Agent: “Do you have Life Insurance”?
Client: “Yes, why… do you sell Life Insurance”?
Agent: “Yes, do you mind if I look at what you have”?
Review your client’s latest annual statements to find Face Amount, Cash Surrender Value, Premium and how long the policy will last.
Case Study
An agent recently called me with the information below, and we came up with the options below.
Client: 65 male (preferred health)
Current Life Insurance
| Face amount | Cash Surrender Value | Annual Premium | |
|---|---|---|---|
| $25,000 | $14,542 | $420 | (whole life) |
| $50,000 | $28,980 | $1,540 | (universal life) |
| $100,000 | $11,200 | $825 | (will lapse in 8 yrs current assumptions) |
| $175,000 | $54,722 | $2,785 |
Options
- 1035 exchange $54,722, plus annual premium of $2,785 will give client:
New Face Amount of $329,930
- 1035 exchange $54,722, plus annual premium of $2,785 will give client:
New Face Amount of $298,388 & LTC Monthly Benefit of $11,936
- 1035 exchange $54,722, pay no annual premium, will give client:
New Face Amount of $173,248 & LTC Monthly Benefit of $6,930
Commission
Depending on which option client selects: $4,475 - $7,000+
Summary
- Agent consolidated 3 policies to IMPROVE his client’s current Life Insurance situation (any of the 3 options)
- Agent made a very nice commission while helping out his Med Supp client
Add a Life Insurance Review for your current Medicare Supplement clients!
