Annuities

Choices

Presented by David Corwin I once heard a story about an annuity agent that had been in the business more than 20 years.  Now this agent I’m sure cared a lot about his clients, but over the years started becoming tired of learning new things.  He became stagnant and complacent; unbeknownst to him, this is the worst position to be in.  I’m not sure if it was the industry constantly changing and not being able to keep up with times, or lack of support from the company he was writing through.  He was in the independent agent space which means that he had several choices of carriers to write through and could offer the most competitive products to his clientele.  (I personally feel that it was his responsibility to learn new things and not just try to sell his favorite annuity product.) Let’s get to the story . . . An older man and his son met with this agent about what he should do with his windfall gain from a relative that had passed away.  The agent didn’t do any fact finding on the older man due to the fact that he was a current client; he had written an annuity 10 years prior, but had little to no contact with him in those ten years.  The agent took out his favorite annuity product brochure and presented it to the client.  The older gentleman told the agent that he would like to take it home to review it with his son and would like to meet again and move forward.  The sale was made and the client took home a brand new shiny annuity contract with a surrender period longer than 10 years.  The agent didn’t at any point offer an alternative product (he didn’t know of one because of the complacency issue).  This product could have been a single premium life insurance contract because, had he been asked, he would have liked to create a legacy with this money for his family.  This product could have more than doubled the amount that would have passed on to his family when he died two years later.  Since the son was there for all three meetings and took good notes, this agent was taken to court and ultimately lost the battle due to not having any supporting documentation. I’m sure that all of you have heard similar stories or maybe you have some of your own.  It is paramount to our business that our clients have the right insurance product based on the information that is gathered through a fact finding session and not just selling your favorite product.  What’s more important is remembering why you chose this industry as your profession, recognizing the value you have to offer and never letting rejection get you down.  Answer objections with facts, convey information confidently and show your determination with persistence.
Life Insurance

Life Insurance is a Promise

Presented by Gary Peterson It’s easy to discuss the need for protection for our homes and autos. Life Insurance is different. When we talk to our clients, we need to tell a story about the value that life insurance brings to their family. As we enter into a new year, here’s an article that will help you increase your Life insurance sales by reminding us, as professionals, to let our clients know the Hope that Life insurance brings to them. Let Financial Brokerage be your support in 2015. Life Insurance is a Promise
Annuities

HYBRID

Presented by Richard Mangiameli If you look up the definition of “hybrid”, one of the results is “anything derived from heterogeneous sources, or composed of elements of different or incongruous kinds”. We can find Hybrid Power, Hybrid Literature, Hybrid Games and of course Hybrid Vehicles. In the insurance industry, we have hybrid insurance products where insurance companies have created products that are composed of different elements; annuity or life insurance products with elements of long term care insurance. LIMRA studies show that in 2013, 67% of people were worried about having sufficient money for a comfortable retirement and 58% were concerned about paying for long-term care services, while 39% express concern about financial impacts of premature death. It’s possible to address all three concerns with many of the new hybrid products available today. Call me to learn more!
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.
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.