Life Insurance

Three ways for a Property and Casualty Agency to…

Presented by Brian Leising   Are you concerned about losing clients to your competition?  Looking for new ways to boost your retention rates and grow revenue?  The average client retention rate is 10% higher when agencies cross-sell products.  Many agencies fail to effectively cross-sell life insurance because they do just a few basic things the wrong way.  You need a plan.  Here are three items that all successful agencies use to sell life insurance to their auto and homeowners’ clients: Have a system in place to ask for life insurance business.  It doesn’t matter what system you use, have one and use it.  One agent I know has a dollar bill and sign on his desk that says “This dollar is yours if I don’t ask you about life insurance.”  Do you send out annual review letters or e-mails?  Be sure you include life insurance.  You could also play a video in your office waiting area.  The LIFE organization has several “Real Life Stories” available at www.lifehappens.org. Work on this first, then check back next week for part two.
Life Insurance

I sell life insurance

Presented by Jim Linn   Other salespeople are limited.  They just sell furniture, appliances, cars or shoes. I make life worth living by selling those things and many more.  I sell meat, bread and milk for the table of a family deprived of a father or mother.  I sell cancelled mortgages so that mother or father and children can live comfortably.  I sell college educations to give the children better opportunities in life.  I also sell the little extras like ice cream cones, roller blades, movie tickets and a dress for the prom.  I sell time with grandchildren, golf clubs, fishing tackle, exciting trips, retirement income and self respect for later years.  I sell all the necessities and good things for life, because life insurance is for the living.
Life Insurance

Need a Home For Your Declined and High Risk…

Presented by Gary Peterson   Expand Your Impaired Risk Options with Graded Death Benefit Term and Whole Life! Graded Death Benefit 10 & 20 Year Term and Whole Life
  • Face Amounts up to $150,000
  • Issued Ages 20-75
  • No Medical Exam & No APS & No Tests
  • Accept/Reject Depends on Answers to the Application (Subject to MIB Check, Prescription Check and Height and Weight Chart)
  • Underwriting Decision at Time of Sale (note: some applications may require additional review)
  • Electronic Application & iPad Capability
  • M. Best Rated “A”
We have a carrier for you. Full product details included, including an easy-to-use premium calculator!  Contact me at 800-397-9999 for contracting and questions.
Life Insurance

Group Life vs. Individual Coverage

Presented by Brian Leising I had a recent conversation with a producer who has an opportunity to help several employees at a business obtain individual life insurance.  Why individual coverage in a business?  The business recently changed ownership and the new owner decided not to offer group life insurance to the employees.  I used to warn employees of this very situation while selling life insurance as a voluntary workplace benefit.  I explained that although the group plan their employer offered was a great benefit, they were not in control.  The employer could drop the benefit at any time.  If they left that employer for another, they had no guarantee the next employer would offer the same benefit.  If you find yourself in a similar situation, ask your prospects:  “Do you really want to hand over control of your family’s financial future if you died unexpectedly to your employer?  You have the ability – and the duty – to take control of the situation and take care of your family yourself.  Your employer will never care for your family as much as you do.”  I understand some people cannot qualify for individual life insurance due to poor health.  Most can.  Make sure your clients and prospects are aware of this potential problem and make sure they have personally owned life insurance in place before their employer forces their hand.  They may not qualify in the future.
Life Insurance

What’s behind door number 3? A life insurance conversion…

Presented by Brian Leising   Are you unhappy with the conversion options available to your clients? Not able to sell term and permanent coverage to every client every time?  Here’s another option to consider: Return of Premium (ROP) term.  How can ROP help?  At the end of the term the client receives cash, walks away and that’s the end of it, right?  Most carriers offering ROP actually give the clients three options.  The obvious option is to take the cash and run.  The client could also apply the cash to convert to whatever permanent plan the carrier makes available at the time, thereby reducing the required premiums to maintain the same face amount.  What people tend to forget is the third option.  The client can choose to use the ROP funds to purchase a reduced paid-up policy.  The policy is paid-up…guaranteed. Here’s an example from one company using a preferred non-smoking male age 35 for $500,000: The annual premium is $110.  After 30 years the person could choose a $64,322 paid-up policy.  He could alternatively purchase a traditional term for $530/year and 30-pay a $64,322 no-lapse UL for only $544/year.  Two separate policies actually represent a savings of $26 in this scenario.  But is your client going to do that?  If they will, that’s great, you just used the ROP concept to sell a permanent plan in addition to the term you were going to sell anyway.  Your client is closer to having the proper coverage for their needs and you made more money.  Cha-ching!  But how many of your clients are actually going to do that?  They may not see the need for permanent coverage.  When money gets tight, which policy is going to go?  What if they miss a premium payment on the no-cash no-lapse guarantee UL?  There are potential leaks in the two-policy plan.  People don’t always do what’s best for them, but what is perceived to be easiest.  The ROP option gives the client only one policy to deal with and an absolute guarantee their permanent plan will indeed be permanent.  They know from day one how much permanent coverage they will have and what the premium will be – zero.  Show your clients what’s behind door #3.  You can’t lose.