Determining Needs

May 22, 2016

  1. Levi
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    Levi New Member

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    In spelling out how much coverage one needs for Life Insurance I have always used the DIME method.

    Anybody else use something different?
     
    Levi, May 22, 2016
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  2. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    Human Economic Life Value.

    It's the principle that insurance is designed to replace the economic value of what was lost.

    Look at your financial underwriting guides and see how much you can issue based on one's income. The maximums are based on human economic life value.
     
    DHK, May 23, 2016
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  3. Levi
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    Levi New Member

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    Thank you DHK! I appreciate it.
     
    Levi, May 23, 2016
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  4. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    The attached PDF was available online for quite some time, but now I can't find a link to it anymore.

    It's Robert Castiglione's 2004 MDRT presentation on creating a Wow experience in life insurance sales. While I wouldn't count on the commission math that he uses (he's assuming a death benefit only focused sale of permanent life insurance), all his other points are very valid.

     

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    DHK, May 23, 2016
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