- 11,277
You need to call the son and have HIM buy insurance on Mom and Dad... because HE has the risk.
Going to Meet with a 68 and 69 Year Old on Feb 24, 2015. Help!
- Thread starter DavidHill76
- Start date
- 24,968
The contingent beneficiary? I was about to post exactly what DHK posted before I read the next post. The three quotes and one app I got in today were kids buying on parents.
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50% of something is better than 100% of nothing. Farm out the leads you can not write.
Has she ever seen what happens to the price of property when it HAS to be sold?
- Thread starter
- #24
- 142
OH my gosh. I was sitting with an appointment today that was a referral. I literally realized this in the middle of the appointment. Why can't I find a way to get the kids to buy insurance on the parents?
That's why I'm here, on this forum. Because NO ONE at AIL would have told me that.
Im starting to Realize that AIL is the McDonald's of Insurance companies haha!
Since my manager left, Im working with the top producer in the agency and he just talked with me. I'm definitely going to need to know the script...
I need to know, how many of you all use a "script"? Or do you just internalize things so well it's natural
- 11,277
Insurance is all about risk management. All you have to determine... is who and what is at risk... and then help solve for the risk.
For example: If a client has no long-term care insurance... who has the risk of giving care or providing for the expense?
If it's themselves... then they should buy the insurance to help preserve their portfolio.
If they don't have enough assets, it may fall upon their adult children to either pay for the care, or to move to be close and have a spouse quit their job to provide home care.
In either event, someone pays something, or sacrifices something.
Then you present the case to the person who has the risk. You can either pay pennies per dollar now... and mitigate the risk... or you can ignore this, and pay dollar for dollar and own that risk yourself.
Or, as Ben Feldman once said "Doing something costs something. Doing nothing costs something. And usually doing nothing costs much more."
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And yes, the more you do this, the more it becomes a normal part of the conversation.
You cannot script a conversation... but you can learn little mini-presentations and concepts and use them during your conversation.
For example: If a client has no long-term care insurance... who has the risk of giving care or providing for the expense?
If it's themselves... then they should buy the insurance to help preserve their portfolio.
If they don't have enough assets, it may fall upon their adult children to either pay for the care, or to move to be close and have a spouse quit their job to provide home care.
In either event, someone pays something, or sacrifices something.
Then you present the case to the person who has the risk. You can either pay pennies per dollar now... and mitigate the risk... or you can ignore this, and pay dollar for dollar and own that risk yourself.
Or, as Ben Feldman once said "Doing something costs something. Doing nothing costs something. And usually doing nothing costs much more."
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And yes, the more you do this, the more it becomes a normal part of the conversation.
You cannot script a conversation... but you can learn little mini-presentations and concepts and use them during your conversation.
- 318
There are always three sales presentations: (1) The one you were going to give, (2) the one you gave, and (3) the one you give yourself in the car on the way home.
- Hank Trisler
- Hank Trisler
Stevekobrin
Expert
Well said, David. Thanks for posting. Mr. Ben F was famous for all the rehearsing he did. When he finally got to the presentation he was well prepared.
HVelocity
Expert
Factfinder:
L - Ask about liabilities. Mortgage, credit cards debt, etc. They give you the number. Also, ask about any assets they can use to make their number smaller - 401(k), Home equity, anything that has beneficiaries. This part can open other opportunities like retirement income planning, upcoming RMDs, etc.
I - Ask about income and monthly expenses. The difference is what they have available to spend. Don't be greedy! This is also the income replacement part for the survivors. Who are the survivors. Who do they care about. They make up the number.
F - Ask if they want a cheap funeral or expensive with a party. Ham it up make it nice. I usually put $10k or $20k here
E - Education for grandkids or legacy. Whatever. They make up the number.
Total it and that is the need. They gave it to you. Try to fit that in their budget but don't be greedy and try to spend all of their cash. You'll lose the sale. Take an app.
Take this info back to the office to review with your whomever. If you can do better for less, do it! They'll appreciate the "agency" and give you referrals. <--Maybe, not always. But you'll feel all cuddly and warm for doing the right thing.
L - Ask about liabilities. Mortgage, credit cards debt, etc. They give you the number. Also, ask about any assets they can use to make their number smaller - 401(k), Home equity, anything that has beneficiaries. This part can open other opportunities like retirement income planning, upcoming RMDs, etc.
I - Ask about income and monthly expenses. The difference is what they have available to spend. Don't be greedy! This is also the income replacement part for the survivors. Who are the survivors. Who do they care about. They make up the number.
F - Ask if they want a cheap funeral or expensive with a party. Ham it up make it nice. I usually put $10k or $20k here
E - Education for grandkids or legacy. Whatever. They make up the number.
Total it and that is the need. They gave it to you. Try to fit that in their budget but don't be greedy and try to spend all of their cash. You'll lose the sale. Take an app.
Take this info back to the office to review with your whomever. If you can do better for less, do it! They'll appreciate the "agency" and give you referrals. <--Maybe, not always. But you'll feel all cuddly and warm for doing the right thing.
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