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Double Your Life Insurance Sales Overnight

Oct 3rd 2010 at 11:38 AM

                 Door-to-Door Sales Whisperer Says:

        "Double Your Life Insurance Sales Overnight”

                                  A Little Wisdom from 25 years in the Field

By Bill Hamnet Wall               

     Would you jump out of plane with only one parachute? That’s what most life insurance customers are doing. They provide their spouse with a tax-free lump sum payout in the event of their death or terminal illness. But what does it usually cover? Their final expenses, and if they’re lucky, mortgage protection insurance to pay off the house and other consumer debts. This all sounds good, until your spouse dies, and you have to find a job at McDonald’s in just 10 days after the funeral to pay the bills.  How is this possible you say? “I thought I was going to be taken care of. I thought our life insurance policy was supposed to pay everything off so that I could mourn the passing of my spouse without being harassed by money problems.” One little oversight by life insurance agents cause 99% of the financial devastation felt by the surviving spouse.

     I can prove that it’s not caused by greed of the agent, but by their incompetence. Why? Because this one insight would double the agent’s income, yet they ignore it to the detriment of the client they’re supposed to mentor and protect.

     What’s the magic bullet? A fixed indexed annuity. This product provides immediate fixed permanent income for life no matter how long you live. It’s not affected by downturns in the stock market, nor is your monthly income negatively affected by inflation or high interest rates. What’s the catch? You need a large lump sum of money. “I can’t even pay my bills, how am I going to get 400k?” The answer is an inexpensive term life insurance product, many of which also have a feature called ROP or return of premium if you live and do not use the benefit.

      The idea is that in the event of your spouse’s death, the lump sump that you receive will be CONVERTED into a fixed indexed annuity immediately. This new income stream will pay for the fixed permanent expenses that most life insurance agents ignore: namely, food, water, electricity, medications, home taxes, travel expenses, trash removal etc. Add it up in your budget. It’s at least 2k-3k a month. That’s why most people have to find work soon after a loved one dies, even though they thought they were protected from financial hardship. This assumes that people use the money as intended which is to pay off their mortgage and all consumer debts. In this scenario, nothing would be left for those fixed monthly expenses like food, water and taxes. Of course, if they don’t pay off their mortgage and credit card obligations as planned, and choose to live extravagantly for a few years, they’ll have a long term problem, not an immediate one.

     Wait a minute. How does this double the income of a life insurance agent? Well, let me give you an example:

     A client has $300k mortgage + $100k in all other consumer debts    and school loan obligations. That makes $400k. Based on their current age, $400k, if converted to a fixed indexed annuity, would pay $2k a month for life. This dollar amount pays for all of those fixed permanent expenses aforementioned. So, your sale is an $800k term policy, not a $400k one. Win-Win. You doubled your sale, and your client won’t have to work at the fry station while they’re in mourning.








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