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Health care costs to take a big bite out of retirement nest eggs

8/28/2017

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On August 24th, 2017, Fidelity Investments released its annual health care estimates.  They stated that a 65 year old couple retiring this year will need $275,000 to cover health care costs through retirement.  They also showed that this number is 6% higher than last year, and that a single person will pay about half that amount. This cost number includes your basic Medicare premiums, Medicare Part B, drug plan and also your Medicare Supplement ort Medicare Advantage type programs. But, this number does NOT include dental care-or nursing home and long term care costs.  That is about as far as I want to dig into these numbers.  But, the report is very interesting and also provides information that should be given to our clients and prospects. The question is, "What can we do to help our clients regarding these daunting numbers?" Let's look:
 
From my perspective, the bottom line for most people is needing to "play it safe.”  They need a nest egg that will be there when they need it.  For most Americans, this is no time to gamble.  Our clients also need an income account that could continue to grow (regardless what happens with the stock market). They also should probably have these accounts laddered to handle different time periods and needs.  Of course, we have that with fixed index annuities with guaranteed lifetime withdrawal options or riders. Yes, there are income riders that can continue to grow even when you are taking funds for their retirement income.  Other needs?  Of course, read on…
 
We are going to die. As we get older, it is not a question of if (as it was when we are young) but when.  Where will your clients get the money for their final expenses?  We see the articles that show the average costs around $10,000.  Having just lost my wife, I can tell you that the number became much larger than that.  But, being a good "life insurance guy," that was all taken care of.  So, approach your clients and at least get them a simplified issue life policy.  No exam, table 4 and easy to buy.  Handle that final expense with "discounted" dollars so they don't have to raid the "retirement piggy bank."  What else?
 
Glad you asked.  What about a simplified issue single premium life policy (no exams and maybe even on line instant issue) where we really lever up the premium?  A 65 year old female, placing $100,000 of premium  would get a death benefit of around $190,000 or more (a lot more with full underwriting).   But, remember when Fidelity said that the $275,000 did not cover long term care type expenses?  Well, these policies, with accelerated death benefits, will pay the insured the death benefit prior to death if they can't perform 2 of the 6 activities of daily living.  See how this plan is coming together.  Oh yes, payment of the premium, where does that come from? Let's look:
 
Let's say the client does not have the extra capital to place in the single premium life policy.  Well, if they have annuities, they have the answer and their bank is open.  Simply exercise the right of the 10% free withdrawal and buy a small single premium life policy or spend about $1,200 per year for a $20,000 policy.  Here’s the bottom line: there are plenty of ways to help your clients, there are plenty of products to fit the bill and there is The Ohlson Group that can show you how to structure the entire assessment and recommendation process. Oh yes, what about closing? Sure, most people need a nudge.  But, when they become part of the process, the presentation is real and relatable, it doesn't take much closing. Give us a call. The Ohlson Group... since 1975 and still... a different experience.
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​Until next time… good selling!

Raymond J. Ohlson, CLU, CRC, LACP
​President and CEO
​The Ohlson Group
1-877-844-0900
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It's critical and it's chronic

8/18/2017

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Since I first entered the business in college, I’ve sold life insurance.  I sold  the “miracle of paper and ink" and I was proud to do so.  You've probably read or heard that only life insurance can create an estate for pennies on the dollar.  Plus, permanent policies also create an additional nest egg that can be used for various purposes throughout a person’s lifetime.  Life insurance was, is, and will always be one of the most wonderful financial tools in the world.  Many of my readers have presented death claims to their clients or have even had the experience of a death claim in their own family.
 
Nothing solidifies your place in the insured side of the financial services industry than when you deliver a check to the beneficiary of a client.  But, if we were going to be the full service professional, we had to make sure that we covered and protected the client from the other "financial hazards.”  They would be disability, sickness, financial emergencies, inflation, old age, the high cost of health care and the planning for retirement income.  And, I am proud to say, that our industry has done a fine job living up to our responsibilities and guarantees.  But, there was a "critical and chronic" shortfall with life insurance in the “old days.”  But, now, it has been addressed. Please read on…
 
As you know, in the past (and still today with some companies) the only way a death benefit could be accessed was for the insured to die.  And, because of medical advances, a person can suffer a heart attack, cancer, stroke, renal failure and more and still continue to live.  That, in some cases, proves to be a double edged sword.  The medical advances kept the patient alive and in many cases drained their cash.  Same holds true when a person can't perform 2 or more of the activities of daily living (adl's).  You know, inability to do toileting, transferring from chair to bed, handle medication, bathing and more.  Now there is an answer.  
 
Today, so many companies will pay the death benefit early (accelerate the death benefit) if the insured has either a critical or chronic illness as mentioned above.  The amount the client will receive varies by company and age of the insured.  The policies can be term or permanent, fully underwritten periodic premium or single premium and also simplified issue with some carriers offering return of premium riders.  This is just what America has wanted and needed. Truly dollars that can be used while living.  

​Think about it, a life insurance policy where you don't have to die to collect.   Don't you think your clients should learn about these types of policies?  Don't you think they should learn about it from you?  If so, how about giving us a call at 1-877-844-0900 and we will present you with the menu of companies and products that we handle.  It's time that you spread the word.  It is critical... and it is chronic. 

