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Life Insurance 101

J.R.

Guru
1000 Post Club
1,971
Texas
We have Health Insurance 101 and Group Health Insurance 101! Personally, I would love to see a Life Insurance 101 thread.
 
I thought we already had several. They all start with NAA somewhere in the title of the thread.
 
It would be great. I am new enough I could use to learn more about life insurance, both product and marketing. I'm sure someone that has disagreed with me on an issue will make a smart-ass comment about that last sentence, but it's a good idea nonetheless.
 
NHB_MMA said:
It would be great. I am new enough I could use to learn more about life insurance, both product and marketing. I'm sure someone that has disagreed with me on an issue will make a smart-ass comment about that last sentence, but it's a good idea nonetheless.

Well it would be helpful if you narrow it down just a tad. Is it marketing or product that you would like to discuss.

If it is marketing then lets start with what you want to sell. Since Term is the basic default today I think I'll start with that.

I'm a strong believer in keeping it simple, so let me ask you this. What interest you the most, marketing to individuals or businesses?
 
James said:
NHB_MMA said:
It would be great. I am new enough I could use to learn more about life insurance, both product and marketing. I'm sure someone that has disagreed with me on an issue will make a smart-ass comment about that last sentence, but it's a good idea nonetheless.

Well it would be helpful if you narrow it down just a tad. Is it marketing or product that you would like to discuss.

If it is marketing then lets start with what you want to sell. Since Term is the basic default today I think I'll start with that.

I'm a strong believer in keeping it simple, so let me ask you this. What interest you the most, marketing to individuals or businesses?

I agree with both of you. Personally, I would like to know what life ptoducts produce the best results with small business owners. I like the simplicity of term, but iimagine that it is not for everyone.

I am set to go for health, but need to know about the life side. Is it best to become appointed with each individual company or through a brockerage firm. I plan to focus on health for a long time, but would like to incorporate life later down that road.
 
James said:
Well it would be helpful if you narrow it down just a tad. Is it marketing or product that you would like to discuss.

If it is marketing then lets start with what you want to sell. Since Term is the basic default today I think I'll start with that.

I'm a strong believer in keeping it simple, so let me ask you this. What interest you the most, marketing to individuals or businesses?

Well, forgive me for stating the obvious we all know, but the policy features and drawbacks are married to the marketing. We all need to know, or learn, what appeals to what situations and then the best way to approach such prospects. Ultimately, I am wanting to know how I can simultaneously make a good income and improve the financial situtation/security of others. I think the small business walk & talk market is going to be the one I hit the most, initially. And, to be honest, I don't offer term that is really price competitive, except for one 10 yr. product, so I am looking at good applications for permanent (WL, UL, VUL, VL, etc.) policies.
 
NHB_MMA said:
Well, forgive me for stating the obvious we all know, but the policy features and drawbacks are married to the marketing. We all need to know, or learn, what appeals to what situations and then the best way to approach such prospects. Ultimately, I am wanting to know how I can simultaneously make a good income and improve the financial situtation/security of others. I think the small business walk & talk market is going to be the one I hit the most, initially. And, to be honest, I don't offer term that is really price competitive, except for one 10 yr. product, so I am looking at good applications for permanent (WL, UL, VUL, VL, etc.) policies.

Well then you should consider using the "5 Way":

Dear Blankity Blank, one day you will be out of business one of 5 ways,

1)Death
2)Disability
3)Retirement
4)Voluntary Sale
5)Bankruptcy

Now I'm here to offer you a solution that no matter how you leave you leave with the largest amount possible. Would tomorrow at 10 am or Wed. at 1:00 PM be better for you?

That is about all there is to it. Or you can try what others here have suggested. Walk in and ask them if they want any insurance and what flavor they would like today. Of course I don't think that'll get you very far but, who knows? I've never tried it their way.
 
1)Death
2)Disability
3)Retirement
4)Voluntary Sale
5)Bankruptcy

Obviously the first three is a no brainer, yet how can you help with Bankruptcy and Voluntary Sale?

Bankruptcy or Asset Protection.

Voluntary Sale? This is one many ask how I can help with that, what gives your business or company value? People, retention of good people is a large problem for all companies even small business. So if I can add value to your employees (key employees) and tie them to the company such with Health, Life with Cash Accumulation then your company is worth more, as in a higher worth on the bargaining table.
 
James, I know you've defended perm coverage in the past. What other common uses do you see for permanent policies?
 
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