what would your sales pitch be?
- Thread starter nfl72
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Until you know what problem you're trying to solve, I don't know how converting to WL would help him. At his age, he might only be able to get it for estate preservation purposes, offsetting taxes to beneficiaries for his IRS regulated retirement plans, or social security survivor benefits.
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If that's the case, then I'd compare a base whole life policy and compare it with a non-lapse GUL and let him choose.
- 4,574
are you 100% certain the term is convertible? I ask because I have seen several nice cases written where the agent submitted the conversion application only to find out the conversion privilege expired previously due to a max age of conversion or no conversion privilege on the policy.
If still convertible, in addition to figuring out what the need/purpose of his current term is, show him both the existing term & what happens in 2026 forward in terms of the escalating ART premium & also show him the cost of waiting to buy the WL/GUL if he waits until the max conversion age.
His great health now predicts that he will outlive the current term, meaning there is no better time than now to convert.
Also, many clients his age have other money that could pay for the conversion. Lazy money Bank CD type money could be used for SPWL. RMD's not needed to live on could be used to pay the premiums for premium paying WL. Either one of these 2 could provide the fuel to have his current coverage become permanent & potentially not cost him any real net premiums, merely using what he has to leverage to have it be tax free life upon his death & if structured correctly, not take away all the liquidity of his current money if using a WL with PUAR rider or a GUL with overfunding
- 24,968
What David said.
Also - What is is his pain point and what hurts more? The premium or the amount he is leaving his wife?
1st - put the premium into perspective. He is not paying $85.00 a month for a twenty year term. He is paying $85.00 for a 7 year term. He is 70. Let's assume he does not plan on dying until age 90ish. Ask him. Get his policy and write down the premiums including the increases in the premiums at the end of the twenty year premium. That is what he owns today.
Also he is no longer a 57 year old looking for coverage just to 77. (Below mortality) Now he is a 70 year old looking for coverage until he dies.
Now you can do a comparison.
Assuming he really is healthy there are some good options out there. More at $50,000 than $25,000. At $50,000 you get Protective and MoO I believe there may be some living benefits with MoO need to check age cut off though.
Can he convert? What company is he with? That could be a good back up plan depending on his health and the plan he can convert to.
Just an FYI Male age 57 Preferred >>>
Sage No Lapse UL Accelewriting $85.53 Preferred Non-Tobacco
- 24,968
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He is with auto owners. It expires and can not be converted in 2027. If I write him it will in all likelihood be a FE policy for $25K. I do not know enough about GU policies.
I did write his wife a 25K FE in 2013. I am just looking for a more effective way of stating to him why he should do what I am suggesting he do, which is convert to a whole life policy.
Other than the obvious; Robert, if you choose to continue with your current policy, for Joanne's sake, just make sure you die before 2027.
I did write his wife a 25K FE in 2013. I am just looking for a more effective way of stating to him why he should do what I am suggesting he do, which is convert to a whole life policy.
Other than the obvious; Robert, if you choose to continue with your current policy, for Joanne's sake, just make sure you die before 2027.
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There was a video posted in another thread of a training segment by JackieBCooper for some auto selling. I was quite taken with that and went looking on youtube and found one more-in which Jackie asked a customer who was leaving without buying-"will that car fit in your garage?".
I gathered from Jackie's visual clues and his comments that the intent was to stop the customer in his tracks and make him think hard about a situation in which he actually had possession of the vehicle.
Are there questions like that for insurance? I was trying to think about medicare supplements and the best I could get to was Will this policy fit in your file cabinet?
Somehow that seems like a non-starter.
But for life insurance would something like "Dollar, how is Susan going to replace your income when you die?" be a good focuser?
I like wino's comments too.
I gathered from Jackie's visual clues and his comments that the intent was to stop the customer in his tracks and make him think hard about a situation in which he actually had possession of the vehicle.
Are there questions like that for insurance? I was trying to think about medicare supplements and the best I could get to was Will this policy fit in your file cabinet?
Somehow that seems like a non-starter.
But for life insurance would something like "Dollar, how is Susan going to replace your income when you die?" be a good focuser?
I like wino's comments too.
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