifetime.  The money is earmarked for their children or grandchildren and usually not sitting in a tax-favored vehicle.  Many seniors are not aware of the tax implications of their current arrangement.  CD’s, savings accounts and mutual funds lose value every year due to taxes.  Annuities and qualified plans can defer taxes, but that just means the value to be taxed will be greater when received by the next generation.  Why not move those dollars into a vehicle that offers immediate leverage (no need to wait for the funds to grow) and also avoids taxation?  A single premium life insurance policy works perfectly in these cases.  The death benefit will always be greater than the single premium paid by the client and will pass tax-free to their heirs.

In part five I will look at some other ways to keep Uncle Sam’s hands out of the transfer of wealth.

Six Questions for Six Life Insurance Sales to Seniors – Part 4

Presented by Brian Leising

Do you have senior clients? Did they purchase only one product from you? Was it a Medicare supplement, annuity, long term care or final expense policy? If you were able to uncover the need for one insurance product, could you uncover another? What if you had six simple questions to ask your clients that would uncover additional sales?

The fourth question comes in two parts. “Where do you keep your safe money? What is the purpose of these funds?” Aside from emergency money, many seniors have funds they do not plan to spend in their lifetime. The money is earmarked for their children or grandchildren and usually not sitting in a tax-favored vehicle. Many seniors are not aware of the tax implications of their current arrangement. CD’s, savings accounts and mutual funds lose value every year due to taxes. Annuities and qualified plans can defer taxes, but that just means the value to be taxed will be greater when received by the next generation. Why not move those dollars into a vehicle that offers immediate leverage (no need to wait for the funds to grow) and also avoids taxation? A single premium life insurance policy works perfectly in these cases. The death benefit will always be greater than the single premium paid by the client and will pass tax-free to their heirs.

In part five I will look at some other ways to keep Uncle Sam out of the transfer of wealth.

Six Questions for Six Life Insurance Sales to Seniors – Part 3

Presented by Brian Leising

Do you have senior clients? Did they purchase only one product from you? Was it a Medicare supplement, annuity, long term care or final expense policy? If you were able to uncover the need for one insurance product, could you uncover another? What if you had six simple questions to ask your clients that would uncover additional sales?

Once you have determined your client has the proper life insurance coverage, you should be asking them: “Have you protected yourself from the high costs of extended care should you become ill or frail as you age?” The high cost of long term care is the greatest threat to a client’s retirement funds by far. After a fall, the stock market bounces back, the elderly do not. Long term care insurance has traditionally been used in this situation but is not a good fit for everyone. Linked benefit, life insurance based long term care policies offer protection with guarantees not found in traditional policies. The life insurance based solutions guarantee the client’s premiums will never change. They also guarantee a benefit will be paid out. If the long term care benefit is never used, the death benefit will pass to the insured’s heirs. Your clients are not really protected until they have some form of extended care coverage in place.

In part four, I will review a question to ask seniors who have their protection in place and have extra funds to leave to following generations.

Use Your Own Book of Business

Presented by Gary Peterson

Here is an opportunity that several of our agents have offered to their clients and received great results. Give me a call and let’s see if you have any of your clients available. The hottest leads you will ever have is your own book of business. You’ve already sold something to your clients so there is a big trust factor involved in these relationships. Do you think they will take the time to listen to what else you have to say? YES! Right now, you have as many leads as you have clients and just because the sale you made was recent, doesn’t mean they don’t need help in other areas of their life. Below are some great opportunities that exist within your book of business. These are great reasons to reach out to your clients and discuss the need for life insurance.

If you have clients with recently added financial responsibilities such as having a baby, buying a house, been promoted with a higher salary, have come into money by inheritance, settlement, taking care of their parents, etc., then the TOP Program is a Fast and Convenient way of getting up to One Million of additional coverage on a non medical basis. If your client has purchased term insurance from one of 70 approved carriers within the last five years, Standard Risk Class or better with a minimum face of $100K, then they may be able to get up to $1M of coverage with NO Blood or Urine analysis necessary.