Three Options for Long-Term Needs

Presented by Gary Peterson

Long term care is exploding with the Baby Boomers coming of age. As an agent, you need to prepare your clients for this reality. There are multiple ways you can help your clients cover the costs involved. Three of those ways are described below.

One option is to use funds that they save over the years. If they are extremely wealthy, this self-funding route may be a good option.

The second option is to purchase Long Term Care insurance. This is better than the first, however, your client may not ever use the insurance and feel as though the money they used to pay premiums was wasted.

A third option is to purchase life insurance or an annuity with a linked benefit or long-term care rider. This may provide living benefits for chronic illnesses and long-term needs, as well as a death benefit to protect their family.

Give me a call at 800-397-9999 to discuss these options in more depth.

The Income Stream Death Benefit – Part Three

Presented by Brian Leising

I’d like to help you close more life insurance sales by showing how an income stream death benefit can help your clients save money and better understand how their coverage works. We will explore the problem in part one, present a money-saving solution in part two and simplify everything in part three.

Make it easy

I realize the example in part two did not take into account the fact that a beneficiary receiving a lump sum could invest that amount and receive more than the lump sum divided by 20 each year over 20 years. Assuming a modest 3% interest rate, $735,490 would provide the beneficiary $50,000 per year for 20 years. A 30 year term life policy based on that face amount would cost only $638 per year. That’s actually slightly lower than the income stream death benefit price of $647.75 quoted previously. Why would a client pay an extra dollar per month for the income stream? Simplicity. What’s easier to understand: “$50,000 for 20 years” or “$735,490 invested at 3% should generate an income stream of $50,000 per year for 20 years. “

Sometimes we fail to understand the majority of the population does not deal with interest rates, inflation and compound growth on a daily basis. Keep it simple.

For income replacement life insurance sales, consider using the income stream death benefit option. It will help you close more life insurance sales, potentially save your clients money and certainly give them a better understanding of how their coverage works.

Don’t Make Your Clients Sell at a Loss

Presented by Brian Leising

Managing the effects of financial market fluctuations is a critical element in retirement planning.  If retirees receive plan distributions in a stable or rising market, they have the potential to preserve or grow their retirement assets.  If these clients take distributions in a declining market, they are often drawing down and selling into losses.  What if they did not have to sell at a loss but had an alternative fund to draw from in those down years?  This could be a three million dollar decision.

I explain how in this quick video.

More Coverage without More Underwriting – A Three Part Series [Upsells, No-Exams, Conversions]

Presented by Brian Leising

Part 3

Conversions (renounce your old life)

Looking for ways to help your clients obtain more life insurance coverage without the hassle of additional underwriting?  Converting a term policy to a permanent plan avoids underwriting and typically pays you a new commission on the permanent plan.  Look through your client files for clients with older term life policies.  If they have no permanent coverage, discuss their conversion options.  For a traditional conversion, a client may convert all or part of their term plan to any permanent plan offered by the company at the time of conversion.  If they have a return of premium term policy, they may be able to obtain a reduced paid-up plan in lieu of receiving their premiums back.  If you don’t like the options the carrier presents, MetLife offers a cross-company conversion plan.  You can convert another carrier’s term to one of their permanent plans.  Also, don’t forget about child riders.  Companies usually allow children covered by riders to convert the rider to a permanent plan, all without additional underwriting.

Three ways for a Property and Casualty Agency to Sell More Life Insurance (Part 3)

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 is the third item that all successful agencies use to sell life insurance to their auto and homeowners clients:

Use online applications.  You probably use these for your other lines of business already.  Nobody likes more paperwork.  You can be physically in front of your client, or speak with them over the phone.  Either way, the online process speeds up the underwriting system and eliminates paperwork errors.  Not familiar with this process?  Check out a how-to video and then listen to what a once-reluctant online app adopter has to say about the process.