We covered a lot in the conversation, both personal and professional. We reviewed our results from last year and speculated on where we saw exponential growth chances for this year. Of course, the sale and use of annuities will continue to be a big answer for Americans that are desirous of guaranteed growth, guaranteed income that they can't outlive and protection of principal.
But, we both admitted to being perplexed as to why an extremely important product to Americans is not even being offered by many of our advisors and agents. We explored the reasons why this type of product is not flying off of the shelves, and what can we do to help the field force help their clients by offering this product.
Oh, I am sorry, I didn't mention the product did I? Well, it is single premium life with accelerated benefits. Now, please give me 3 minutes more… okay, start the clock!
Situation... client has no long term care, and is worried about needing the product, but doesn't want to pay the premiums. The client sees the real need as taking care of a parent residing in a facility. So, let's look at the answer:
- Client pays a single premium of $100K, gets a death benefit around $200K
- Did not need an exam... either online or phone interview
- Policy is issued and client is happy
- If the client dies, the beneficiary gets the $200K tax free
- If the client can’t perform 2 of the 6 activities of daily living, the client gets the $200K to offset care needs
- If the client changes their mind at any time, they get their money back. What did it cost the client if they go for the money back guarantee? Only the interest they would have earned on a CD
So, my friend and I agreed that we need to be screaming from the tops of our office buildings that "This could be the right thing to do" for many of your clients that have this concern in one of their worry buckets. Come on... give us a call or set up an appointment to discuss this miracle of paper and ink.
Until next time… good selling!
Raymond J. Ohlson, CLU, CRC, LACP
President and CEO of The Ohlson Group