I know this is not the normal circumstance but I have at least one client that has no use for the LA. He is a woodworker and has built his and his wife's caskets.. He has them sitting in the back of his garage waiting for the day they are needed..
Is there an App on the market like the Senior Life App?
- Thread starter myinsurebiz
- Start date
- 3,764
I know this is not the normal circumstance but I have at least one client that has no use for the LA. He is a woodworker and has built his and his wife's caskets.. He has them sitting in the back of his garage waiting for the day they are needed..
Well in words of Greg Hinton aka @theinsuranceman you are bad salesman, and shouldn't be in industry. Everyone who buys a a $5K to $20K 'needs' Legacy assurance. If you don't sell it you're a bad agent according to Greg
- 4,875
I know this is not the normal circumstance but I have at least one client that has no use for the LA. He is a woodworker and has built his and his wife's caskets.. He has them sitting in the back of his garage waiting for the day they are needed..
This guy has less need for Legacy Assurance than most. But remember, Legacy also negotiates with the funeral homes in the area to make sure the family is getting the best price available at that point in time. This could be helpful in saving some $$$ on the other funeral expenses, especially making sure the family is not taken advantage of by the funeral home.
And this guy can also get 4 other family members their casket, vault and monument locked in at $3500 for the rest of each of the 4 family members' lives even though they may not get a SL policy. If any of these 4 family members never get a life ins. policy from any carrier, the family will have less $$$ to come up with out of pocket for their deadbeat family member.
Legacy may be helpful to this guy after all?
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- 4,875
I'm not the originator of Legacy Assurance. But the savings are real whether a person has a 5k or 20k policy. With a 20k policy, less $$$ goes to the funeral home....which means more $$$ stays with the family. Do you really think a family will complain about less $$$ going to the funeral home and more $$$ staying with the family?
- 3,764
Like I've said numerous times for some people it's great!!! But for the families who dont need this why penalize an agent???
By penalize I mean cut commissions and not pay ANY renewals to agent??? That's the "gripe" with agents
Not every client is the same.
- 4,875
I'm the wrong person to ask those questions to. The better question to you is.......If a family doesn't need the Legacy savings then why don't you write that proposed insured with another one of your many, many carriers?
- 3,764
Many agents do just that. Including your own down line agents
- 4,875
Name just one of my down line agents who do this......you can't.....LOL! Besides, why would I care if a broker did this?
My full-time agents who work 20 fresh exclusive leads each week always use Legacy in their sales presentation and understand how it ALWAYS benefits the family.
Obviously you don't understand Legacy and how it works.
Here' the deal with Legacy:
_Ms. Jones can get her casket, vault, and monument locked in for $3500. If she lives 40 or 50 more years the $3500 never goes up. At the funeral home the casket, vault, and monument runs about $7000 at today's prices and will go higher due to inflation.
_Ms. Jones can pick which casket she wants way ahead of time. This way no one in the family will be arguing about which casket to get momma. Gives Ms. Jones some additional "peace of mind" that a plain life insurance policy can not match. Improves closing %.
_Ms. Jones also has a selection of over 200 caskets to select from. No funeral home in America has that large of a selection. We actually show Ms. Jones the caskets, in full color on the ipad, during our presentation. This also improves the closing %. One or 2 extra sales per week is the difference between an agent making it or failing out in this business.
_Ms. Jones's family can get the same discounts on up to 4 additional family members. Let's say in the house there is Ms. Jones, Mr. Jones, an adult daughter, and a mother-in-law who is 105 years old. If Ms. Jones is the only one who gets a SL policy, her husband still gets the $3500 discount, the daughter gets the $3500 discount, and the 105 year old mother-in-law also gets the $3500 discount. If Mr. Jones is stubborn about buying life insurance, Legacy savings on the family makes him like putty in your hands.
This helps SL agents make a few extra sales that agents with other carriers will miss. Also improves persistency. Doubtful all 5 members will forget about the Legacy savings any time soon. These are 2 reasons that smart agents bundle Legacy with the policy. It's a package deal even though SL and Legacy are 2 separate and distinct entities.
_Even if another carrier has the same face amount for $20 less per month, the savings with Legacy and a SL policy will ALWAYS be a better deal financially for Ms. Jones. $20 x 12 months x 10 years = $2400 savings in premium, but that savings in premium payments is eaten away by the increase in costs at the funeral home over the same 10 year period due to inflation. Legacy provides $3500 savings on day one PER FAMILY MEMBER, which of course is a much bigger savings than a measly $20.
_The Legacy savings start on day one, even if the life policy has a waiting period! Legacy is like giving that guarantee issue client an immediate coverage policy of $3500!
_The concierge service will check with funeral homes in the area and price shop for the family to help ensure they are getting the best price on the funeral or cremation. Even if Ms. Jones has already picked a funeral home before her death, Legacy will negotiate with that funeral home to make sure it matches or beats the prices of the other funeral homes in the area.
_Free next day shipping of the merchandise to the funeral home. (except Hawaii and Alaska).
_For referrals: It's ok to ask "Ms. Jones who else in the family, or friend, or neighbor needs some insurance"? Much better to ask "Ms. Jones who else in the family, or friend, or neighbor would like this free information on how they can get the same funeral savings for their family"? You'll get more referrals this way. And we all know referrals are free $$$.
Matt, Louise, and anyone else, the floor is now yours, can you show the class just one reason why Legacy wouldn't benefit the family of the deceased?
Me personally, I can only think of one reason a family can not be better off WITH Legacy than WITHOUT Legacy. That's when they say "I don't care what they do with my body I won't be here. They can throw me out in the woods". That person's not buying a policy anyway.
- 3,764
This is all great stuff for certain prospects.
But what would you do in this situation:
Prospect: Greg the insurance man, I ONLY want a life insurance poilcy that will pay a death benefit to my children to pay for final expenses. I don't want any extra 'riders' or have multiple deductions from my checking account. I want ONLY one debit to my bank account for the insurance premium only. NO extra bells and whistles please, so don't try to add anything to my whole life insurance policy.
Curious to see your reply
- 4,875
Easy Matt. I've never had a prospect say that to me, not once. When you explain the savings on the funeral expenses via Legacy she wants it. Why would anyone elect to pay more for a funeral than they have to?
Curious to see your reply.
