Who Gets What

Here's another of my insurance marketing ideas for you!
This month's "50 Plus" magazine has an article, "Protecting Your Pensions", which focuses on their survivor benefits.
It says "Many Canadians are not fully cognizant of the risks they are taking and the benefits they could be missing out on in the multi-billion dollar pension sweepstakes."
"In Ottawa, filing cabinets are filled with thousands of cases of missed survivor CPP and OAS allowance benefits."
"Contradictory paperwork held by a plan administrator in a registered pension plan is an ongoing problem. For example, plan members sometimes designate a child for the survivor benefit, but execute another document designating another benefit for a common-law spouse."
"Survivor benefits are also put at risk when there is doubt about who was the "eligible spouse" on the date of death."
"One way to address this situation is to … do an annual review of all of your assets and investments."
Do this. Write "Who Gets What?" at the top of a sheet of paper. Make three columns beneath it with headings: "Asset", "Beneficiary", and "Evidence". List all of your assets and investments in the first column. Now list who'll get it on your death in the second column. And in the third column write down where to find the "Evidence" to establish each beneficiary's right to that asset on your death.
Sounds simple doesn't it? And it is until you get to that final column and realize that some of the people you want to get some of your stuff won't.
And they won't because you haven't:
* updated your will, or
* changed the beneficiary on your insurance policies, or
* changed the beneficiary on your pension plan, or
* updated other documents that designate recipients of your estate assets (e.g. business agreements, stock option entitlements, bank accounts, etc.).
So where's your marketing opportunity?
Offer a no-fee "Who Gets What?" meeting to your prospects.
Make a 3 column form with headings as above where you can list every possible type of asset and investment (don't forget stamp, coin and other possible collections) in the first column so you don't miss anything. Use it in your meetings.
Try it out on some of your friends, relatives, and clients to see how it goes over, and get comfortable using it.
You now have something new to offer your prospects!

Who Gets What - To learn more about this author, visit Donald F. Pooley's Website.

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