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"marcircus"
James,
1. Is that 3% of gross income or net?
2. Are you are getting them seperate DI contracts? Or are you getting them DI riders on the WL/UL policies you will write?
That depends, more than likely if you go thru Standard or Union for the RN using a more friendly "Own Occupation" contract it'll be higher or about gross if not more. For him, a blue collar you will be hard press to meet the wording of the Union or Standard "Own Occupation" but the price will likely be less if you use Assurity for him. LOL, this is such a great business, I'm now looking at ending two Assurity Products only to bring Assurity back into play with other contracts! I am a solid believer that the Insurance Industry hasn't done enough promoting the need for a DI coverage, it is if not the most needed runs a close second with life esp. if you take into the effect of medical technology and our ability to keep people alive more so than in the past.
Yet this depends, likely you'll find few instances where the clients will pull the trigger and involve themselves with more than one or two expensive insurance contracts in this case I'm sure I can get two, one for life and one for DI, if I can't then I sell two life that can aid with DI, CI and or LTC coverage with ryders. Yet I still have to build up the "Need" enough for the couple to face the facts that all and any future investments and growth is at serious risk if certain issues are not address such as the need for DI or Life to cover obvious risk, lets face it at this age they are more likely to use a DI than Life payout.
1. Is the budget you refer to the budget after the needs analysis meaning how much money is coming in, (thus showing the $500/mo WL policy is more than adequate), or
2. going over their personal spending to find the $500 to pay for the WL/UL policy.
My reason for asking, given the scenario you painted, I still do not see where they will be able to draw the $500/mo to pay for a policy. Though, I plainly see where you have demonstrated to them that the policy a $500/mo payment would buy would adequately provide for their needs should one spouse die.
Do you understand my question or is it clear as mud?
Yes, I understand what you are saying. You are ahead of me on this, sorry but been busy that last week so I'm behind on this. I'm fixing if I can show them that they need this is take limited money out of their savings to cover life and DI. I'm planning on throwing out a bone to those on this board that like EIUL and throw out an table a Indineapolis UL product that has a guarantee 4% floor for far less than a 5 grand out of pocket expense, in fact if I can pull out money of the floating 401k money that you will find and in fact that man is thinking of pulling it out to buy a new Bass Boat something else all too common! So the needs analyzes and showing them the need to protect today is greater than a new bass boat, that is the Key Selling Point. Yet a lot of this depends upon how well that MF he has floating out there is performing, remember this is from a previous employer and not directly manage by him, more than likely as I posted in other threads the odds are on my side that it isn't performing any better than 4-5%.