14438100
Description
Flashcards by JOSEPH LIKENS, updated more than 1 year ago
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Created by JOSEPH LIKENS
almost 6 years ago
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| Question | Answer |
| Scenario Training In A Flash | |
| How Do You Become an Expert? | Discover a Dilemma & Provide a Valuable Solution |
| What Are The Four Core Discoveries We Can Find? | NO INSURANCE TERM UNIVERSAL WHOLE |
| NO INSURANCE WHAT ARE THE 5 EXTENDED SCENARIOS ? | ACCIDENTAL COVERAGE ONLY PREVIOUS POLICY LAPSED IN SEARCH OF COVERAGE DOESN'T BELIEVE IN IT / SELF INSURED NO MONEY |
| ACCIDENTAL COVERAGE ONLY | OFTEN ISSUED BY BANKS 0.36% OF ALL DEATHS OCCUR BY ACCIDENTS CALL THE CARRIER DO THE MATH LET'S AT LEAST GET YOUR FINAL EXPENSES COVERED REGARDLESS OF HOW YOU PASS DO YOU WAN TO BE BURIED OR CREMATED? |
| LAPSED POLICY | OFTEN LIVING EXPENSES COME BEFORE LIFE INSURANCE EXPENSES BE EMPATHETIC WHO DID THEY HAVE WHAT WAS THEIR BENEFIT & EXPENSE HOW LONG AGO WAS IT WHAT'S A BUDGET NUMBER NOW THAT WOULD BE WORKABLE EVEN IF UNEXPECTED EXPENSES HAPPENED? |
| IN SEARCH OF COVERAGE | DON'T GET OVER EXCITED DO YOUR COMPLETE AND NORMAL PRESENTATION HOW MUCH ARE THEY LOOKING FOR AND WHY WHAT'S A BUDGET NUMBER NOW THAT WOULD BE WORKABLE EVEN IF UNEXPECTED EXPENSES HAPPENED? |
| DOESN'T BELIEVE IN IT SELF INSURED I'M RICH | PERFECT - LIFE INSURANCE IS REALLY JUST LEVERAGE VERIFY THEY HAVE ENOUGH ASSETS TO COVER -B.I.G. Burial, Income Gifts DO YOU HAVE NURSING HOME INSURANCE? IS THERE A LIMIT TO COVERAGE 80% OF THOSE LIVING IN A NURSING HOME THE MONTHLY EXPENSE IS COVERED BY MEDICAID - THEY RUN PEOPLE OUT OF MONEY WE SUGGEST HAVING A SMALL POLICY FOR FINAL EXPENSE BECAUSE THE GOVERNMENT CAN MAKE YOU SPEND THAT DOWN. SOME FAMILIES UTILIZE THE LIVING BENEFITS AS NURSING HOME COVERAGE BUT WITH A FULL GUARANTEE THROUGH THE DEATH BENEFIT |
| NO MONEY | YOU CAN'T OVERCOME NO MONEY HOWEVER - EVERY SALE HAS 5 BASIC OBSTACLES NO NEED, NO MONEY, NO HURRY, NO DESIRE OR NO TRUST BEFORE YOU ACCEPT NO MONEY MAKE SURE THIS ISN'T A SMOKE SCREEN FOR ONE OF THE OTHER 4 OBSTACLES |
| WORK PLAN ONLY | PERFECT - MAX IT OUT IT'S CHEAP HOWEVER - WHEN YOU LEAVE WORK OR WORK LEAVES YOU - MOST OFTEN SO DO YOUR BENEFITS ALWAYS HAVE ENOUGH TO AT LEAST COVER YOUR FINAL EXPENSES IN A FREE STANDING PLAN DO YOU WANT TO BE BURIED OR CREMATED ? |
| THINKS IT'S PERMANENT | BE EMPATHETIC - NEVER CHALLENGE THEIR DECISION TO BUY TERM REVERSE ENGINEER THE MATH - YOU WOULD HAVE TO LIVE TO _____ YRS OLD BEFORE THE COMPANY MAKES MONEY - THAT'S JUST NOT HOW THEY OPERATE CALL THE CARRIER !!!! HAVE THEM TELL THE BAD NEWS MOST OUR FAMILIES WANT TO HAVE AT LEAST ENOUGH TO PUT THEM AWAY DO YOU WANT TO BE BURIED OR CREMATED? |
| LARGE DEATH BENEFIT - RELATIVELY INEXPENSIVE | WHY IS IT INEXPENSIVE IT WILL LIKELY EXPIRE BEFORE THEY DO 98% OF TERM POLICIES NEVER PAY A DEATH BENEFIT GREAT WHILE WE ARE YOUNGER FOR MORTGAGE OR LONG TERM INCOME REPLACEMENT AFTER AGE 50 WE SHOULD HAVE SOMETHING PERMANENT - EVEN IF ITS ENOUGH TO JUST COVER FINAL EXPENSES DO YOU WANT TO BE BURIED OR CREMATED? |
