Prospecting/ My 20 Point Day System

[Atlas]

flatfive,

" When a man buys a $5M Whole Life I'd call him a damned fool. "

You must be joking!!!!!

Well Sam Walton had 178,000,000 In WL when he died. Go look up his probate records. They paid all of his estate tax with WL DB

LI DB avoids probate. It is used to pay estate taxes

Donald Trump has far more that that.

Jetty Jones owner of Dallas Cowboys has god know how much. I know he bought some more last year from Mass Mutual. A friend of mine still works for them in Dallas. he said it was a huge amount of WL

Ross Perot has god know how much, as does Ross Jr.

How do you think rich people pay their estate taxes? Rich is someone with a net worth of more than $3,000,000.

The avoid what they can with living trust, by pass trust and they let ILIT's and WL pay the rest.

I wish I knew how much Bill Gates had.

Smart people buy Par WL from New York companies.


" too much insecurity " I agree with you on that. I have never saw someone so insecure that they felt as if they should post how much they made. If the numbers are true that is.

You so funny.

:lol:

 

[Atlas]

Flatfive,

Here you go man look an see who is the " damn fool, " the man with lots of Whole Life, or the man without any.


You said, " When a man buys a $5M Whole Life I'd call him a damned fool. " lets just see if you are right about this. Let's us do a very short case study.



Fumbling the Ball


Joseph Robbie was a successful businessman, an attorney and an avid sports fan. He combined his good business sense and his love for sports in his ownership of the Miami Dolphins, one of the NFLÂ’s most successful teams. But in March, 1994, Financial Planning magazine reported, "the yearÂ’s biggest loser in the National Football League is the Robbie family, the former owner of the Miami Dolphins. Torn apart by family rift, general mismanagement and estate taxes reportedly in excess of $45 million, the family was forced to sell the team, one of the most valuable franchises in professional sports, at a bargain-basement price."

RobbieÂ’s estate was somewhat less than $100 million and almost 50% of it vanished in federal estate taxes. It compelled his family to sell the Dolphins at a fraction of its value. Strife and bitter resentments developed within the family because of the actions they had to take to pay the taxes. The real tragedy is that it all could have been avoided.

If that $45 million could have been paid with a life insurance check,
concluded Financial Planning, it would have certainly changed the financial complexion of the familyÂ’s situation.


" When a man buys a $5M Whole Life I'd call him a damned fool. "



Just think, if had been DUMB ENOUGH TO BUY $50,000,000 of WL what could have happened to this " damned fools " family.


:lol:


Why Do Estate Planning?

When Joe Robbie (the former owner of the Miami Dolphins) died, his heirs were forced to sell the team as well as Joe Robbie stadium in order to raise the cash to pay the estate taxes. They also lost millions of dollars to lawyer's fees and other related expenses. In contrast, Sam Walton, the legendary founder of Wal-Mart, left an estate valued at roughly $25 billion, yet his heirs didn't pay a penny in estate taxes. The difference? Walton had a carefully conceived and crafted estate plan that took advantage of every legal opportunity offered by the estate tax codes. Robbie, on the other hand, had no estate plan at all.

Most business owners know they face sizeable estate taxes, yet few do anything about it. According to Wolff, 85 percent of wealthy Americans do only the most basic estate planning. Of the 15 percent that attempt advanced estate planning, the majority fail to accomplish their intended goals. Worse, of family businesses that fail after being passed on to the next generation, 97 percent are forced to sell the business in order to raise the cash to pay estate taxes. Wolff attributes much of the high failure rate to basic human nature.

"Every year, untold millions of dollars are unnecessarily lost to estate taxes because of the dreaded 'P' word -- procrastination," he explains. "It takes a highly motivated individual to invest their time and energy into planning something that will benefit others, especially when you consider that the person won't be around to see the results of his or her hard work."

According to Daniels, proper estate planning does far more than just reduce or eliminate estate taxes. It also:

Prevents children and grandchildren from fighting over money, the business and "sentimental" items in the estate


Prepares children and grandchildren for the wealth they will receive


Protects the assets you leave behind from the ravages of divorce, lawsuits and other creditor actions


Creates tax-deferred cash flow streams for yourself if you become disabled and for your family when you die


Maximizes the value of your business in family or business buy-sell agreements or an outside sale


Prepares the business to continue (whether kept or sold) after you are gone.

 

[NHB_MMA]

I have to agree with the others that the pitch is dated.

That being said, if you BELIEVE in what you are doing, and APPLY what you BELIEVE, anything will work.

Or as John says, anything works as long as you do.

To a point. Your "pitch" matters a lot too. I could walk into 1000 businesses and say "Umm...does anybody here want to buy life insurance from me?" and I'd be surprised if I got one sale.

The pitch probably is dated, but let's be honest--what you say matters. Certain ways of saying things and buzz phrases will be more money in the bank.

