More Answers to a Plea
Our last issue gave my answer to this plea for help from a new agent, ”Please help me to understand what I need to know about basic life insurance”, and I asked for your answers. Here are a couple.
from Denis Beaulieu:
”When I started in this business in 1960 I talked to people about the importance of a continuing income after the death of the primary earner. This lead me to figure out the capital needed to provide that income.
“Then all I talked about was putting aside $X monthly now to get $Y monthly after the death of the primary earner. The sales clincher was usually the reward to the primary earner, if they lived to 65, because the products available at that time gave them a life income of $Z monthly---as can UL today.
“Find what is important to your prospect and provide it, with 'aroma and sizzle' in the simplest and most abbreviated way possible, attuned to his/her thinking processes.
”Providing you have the right attitude to life, and to your work, never forget it is hard work with empathy, honesty, and integrity that will guarantee your success in this business.” ---------
from Tim Fitzpatrick:
“Though I have had a license, my background is more as an actuary dealing with agents than an agent dealing with clients. The whole "sale" thing is magical to me. That said, an agent might be able to make use of this TIP.
“You buy collision insurance on your car because you would suffer financially if the car was damaged. You buy fire insurance on your home because you'd suffer financially if your house was damaged by fire. Your employer provides group insurance to pay you if you are disabled because both he and you would suffer financially if a disability prevented you from working. You save for your retirement because you would suffer financially if you lived too long.
“The purpose of any type of insurance is to protect you from suffering financially if a certain event occurs. The chance that you will die in the next year is low, but the financial consequences are high. If you did die, would your family or business suffer financially?
“I can show you how much cash they'd need today to replace your future income, allowing for inflation, your expected increases in income, and income tax. May I show you this?”