| WHAT IN THE WORLD IS IT? | PERMANENT POLICY BUILD CASH VALUE OFFERS FLEXIBLE PREMIUMS UNDERLYING COST OF INSURANCE DRIVES LONG TERM PREMIUM COSTS IN YOUNGER YEARS PREMIUM LESS THAN WHOLE BUT GREATER THAN TERM THINK WHOLE AND TERM LIFE HAD A BABY |
| UNDERSTANDING THE TRUE COST OF NSURANCE THE COI | WHEN THE ACCUMULATED CASH VALUE ERODES THE CLIENT HAS TO PAY THE CURRENT COST OF INSURANCE TO MAINTAIN THE POLICY TAKING THEIR HISTORIC LEVEL PREMIUMS HIGHER AND HIGHER |
| HOW HIGH COULD IT GO? | UNTIL THE EARLY 70'S THE COI IS MAINTAINABLE LATER YEARS IT EXPLODES OFTEN MAKING THE POLICY TOO EXPENSIVE TO MAINTAIN |
| WHAT TO DO? | CALL THE CARRIER !!!!! HAVE THEM TELL YOU THE PREMIUMS ARE NOT FIXED / GUARANTEED THE TRUE COI - INCLUDING SALES CHARGES AND ADMIN FEES WHEN THE CASH VALUE IS DEPLETED THE CLIENT MUST PAY THE HIGHER PREMIUMS TO MAINTAIN IS THE FUTURE COI CONTRACTUALLY GUARANTEED OR AT THE DISCRETION TO THE CARRIER WHAT WAS THE COI LAST YEAR - DETERMINE CURRENT GROWTH RATE CONFIRM - AT THE POINT THAT WHEN THE POLICY RUNS OUT OF CASH VALUE THE PREMIUMS WILL HAVE TO COVER COI AND THOSE WILL GO UPOVER TIME MOST FAMILIES DON'T WANT SURPRISES - RESCUE THE CASH VALUE AND GET SOMETHING FIXED - WITHOUT SURPRISES |
| OLD & CHEAP | CALL THE CARRIER !!!! FIND OUT THE CASH VALUE EXPLAIN 3 OPTIONS YOU HAVE WITH YOUR EQUITY (CASH VALUE) WHILE YOU ARE ALIVE CHECK RPU MATH DOES THE CLIENT NEED THE EQUITY IS IT WORTH THE INCREASED PREMIUM TO GET TO IT ? DOES THE POLICY HAVE LIVING BENEFITS |
| HAS A LOAN | CALL THE CARRIER !!!! FIND OUT THE CASH VALUE EXPLAIN 3 OPTIONS YOU HAVE WITH YOUR EQUITY (CASH VALUE) WHILE YOU ARE ALIVE EXPLAIN COMPOUND INTEREST EFFECTS ON POLICY - WHAT IS THE TOTAL COST OF CURRENT POLICY - PREMIUMS, LOAN INTEREST AND REPAYMENT OF LOAN - THE REAL MONTHLY COST OFFER FRESH START PROGRAM - ELIMINATE THE LOAN POTENTIALLY GET A SMALL REFUND LIKELY LESS THAN THE REALLY MONTHLY COST |
| RECENT PURCHASE | CALL THE CARRIER !!! COMPARE PRICES COMPARE LIVING BENEFITS COMPARE FAMILY PLANS POSSIBLE SMALL REFUND |
| NO RIDERS | CALL THE CARRIER!!! DO THEY HAVE ANYTHING TO PROTECT AGAINST LONG TERM CARE EXPENSES COMPARE FAMILY PLANS POSSIBLE REFUND |
| A FEW YEARS OLD GOOD PRICE HAS LIVING BENEFITS | CALL THE CARRIER!!!! CHECK ON RPU / SHOW THE MATH CHECK ON REFUND WHAT WOULD THE CLIENT DO IF THEY HAD $_____ (REFUND AMOUNT) ? TO GET THE FULL REFUND - YOUR POLICY WILL ONLY GO UP $_____ PER MONTH WHICH WOULD YOU PREFER CURRENT PREMIUM - NO REFUND NO PREMIUM - FULL REFUND |
| THE PERFECT POLICY | IF THE CLIENT CAN NOT BENEFIT FROM ADDITIONAL LIVING BENEFITS RPU - MONTHLY COST SAVINGS LOAN ELIMINATION BETTER USE OF THEIR EQUITY > ELIMINATING OUTSIDE DEBTS > ACQUIRING DESIRED ITEMS OR ADDING THE FAMILY PLAN THEY MAY HAVE THE PERFECT POLICY FOR THEM 80% OF THE FOLKS WE SEE CAN BENEFIT FROM A REPLACEMENT - THEY JUST NEED TO SEE THE ADDED VALUE |
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