Fax Your Way to a Fortune

[arnguy]

SamIam, fax you!

 

[Mark]

I get the health insurance junk spam about once a week. It must be working for someone or they have not been sued enough yet.

 

[Josh]

I've been doing this for years nothing revolutionary!

What is this "fax" of which you speak?

 

[proadvisors]

I send the fax...then i go see them and talk about financial planning
from all aspects and qualify them, i find out what type of insurance they have, what type of investments etc...if they have a written financial plan,
the .99 cent special is just a way to open the door so I guess I bait with price and switch to value. Example I had a guy who was paying 1500 a month into a v.u.l. policy he was 33 years old. I got him 1,000,000 30 year term and put 1400 a month into a fixed indexed annuity. We 1035'd his cash value into the FIA and he got a 20% bonus on the money.
His vul was of course having bad performance in the recent stock market. He bought it as a investment vehicle. If you fact find once you see the client value is not hard 2 build.
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so basically I showed him how to buy term invest the diff into a safe vehicle for retirement

 

[AllenChicago]

For HEALTH insurance, this has been my primary method for getting in front of the small business owner target market since 2001. Works great! I close 8 of 10 appointments, and almost always with multiple product sales on the first visit. But, to keep your blood pressure low, let a telemarketer make the callse to find out what business owner would like more info, before YOU call him/her to send out the personalized fax (or e-mail) quote.

Thanks for starting this thread ProAdvisors. There are many newbies and even experienced agents who are looking for marketing/sales tips like this! Have a great upcoming week. -Allen

Call get the business owner on the line.
Tell him you just wanted his fax # to send a free
quote over that you help business owners get
their premiums reduced and that as a small business
owner you know saving money means making more money.

They will glady give you the fax thinking they can get rid of you.
You then ask a few questions "saying ok just a couple questions
and I will get out of your hair here" Find out who they are with
how much they pay, health etc if you need to shop it if your indie fax something better....call back next day and set a 15 minute drop by....

I should have charged for that

 

[VolAgent]

I send the fax...then i go see them and talk about financial planning
from all aspects and qualify them, i find out what type of insurance they have, what type of investments etc...if they have a written financial plan,
the .99 cent special is just a way to open the door so I guess I bait with price and switch to value. Example I had a guy who was paying 1500 a month into a v.u.l. policy he was 33 years old. I got him 1,000,000 30 year term and put 1400 a month into a fixed indexed annuity. We 1035'd his cash value into the FIA and he got a 20% bonus on the money.
His vul was of course having bad performance in the recent stock market. He bought it as a investment vehicle. If you fact find once you see the client value is not hard 2 build.
- - - - - - - - - - - - - - - - - -
so basically I showed him how to buy term invest the diff into a safe vehicle for retirement

So you just helped the guy buy high and sell low, brilliant! Not only that, you moved him into an interest bearing vehicle, in an environment where most economists expect interest rates to soon rise. And in addition, you took his disbursements from being tax free, to taxable on the gains and subject to penalty should he want the money early.

Why did you need to 1035 the money? How old was that VUL, if it had performed that badly, then there was no taxable gain.

 

[somarco]

Proadvisors, do you (or did you) work for Primerica?

 

[Larry Tew]

I send the fax...then i go see them and talk about financial planning
from all aspects and qualify them, i find out what type of insurance they have, what type of investments etc...if they have a written financial plan,
the .99 cent special is just a way to open the door so I guess I bait with price and switch to value. Example I had a guy who was paying 1500 a month into a v.u.l. policy he was 33 years old. I got him 1,000,000 30 year term and put 1400 a month into a fixed indexed annuity. We 1035'd his cash value into the FIA and he got a 20% bonus on the money.
His vul was of course having bad performance in the recent stock market. He bought it as a investment vehicle. If you fact find once you see the client value is not hard 2 build.
- - - - - - - - - - - - - - - - - -
so basically I showed him how to buy term invest the diff into a safe vehicle for retirement

Well, at least ONE of you benefited from the transaction.

 

[scagnt83]

Yep, not only did he change tax status, risk tolerance, and advised him to sell low and take a loss; but he also took away a permanent DB and has left the client w/o insurance at age 63.
And lets not forget about changing from a DB that will most likely keep up with inflation, over to one that most definitely will not.

Did you inform your client that in 20 years to keep up with average inflation he will need $800K more to have an equivalent amount? In 30 years he will need $1.4mill more than what he has now to have an equivalent amount..... did you disclose this fact?

You took this client from a product that most likely would keep up with inflation, or at least be close; to a product that is worth less and less each year....

How old was the VUL? Did it have an increasing or a level DB? (even level DB options can have an increasing DB)
Did it have a guaranteed DB associated with it? What was the minimum funding level if it had a guaranteed DB? Did you take a loss by taking the surrender value?
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Proadvisors, do you (or did you) work for Primerica?

I ran across a Primerica agent the other day while helping with an open enrollment for a local hospital. She was a nurse who was signing up for voluntary life.
She mentioned having a term policy and selling it to herself, thats when she asked if I had ever heard of Primerica...

Well, 5 minutes later I had explained the difference between WL and 20 YT to her over 5 times; she just barely understood it!!! WTF! She calls herself an insurance agent???

 

[richard.ferraro]

So you just helped the guy buy high and sell low, brilliant! Not only that, you moved him into an interest bearing vehicle, in an environment where most economists expect interest rates to soon rise. And in addition, you took his disbursements from being tax free, to taxable on the gains and subject to penalty should he want the money early.

Why did you need to 1035 the money? How old was that VUL, if it had performed that badly, then there was no taxable gain.

A little hard on the guy. You seem to be a ssuming to much. Maybe the FIA was and IRA. Why not 1035? In this case it PROBABLY doesn't matter. THe key word being Probably so why not use the 1035. Also maybe the customer was sick of his vul and was getting out regardless. Before you attack why not ask the details and maybe we can all benefit. Also, I'm sure he gave the customer all the drawbacks.