 
Until next time... good selling!
​

Raymond J. Ohlson, CLU, CRC
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Would you like to buy some life insurance?

8/14/2017

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Of course you would never say that to a prospect or client. If they want to buy they will call you... right? Well, they won't. And, yes you might as well ask them if they want to buy life insurance because no-one else is.

I went to a luncheon today with an "idea sharing" group where we discussed the benefits, challenges, trials and tribulations and successes of digital marketing. The group was pretty wide ranging. One younger guy owns one of the larger real estate franchises, we had a guy that owned a title company, an attorney and more. So, we also discussed how we were marketing. And, boy... I guess we have forgotten the basics.  Please read on:
 
The successful people (the three I pointed out above) have not been asked to buy life insurance in years. As a matter of fact, they couldn't remember when someone asked them. Now, after convincing them I wasn't going to jump across the lunch table, they did admit that they felt under-insured. So, why didn't they just pick up the phone and call an agent? Why didn't they at least go online and buy some term?  Why didn't they ask a friend for a referral to a professional agent? Probably because their friends are underinsured too.

Remember, life insurance has to be sold. You have to make a persuasive presentation showing insurance gaps and then help them get motivated to buy. Remember, one of the reasons life insurance can be a tough sell is, "people don't buy life insurance because they are going to die.”  No, we buy life insurance because people we love and people that depend on us will continue to live.

 
Here’s a sales tip and a way to rejuvenate your career. Call all of your clients and present $25,000 of simplified issue life to be earmarked as "final expense" money.  Looking for where to pay the premium?  Do they have an annuity?  Then take out 10%.  Do they have a certificate of deposit?  Go there and get the cash. Talk to them about losing one social security check upon the death of one of the spouses.  

Finally, yes I think you should go prepared, gather data, find the shortfall and then make the presentation. But, if you don't do that, then simply ask...  "Would you like to buy some life insurance?”  I think you would be surprised how many people say "yes."

So, my question is, "how many of you, the readers, will go out and offer your clients more life insurance?"  Let me know how this works out. 

 
Until next time... good selling!

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Until next time… good selling!

Raymond J. Ohlson, CLU, CRC, LACP
​President and CEO
​The Ohlson Group
1-877-844-0900
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Ohlson Group offers no charge one-on-one agent consulting

8/7/2017

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This is really simple. If you are looking for some answers and  a strategy as we approach 2018, then let's spend 20 minutes together.
  1. If 2017 isn't shaping up to be the best year you've ever had... we need to talk
  2. If you are not enjoying the financial rewards of selling Single Premium Life in the wealth transfer arena... we need to talk
  3. If you don't have a prospecting system that provides you with prequalified prospects, under favorable circumstances and on a regular basis...then we need to talk
  4. If you don't have a professional website and a digital marketing strategy... then we need to talk
  5. And, if you are not feeling good about the future, or feeling burned out... then we need to talk
 
Call us or click below to book an appointment with one of our marketing consultants and let's win together. What the heck do you have to lose?  Invest 20 minutes and change your life.


book your consultation now >>

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A Tale of Two Agents

8/7/2017

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Some financial professionals are viewing this time period as a time full of opportunity.  Some view it as Armageddon... the end of an era. It reminds me of a great  historical novel by Charles Dickens, "A Tale of Two Cities."  Allow me to quote, as nearly as I can, the opening of this great book.  "It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to heaven, we were all going direct the other way."   Does this sound like our industry today? Are you a glass half full, or a glass half empty type of advisor? Let's investigate…
 
So, DOL got you down? Why? 
More paper work, government intrusion? Sure, all of those things bother me. But, because of the DOL ruling, I am now able to tell my clients and prospects that I operate as a fiduciary... a best interest person. Remember, until now, the term fiduciary was only used by RIA's that were the fee based person.
 
Prospecting a little tougher?
Sure it is… do not call lists, caller ID and the dreaded delete button response to emails that you send.
 
Seminars too expensive?
Compared to what? Compared to a drop in business?  There are new seminars both with and without meals. But, you have to invest in yourself.
 
Digital world got you down?
Don't know how to develop a good website, content, standing with Google and how to disseminate your info to the world? Of course that is a problem, unless you have an organization that will do that for you. And, of course this is a commercial, we do that at The Ohlson Group.
 
Not feeling the love from your IMO?  Why is that?
Well, we IMO's are also trying to maximize our bottom line. We are becoming very selfish with our time. Because, as you know, time is one thing you can't get back or replenish. So, what is the answer? It is time to pick a team to place most of your business. The IMOs and companies, are now focusing on the players that are treating them as partners. We have the marketing research and education to assist you towards the attainment of your goals. So, let's summarize:
 
We have a declining  number of agents in our business.
And, it is declining at a rate that the industry has never seen before. We have 10,000 boomers turning 65 each day and desirous of, and in need of, the products and services we provide. In other words, "More consumers chasing fewer agents.” So, at The Ohlson Group, we believe “these are the best of times.”  There will be big winners, and also big losers. It just depends on how you view this situation. I will close by quoting a great motivational speaker (I think it is Zig Ziglar) "The only thing that's stinkin is your thinkin." 
 
Get on the right side of this story. Give us a call today. 
 
Until next time... good selling!
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