Novice at life insurance need advice

Jan 6, 2019

  1. obewan
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    obewan New Member

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    I mainly do Medicare supplements and Advantage plans which I'm pretty content doing. I don't do life much unless I get asked for a quote, which isn't very often. What type of policy would be good to quote a 37 and 39 year old couple who's not sure of how much coverage to get, they mentioned maybe 50,000. I have a meeting with them next week so I have a little time to prepare.
     
    obewan, Jan 6, 2019
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  2. pfg1
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    pfg1 Guru

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    That is a huge open ended question with little supporting info. You need to get more alot more info it sounds like. Most mid 30's clients have 20-30yr term, 10-20x income. Enough to pay off mortgage, all debt, w money left over to support the surviving spouse and/or kids. Some have perm to go along with it, again ... according to their needs and wants. No way to give you good advice without more detail on them.
     
    pfg1, Jan 7, 2019
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  3. fed up
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    fed up Super Genius

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    How much can they afford to put out for a policy? What number won't be missed when life throws a curveball? then get the best coverage available for that dollar amount. No policy is any good if it is not in place when needed.
     
    fed up, Jan 7, 2019
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  4. Robert Barney
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    Robert Barney Guru

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    Do they have children?

    Do they plan to have children?

    How many children? How old is the youngest child?

    Try this:

    TERM4SALE | Life Insurance Needs Calculator
     
  5. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    Okay, I can't teach you enough quickly, but I can give you a 4-question fact-find that should help you in the next visit. This was from John Savage's early years:

    1) How much life insurance should I buy?
    2) What kind of life insurance should I buy?
    3) Who should I buy it from?
    4) When should I buy it?

    Now you answer these 4 questions for them:
    1) How much? The greatest amount you can easily afford.
    2) What kind? The BEST kind to start with: term life insurance!
    3) Who should you buy it from? (Look around the room first) Since there's no one else here, I recommend that you buy it from me. :)
    4) When? TODAY! Because I'm only recommending an amount you can easily afford.

    Then you go to work figuring out a quote and a budget that fits their needs and health situation today.
     
    Last edited: Jan 7, 2019
    DHK, Jan 7, 2019
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  6. obewan
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    obewan New Member

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    Thanks for the info and advice it really helps. There were things mentioned I didn't think about
     
    obewan, Jan 7, 2019
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  7. Newby
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    Newby Guru

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    With younger people like that (assuming they are healthy) I always focused on either a whole-life policy with a term rider that is convertible or just a GOOD CONVERTIBLE term policy. Most term is convertible but it converts to overpriced limited options.You want one with great options. You have to do some fact finding to make sure which kind of insurance is right for their purpose and the suitable amounts.

    Of the companies I carry Lafayette, KSKJ and RNA are my three favorites to use on these cases and probably in that order.
     
    Newby, Jan 7, 2019
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  8. Allen Trent
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    Allen Trent Guru

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    I would go with the least expensive policy to own, which is many times SPWL paid with a lump sum instead of those pesky ongoing premium paying policies like term, WL, IUL, UL that add a lot of ongoing carrying costs. Paying cash up front is the cheapest long term no different than paying cash for a car or a house. So, that is what I would start with, then when they say they cant afford, you can back off to the more expensive policies like term, WL...................................:D
     
  9. martha ramirez
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    martha ramirez New Member

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    Some of the recommendations here are pretty on point. Start with fact finding. Your goal is to place the right kind of policy for their benefit, at a premium that they can afford. A life insurance policy they'll stop paying on is a waste of their money, your money (chargeback) and everyone's time. Just be conversational and ask about their goals, what they're trying to protect, and what they feel they can budget. Every agent will have their own process they go through. I find that a good starting point is doing a needs assessment to determine how much they actually need, and then work to find what they can afford.

    There are many good life insurance calculators available to make the process easy. Just filling in the calculator fields will give you a good rundown of what kinds of questions you should ask them to determine what will be most beneficial for them. Good luck on placing your policy!
     
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