3 Key Questions to Explode Sales

Jul 16, 2018

Thread Status:
Not open for further replies.
  1. Charley Parker
    Offline

    Charley Parker Contributor

    Posts:
    319
    Likes Received:
    16
    Insurance Forums Sponsored Advertorial
    Insurance Agency Marketing Services’ 32-year history of working in the single premium market, and the high levels of single premium life they sell year in and year out, oftentimes results in their team being tapped for advice and expertise on exactly how to increase SPL sales. They summarize the secret in two words - “Annuity Alternative”.

    Early on they studied at the school of hard knocks as they presented the benefits of SPL to life insurance producers. While they had some success, their business really began to take off about a decade ago when the team at IAMS focused their efforts on working with annuity producers and positioned SPL as an alternative to an annuity. The message was much the same, however the audience was more comfortable dealing with larger assets, more focused on the 60 and over market that is the ideal SPL target, and already had file cabinets full of folks with problems that were easily solved by improved SPL products.

    Over time they learned that, on average, for every 1,000,000 of annuity premium produced there was about 150,000 of SPL premium “ready to write”. They knew that if they were able to properly communicate the benefits and sales process to an annuity producer with 10,000,000 of existing annuity premium, they could show them how to be a rock star to dozens of their clients, extend relationships across generations, and make 180,000 more of commission - it is almost magic! Imagine if you could ask clients and prospects 3 more questions and double your commission while doubling, tripling or even quadrupling their take home benefits. It’s not magic, it’s just good business.

    These 3 questions will easily determine whether SPL is the right fit for your annuity clients:
    1. Do you have any assets you would like to pass on to your beneficiaries?
    2. Are you concerned about the cost of Long Term Care and have you purchased a plan to protect yourself in the event of a confinement?
    3. Do you have any annuities or other funds that you are not, or will not be, drawing from for retirement?
    When all is said and done your clients would ultimately prefer to leverage their assets the best way possible. Moving them into a tax deferred, tax free product such as single premium life just makes sense for many of them. Here are just two primary benefits of today’s SPL products that a share of your annuity clients will absolutely want to know more about:
    1. Long Term Care - The cost of long term care, coupled with the potential “use it or lose it” philosophy, stirs up a lot of emotion. Single premium life can eliminate that fearful emotion as it provides both tax free LTC and home health care benefits while paying any unutilized benefits to named beneficiaries tax free.
    2. Live On or Leave On Money - As the annuity grows, so do the tax implications. If left as-is, it can lead to a substantial tax bill to the annuitant when distributed in the future. More importantly, it results in additional ordinary income and, when added to the beneficiaries’ current income, creates a larger tax consequence. Keep in mind that the beneficiary is likely at their peak income level and this could put them in a higher tax bracket.
    This is just a taste of what the team at IAMS has learned from their producers over the last 32 years and there is so much more. In fact, they have developed SPL University to make it easy and efficient to learn all there is to know about this increasingly lucrative marketplace. From prospecting to underwriting, marketing assistance to how to get in front of hundreds of prospects, they have it all covered in a series of ten 3-5 minute videos.

    If you want to tap into SPL University simply click below and IAMS will deliver current and future videos right to your email. As a bonus, and to get you started on the right track, listen in now to Annuities V. SPL. You’ll take away an idea that will make you wonder why you didn’t call them years ago!

     
Loading...
Thread Status:
Not open for further replies.