 

[NHB_MMA]

flatfive,

" When a man buys a $5M Whole Life I'd call him a damned fool. "

You must be joking!!!!!

Well Sam Walton had 178,000,000 In WL when he died. Go look up his probate records. They paid all of his estate tax with WL DB

LI DB avoids probate. It is used to pay estate taxes

Donald Trump has far more that that.

Jetty Jones owner of Dallas Cowboys has god know how much. I know he bought some more last year from Mass Mutual. A friend of mine still works for them in Dallas. he said it was a huge amount of WL

Ross Perot has god know how much, as does Ross Jr.

How do you think rich people pay their estate taxes? Rich is someone with a net worth of more than $3,000,000.

The avoid what they can with living trust, by pass trust and they let ILIT's and WL pay the rest.

I wish I knew how much Bill Gates had.

Smart people buy Par WL from New York companies.


" too much insecurity " I agree with you on that. I have never saw someone so insecure that they felt as if they should post how much they made. If the numbers are true that is.

You so funny.

:lol:

Although I've learned many things here, you will find that WL gets bashed on this forum. It's just the way it is.

 

[NHB_MMA]

BTW, the 20 point system is great. NYL teaches something similar to its agents, as I'm sure some other companies do. But I think 20 points is shooting a little low and I would suggest most people aim for 30-40.

 

[somarco]

I could walk into 1000 businesses and say "Umm...does anybody here want to buy life insurance from me?" and I'd be surprised if I got one sale

You might be surprised at the results.

Is this pitch effective? For some people it is. Just shows the power of persistence.

Can you devise a better approach? Absolutely.

Allstate built their company by placing booths inside of Sear's stores which effectively duplicate the pitch "Does anyone want to buy insurance"?

A guy in Chattanooga years ago duplicated that approach by renting a booth in a mall in the Brainerd area and sold quite a few auto & HO policies as well as a number of health & life.

Jeff Gitomer says no one likes to be sold but everyone likes to buy. All you are doing with such a low key approach is giving folks the opportunity to buy.

 

[James]

flatfive,

" When a man buys a $5M Whole Life I'd call him a damned fool. "

You must be joking!!!!!

Well Sam Walton had 178,000,000 In WL when he died. Go look up his probate records. They paid all of his estate tax with WL DB

LI DB avoids probate. It is used to pay estate taxes

Donald Trump has far more that that.

Jetty Jones owner of Dallas Cowboys has god know how much. I know he bought some more last year from Mass Mutual. A friend of mine still works for them in Dallas. he said it was a huge amount of WL

Ross Perot has god know how much, as does Ross Jr.

How do you think rich people pay their estate taxes? Rich is someone with a net worth of more than $3,000,000.

The avoid what they can with living trust, by pass trust and they let ILIT's and WL pay the rest.

I wish I knew how much Bill Gates had.

Smart people buy Par WL from New York companies.


" too much insecurity " I agree with you on that. I have never saw someone so insecure that they felt as if they should post how much they made. If the numbers are true that is.

You so funny.

:lol:

Although I've learned many things here, you will find that WL gets bashed on this forum. It's just the way it is.

Its the new paradigm, to some Insurance is now a commodity. I'm sure this will go the way of the "New Economy" as was so touted by many before the Dot-Com Bust. People here that have really no expierence in sales of life esp that of the business side are now bashing those that are Icons of this business. Yet what is amazing if you look at Meisel, Savage, Feldman etc. and what they preach is really nothing more then solid Customer Service. So I really don't know what some call the System, is? Obviously they speak of things they know nothing about.

 

[STIBROKER]

Obviously they speak of things they know nothing about.

and you do.....and BTW I don't bash WL.....just had one issue last week.....

 

[James]

Obviously they speak of things they know nothing about.

and you do.....and BTW I don't bash WL.....just had one issue last week.....

I wasn't referring to W/L!

If you would of read the post you would of seen I was referring to those that tried to say Meisel was one of those "System" guys, you know who I'm talking about with his Post Cards, what's his name again? Yet if you read his books or his articles "Is this about Insurance?", you would quickly understand he is all about Customer Service. Yet I guess too some that would be a System? One that might fail since no one wants us to talk to them or visit them.

 

[Atlas]

Many agents just use LI for one or two jobs. Pay off the home or put someone in the ground.

The bottom line is a good CLU or even a good insurance professional knows many uses of a WL or perm policy. Such as:

412i
Def Comp
Split Dollar
Rev. Split Dollar
Cross-Sell
Buy-Sell
DI Buy Out
CHOLI
Key Man
Executive Bonus
Section 303 Stock Redemption

The list goes on and on.

Advanced LI sells helps the clients pay estate taxes, sell biz at death for set price, gifts to charity, secure bank loans, pay off debt faster. The list is almost endless.

LI is one of the most powerful financial tools in history. It is not just for getting grand pa in the ground, or paying off the home when I die. That is a wonderful way for a novice or rookie to get started but after a few years you need to progress to a higher level of professionalism.