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Have you had this happen in your career? Most of us have sooner or later…….how did it change your view of life insurance and the families and businesses it is meant to protect? What changes did you make with your clients? (thoughts from a colleague…..)
“Like many advisors, I began my career with a captive mutual insurance carrier, thrown into the deep end of the pool and told to sink or swim. At a very young age I was introduced to all aspects of sales and management within an insurance agency. One of my first tasks in the first three months of working in the agency forever shaped my career and has propelled me to do what I do today. I was to deliver a death claim on a policy that I had inherited, three months on the job, three months in the industry, and I was asked to fulfill the promise of an insurance company. A longstanding client of the agency had passed and I was asked to coordinate with his widow to process the claim.
I’d done everything I needed to do to prepare for the death claim. I’d had phone conversations with the insured’s beneficiary, his spouse. I worked with my insurance company to produce the death claim check and all the claim delivery documentation. I made arrangements with the beneficiary to deliver the claim. When I arrived at her home, we went immediately to the dining room table. My goal was to sell her an income producing annuity as well as to sell her on the need for her own insurance policy. Compounding the emotion and intensity of the moment, about halfway through our conversation I heard the cries and sniffles from her adult daughters, waiting in the other room. Come to find out the widow had invited her two daughters to be there for comfort after our meeting. When I handed her the check for $50,000 and slid it across the dining table, she very politely looked me square in the eye, and said “this is very kind of you to bring this out and make the process very simple. I want to thank you for expediting this process,” she paused and said, “When can I expect the rest of it?”
Taken back, what she didn’t know was the insurance company had researched the file and determined this was the only insurance policy that her late husband owned for her benefit. I responded, “Ma’am this is the only insurance policy that your late husband owned with my company.” She then, again being very polite, looked me in the eye and said “Josh, you’re my insurance man, figure it out.” In a bit of a panic, I offered to spend the day with her and her daughters to assemble all the pertinent documentation from her late husband’s office. We poured through filing cabinets of statements from old retirement accounts, I helped her with all the additional death claims and transfers. It was the most eye opening experience of my young adult life, and certainly the most powerful opportunity I had in the short three months I was in the business. Her husband had her well taken care of, and had amassed quite a portfolio for her benefit.
As a result of this conversation I decided that I was never going to put my clients in the same position again. I had made up my mind that all my clients past, present and future were going to hear this story. This new fire and purpose empowered me to pursue each policy with conviction as I encouraged my clients to carve out the time to perform a policy review with me. For some it was very painful, for others it was welcomed and they enjoyed the process. Within the next three months, I had pursued the entire inherited book of business in an effort to never have that same misinformed conversation again. I was determined to ensure that my clients at least knew what type of a legacy they are leaving behind and what it was that they were purchasing.
Fast forward to 2½ years later, I received a phone call from Larry one of my client’s husbands. Larry informed me that one of my clients, Nancy, had tragically passed from the very short battle with a very aggressive form of cancer. As sad as the conversation was, it ended very differently than Gary had ever expected. Little did Gary know, Nancy had left him a life insurance policy, a gift that would not only take care of any outstanding debts, but also included several years of her income as well as a significant gift for their two daughters. What may have meant more to Gary was the document that Nancy and I had prepared reviewing her existing insurance. In her own handwriting and initials, she had left a description of exactly how much she wanted to leave Gary and her two daughters. I delivered this document along with the check.
I’ve now been in the insurance and Financial Services industry for almost 15 years. I’ve unfortunately had multiple occasions to fulfill promises made through the policies that I’ve sold. We’re in an incredible position within the families that we touch every day and I don’t take that responsibility lightly.”
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Upcoming Events
Fall Workshop at Eschels Financial Group: A rare opportunity to have both Protective Fixed Indexed Annuities and Variable Annuities on
Thursday, September 15th from 10am-11am. Angel Tepe and Jeff Lindeman from Protective Life will share their compelling ideas for utilizing both annuities for clients in securing a safe retirement plan and to participate fully in the upside of the stock market.
If you are a Registered Representative, you owe it to yourself to join us and discover the ease of splitting the ticket to create the strongest presentations for your clients. If you are a traditional insurance agent, you owe it to yourself to join us to learn of Protective’s progressive income rider stories, and ways to present a secure paycheck for a client after they stop working.
When: Thursday, September 15, 2016
Time: 10am-11am EST **** light breakfast served at 9:30am****
Where: Eschels Financial Group Conference Room, 555 South Old Woodward Ave, Birmingham, Michigan
To reserve a seat: Call us at 248-644-1144
We look forward to seeing you then!
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Plan now to attend
As a financial, investment, retirement, or accounting professional, long-term care planning can be challenging–specifically because it may not be the primary focus of your practice. In fact, you may even avoid it. Yet at the same time, learning about long-term care could be one of the most crucial ways to serve your clients. A potential exposure so great, it could render all other strategies meaningless.
Join us for a free webinar and learn options available for your clients with the Care Solutions–a portfolio of asset-based LTC products that can provide tax advantages and benefits even if care is never needed.
During this webinar you will learn:
- How certain annuities can benefit from the Pension Protection Act and provide income tax free withdrawals for LTC
- About products that issue all the way up to age 85
- How to use qualified money to gain long-term care benefits
- How to speak with your clients about a negative topic (LTC) in a positive way
This learning opportunity will give you the ‘nuts and bolts’ of our products and arm you with the knowledge you need to succeed. At the same time, you will gain a level of comfort and learn how to broach this at times difficult topic with your clients.
Register today! |
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Featured Speaker:
Chris Huntsman,
Senior Development Wholesaler
OneAmerica
Full Product Webinar:
– Client presentation (advisors only)
– Asset-Care (hybrid life/LTC)
– Annuity Care (hybrid fixed annuity/LTC)
Click Date/Time to Register for Webinar:
* All times Eastern
Friday, September 9th at 11:00 AM |
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How can Fixed Indexed Annuities help clients retire on schedule?
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Fixed annuities, with their guaranteed interest rates and guaranteed return of principal (less any withdrawals of interest or principal) can help preserve client’s assets, potentially softening the impact of a choppy stock market on their accounts.
- A conservative approach….. provides the client with safety of principal, tax- advantages, liquidity, and legacy planning.
The Next Big Thing in Annuities: If you’re not talking with your clients about QLACs, expect that your competition is. Learn how big this opportunity really is!
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It is imperative to explore all financial options for the clients- why let a client lapse or surrender a policy when determining there is an alternative. Life Settlements- Life Insurance , like every other asset, has a Market Value. Before your client considers letting a policy go, call us to discuss the specifics. And interestingly, all policy types are considered now for Life Settlements- even convertible term insurance. The reality is: you will set yourself apart from other advisors and agents by educating clients on Life Settlements and the options for the unwanted/unneeded life insurance. Clients remember you told them about an idea that others did not- and isn’t that what we want as agents and financial advisors? To be distinguished as unique, with different and compelling ideas for clients provides them with more than the average agent.
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Are you aware within Fixed Indexed Annuities and Indexed Life Insurance there are 100% participation in the various indices up to the caps? Are you aware there are uncapped (yes uncapped) index strategies allowing the client the full index performance less a spread? Why is any of this important? Because clients have told this industry after 2008 that they no longer can endure the wild rides with their money. They have firmly said they are aware they need some exposure to the non-guaranteed markets, but they now also know they must be more diligent with safety, as their individual lives are uncertain and when retirement happens often is not by choice but more by circumstance.
See the attached White Paper by Allianz Life Insurance Company “Reclaiming the Future”
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