On January 21 & 22, 2014, New Horizons Insurance Marketing hosted a 2-day training session that proved to be very beneficial to agents in attendance. For those of you that couldn't attend, here's what you missed (hint: a lot).
Featured speakers were:
Ken Horn discussed topics that included estate planning, business succession, estate equalization, key man life insurance and various products that meet a client’s needs for a spectrum of situations. Ken’s expertise, that yields over 30 years of insurance sales experience, enabled him to address the “fear” many agents encounter when approached to offer Life Insurance products to their current Medicare Supplement practice. Ken and New Horizons have worked together to assist several Medicare Supplement agents in proper planning for their farm and business owner clients.
Rick Law was able to convey the elder care journey that faces our aging population. There are many trials and tribulations that an agent’s clients may face as they advance in years. Rick was able to engage the room in seeking proper guidance and planning. The outline of problems and solutions that involve long term care hit home with many agents. When a client or family member is faced with the “burden” of a loved one needing long term care, the financial toll can be devastating without proper planning.
Michael Sams connected with the room when discussing his personal Life Insurance sales cases of dos and don’ts. He was very specific in conveying the reasons why he lost a case after it had been approved and what he learned from his sales experience to help the agents in attendance not repeat his mistakes.
Day 2 of the training consisted of “real life cases.” An agent in attendance brought annual statements from a client that he discovered when doing a life insurance review. We were able to work on the case and identify that the agent will be able to help the client consolidate his policies and lengthen their guaranteed coverage. Also, the option of adding an LTC rider to the life coverage may prove to be significant to preserving his client’s assets while protecting the client’s family in the event of premature death.
Many times, agents who have not routinely written life insurance hesitate at the opportunity to offer a Life Insurance Review with their existing client base. After watching the New Horizons team work on an actual case, the agents gained confidence in knowing that the back room support they’ll receive enables them to help their clients NOW... and not when it’s too late. The case below is a prime example of an agent helping a client before it’s too late.
By reviewing the clients latest annual statements from each company, we found the information below. Most alarming... the client’s policies were all going to lapse in the near future!
| Cash Surrender Value | Annual Premium | Death Benefit | Age When Policy Lapses |
|---|---|---|---|
| $24,672 | $400 | $150,000 | 76 |
| $37,900 | $1,184 | $100,000 | Not shown on statement |
| $2,399 | $500 | $50,000 | 66 (guaranteed side) 71 (current side) |
| $25,309 | $400 | $150,000 | 69 (guaranteed side) 75 (current side) |
| $32,975 | $1,239 | $250,000 | 69 (guaranteed side) 77 (current side) |
Depending on how policy is finalized—approximately $9,000 - $12,000!
The base of knowledge obtained at the 2-day training coupled with the help that New Horizons Insurance Marketing provides, will allow agents to confidently help their clients with their Life Insurance needs.
So it's worth asking: