Determining a Client's Needs....

[LifeIn403b]

I'm venturing out into the unknown and I'd like some pointers on determining a clients needs for life insurance. Is there a blank template someone has or some pointers elsewhere on the site??

Also, how to determine a better fit between whole life or term????

 

[Cornelius]

Here's a site to get some information. LIFE Foundation

As for Term verse WL. First consider how much coverage is needed. Get ready for the BTID bebate to start..

 

[LGilmore]

there are a ton of formulas out there you can use. The old fashioned way was start with a yellow legal pad and start asking questions...

My first was "if you didn't wake up tomorrow" What would it take to put your spouse at zero debt?

From there... how long would you want your spouse to be able to grieve? How much money would that take to help?
Kid's college? Does the spouse need to find work now? and so on, and so on,

There are some that go 5x or 10x income. Depends on what you want to use and how personal you want to go.

good luck. Show em everything tell them the difference, even consider combining when possible.

 

[Chuckles21]

there are a ton of formulas out there you can use. The old fashioned way was start with a yellow legal pad and start asking questions...

My first was "if you didn't wake up tomorrow" What would it take to put your spouse at zero debt?

From there... how long would you want your spouse to be able to grieve? How much money would that take to help?
Kid's college? Does the spouse need to find work now? and so on, and so on,

There are some that go 5x or 10x income. Depends on what you want to use and how personal you want to go.

good luck. Show em everything tell them the difference, even consider combining when possible.

Here is my formula:

"The amount of life insurance you have isn't right or wrong until you compare it to what you would want to happen if you didn't make it home today.

Most people want there life insurance to do a few things. One is to pay off any existing debt and pay for any final expenses. Two is to pay for children's cost of education (depends on each situation for this one). Three is as an income replacement for the person that is gone. When we loose someone we loose them in three ways: physically, emotionally and financially. Unfortunately you can't do anything about the first two but we can take care of the financial lose.

Life insurance is not around to make someone rich. It's purpose is to make sure our remaining loved ones can continue to live a comfortable lifestyle."

For me the income replacement is arguably the biggest piece to the equation. As far as term vs. permanent usually i write a combination of both, but it truly depends on each individual situation on what I recommend.

 

[Briefcaseboy]

I like the one above.......how long would you want your spouse to be able to grieve? Leave her a couple of grand and she will grieve for a month, leave her a couple of million and it really shortens the grieving process.....let's see funeral at two, plane leaves for the French Riviera at seven.

 

[LifeIn403b]

I like the one above.......how long would you want your spouse to be able to grieve? Leave her a couple of grand and she will grieve for a month, leave her a couple of million and it really shortens the grieving process.....let's see funeral at two, plane leaves for the French Riviera at seven.

LMAO!! I won't forget that one. I've been working for an annuity IMO, but I'm ready to do my own thing, be my own boss, etc etc. I've looked into 403(b) but with the regs and the low comps of modern times, it just makes doing strictly 403(b) TOUGH! So, I want to have my hand at life insurance and combine the two a few months down the road.

Also, HOW difficult is it REALLY to market and sell just 2 or 3 policies a week?? Any pointers here???

 

[Guest]

You ask the client, how much money does the wifes new boyfriend need?

 

[briko3]

LMAO!! I won't forget that one. I've been working for an annuity IMO, but I'm ready to do my own thing, be my own boss, etc etc. I've looked into 403(b) but with the regs and the low comps of modern times, it just makes doing strictly 403(b) TOUGH! So, I want to have my hand at life insurance and combine the two a few months down the road.

Also, HOW difficult is it REALLY to market and sell just 2 or 3 policies a week?? Any pointers here???

That's a common way to feel when you first get started. It's not as easy as it looks.

 

[LifeIn403b]

That's a common way to feel when you first get started. It's not as easy as it looks.

So, what are the best marketing techniques to find new clients?

Is it cold calling?
Lead systems?
Door to Door?

Please enlighten this ROOKIE.....

 

[arnguy]

So, what are the best marketing techniques to find new clients?

Is it cold calling?
Lead systems?
Door to Door?

Please enlighten this ROOKIE.....

Whatever works best for you. Give them all a try!