Life Changes. Are Your Clients Prepared?

Presented by Gary Peterson

Sometimes it benefits your client to have them pay a little more for their term insurance. Check out the short article below:

Life Changes.  Are Your Clients Prepared?

By Rachel Perez, Sales Development Specialist with North American 

When it comes to helping your clients select a term life insurance policy, you always want to help them find one that’s right for them. With all of the different companies and products out there, how do you choose the best one for your client? 

You may just focus on price—the cheapest policy wins.  But it’s important to remember that not all term insurance is the same. The cheapest isn’t necessarily the best. 

Convertibility is a very important feature of a term policy.  A conversion option is valuable because it protects your clients’ insurability in the future. Life changes, and so may your clients’ health and insurance needs. If they become uninsurable during the term of their original policy, they might still be able to convert a portion or all of their term death benefit coverage to a permanent life insurance plan without showing evidence of insurability. 

Convertibility isn’t just about term, though. You and your clients must also consider the other products that carrier offers. Discuss the potential products available to your client down the road if they were to convert their term policy to a permanent product. 

Know the convertibility features of the term products you sell! You can help your clients choose future options and feel confident that you’re helping them select the best term product for their needs—not just the cheapest.

Are Your Clients Prepared For Long Term Care?

Presented by Leonard Berthelsen

It has been reported in many articles and news features that Americans are just not prepared for the issue of long term care in the later cycle of their life. Are you? Are your clients? By most accounts most of us fall into the unprepared category.

Baby boomers have heard for 10 + years that it is coming, and it could happen to them. Did they prepare? Well let’s look at some of the data that may surprise you. Most baby boomers have done a poor job of saving for their eventual retirement. (34% of surveyed baby boomers felt they had saved enough to comfortably retire). In another survey it was revealed that 57% of those reaching age 65 would continue to work in order to live their achieved lifestyle. Not by choice, but by necessity. The American Association for Long Term Care reports that although insurance for long term care services continues to be sold, only about 10% of older Americans have purchased the coverage. Then those same Americans reported that if long term care needs arose, 53% of them would hire a caregiver or move in with a family member. (Provider magazine, April 2016)

We are probably not going to achieve critical mass with long term care insurance products without some form of government involvement or mandate. This is a high risk business for most insurance carriers and as we have seen in the past, the risk was too great for many of them, while others significantly scaled back the benefits they offer in order to manage the risk.

So it really all comes back to who is going to pay for this. Personal wealth, family, government…your choice! I think most people would want the choices afforded when paying for it themselves. So let’s talk to them about some of the choices.

Yes, long term care insurance is an obvious solution but many simply can’t afford the premiums, can’t medically qualify or simply have an issue with long term care specific coverage. Then why are we not talking about the alternatives available? Life Insurance with access to long term care benefits prior to death, Annuities with access to additional dollars for long term care services, Short term care plans and Recovery Care products. It doesn’t have to be all or nothing when it comes to protection for long term care needs.

The next client you sit down with, ask if they are prepared for what many Americans are finding out. We are living longer, with developed health issues that make long term care needs almost inevitable. It’s time for us to make sure our clients know all the options available to them. Their financial future and your livelihood depend on it.

Top Tips for Selling Annuities

Presented by Richard Mangiameli

 

This is a great article I found in the NAIFA magazine Advisor Today; it covers these important steps in selling annuities:

  1. Determine the client’s needs – it is important that you listen, and then repeat it to them showing that you understand
  2. What does the client understand about retirement income
  3. Educate the client about how an annuity will remove the fear of out-living their money
  4. Understand the different types of annuities and how they will help determine the right option for your client
  5. Be prepared to address the client’s concerns and their fears

Read more here:

http://www.nxtbook.com/naylor/NAIS/NAIS0215/index.php?startid=38