You can call us with any life, retirement, disability, long term care or annuity case! We will analyze your case and find sales opportunities for you, and ideal solutions for your clients’ concerns. Joint sales assistance is available! Read on to discover some of the best questions to ask your clients.
Who are the best prospects and how do you generate interest?
Everyday clients and average consumers:
Ask EVERYONE for a life insurance review! Emphasize that today’s products are less expensive and offer benefits that their current policies do not contain, such as living benefits. Many people do not have adequate coverage and/or are overpaying. Permanent policies can be nearing a state of lapse, and your client/prospect does not realize it. Some (over age 50, with kids out of the house) have too much life insurance. They would rather have less and own some long term care insurance. Make sure that beneficiary designations meet current needs. A no-obligation meeting to answer questions and to make certain that their needs are covered, with no expectation of selling anything, is the best approach: “We will just meet to review your coverage, make some suggestions and see what is available today and at what price. Then you can go home to think about it.” You will see a lot more people, sell more and have less cancelled appointments with this approach.
High income clients and retirees (Executives, Physicians, Dentists, the college-degreed):
Same as above, but also ask, “Do you have a trust?” All assets must avoid probate, and the trust should be the beneficiary of all personal life insurance.
- Do you have any disabled children or grandchildren?
- “Do you have disability insurance?” – If they are still working, make certain that they have adequate disability insurance, and strongly suggest that you review any disability policies (look for Own Occupation definition).
- Ask if they have an estate tax issue (a net worth over 5 million).
- Ask if they have been saving enough for retirement and if they would like to see a tax-favored retirement plan?
- If over age 50, ask, “Do you know anyone that has needed long term care? Are you concerned about future long term care costs?”
- “Do you own any CDs or IRAs? Are you guaranteed an income for the rest of your life? How much a month? Would you like to know that your retirement income is guaranteed forever?”
Ask, “Does your business run itself? How well or how long would your business run without you there? How much vacation time do you take?”
- “What is your plan if you were to become disabled or worse?”
- “Do you understand what the financial impact will be on your family and on your business?”
- “Do you have any Key People that would damage your business if they left and joined a competitor?”
- “…or Key People that you value and want to provide some additional benefits for?” The owner must have life and disability in place (in addition to any personal insurance) to protect his business. Generally, the business should be the beneficiary. The business should have insurance or deferred compensation benefits – “Golden Handcuffs” – for the key employees. It must have a Buy-Sell agreement if more than one owner, funded with both life and disability buy-sell insurance. This must be reviewed. Suggest a Business Valuation and Buy-Sell review if they have any doubts about the value of the business or buy-sell planning. Even a sole owner should have a business succession plan, outlining the future owner and/or buyer.
- Ask “What is your succession plan? Is it a family member? A competitor? Key employee, or who?”
- Ask if the owner is saving enough for retirement and if they would like to see a tax-favored retirement plan.
- Ask for a census of all employees, including job title and income, so that we can analyze the case and provide suggestions for key person, buy-sell, life, disability, retirement planning and long term care insurance benefits planning. Get a copy of any current life and disability group plan coverage and the last billing statement.
Follow these steps consistently, and then contact us. Your income, your clients and business will benefit!
With our knowledge and resources we can help you develop more revenue from your clients and businesses. We have the promotional material and the questions to ask that will develop a consistent flow of life insurance leads. Annuities can provide exactly what many retirees are looking for in retirement – a guaranteed monthly check in retirement that they can never outlive. Disability and long term care insurance sales are an invaluable part of many financial plans. Buy-Sell planning, Key Person, and Retirement Planning are more very important concerns that we can help you address.
Bring us your next case, or contact us to get started. You will be very glad that you did!