WIIFM: What’s In It For Me?
How about Life Insurance… Redefined? The kind you don’t have to die for. Sound too good to be true? It isn’t. We recently received a case that’s a great example of this new kind of life insurance in action. By the end of the story, you’ll know exactly what’s in it for you.
Here’s the success story.
A leading Achiever called TAG for a “Cadillac LTC Plan” for a 50 year-old business owner, Meredith. Although she could deduct the LTC premiums, Meredith was concerned that she might never utilize a true LTC plan. So they also wanted to take a look at life-based LTC and deduct the premiums as an Executive Bonus plan.
Meredith was Preferred Non-Tobacco and looking for $500k Guaranteed Life Insurance with access to LTC and her goal was to pay in full within 15 years before retirement. We designed the plan requiring $8,883/year for 15 years, so total premiums paid into the policy would amount to $133,250.00. The case went the life insurance route.
She achieved her primary goal: Have a paid-up policy guaranteed until age 100, with no further premiums past age 65. She was pleased with her advisor.
She achieved her secondary goal: LTC. Her policy has a rider to pay out the Death Benefit for chronic illness. We designed the policy to pay the max IRS amount of $10,341/month for LTC. She smiled with satisfaction, but imagine her surprise as the agent went on to tell her more benefits of her plan she didn’t even expect.
Her agent continued. If she eventually needed an extra income bucket, at age 85, she could turn on the Lifestyle Income Rider, where the Death Benefit is dispersed over 10 years. Her income stream would be $50,000/year for 10 years. Now that’s a new and creative feature: an income rider on the death benefit. This guaranteed income off the DB that isn’t tied to any illnesses is simply a retirement supplement if desired. She realized it was truly having her cake and eating it too. Her sense of relief was obvious, just from knowing there was another bucket of retirement money.
The agent explained to her that if she no longer needed or wanted the insurance, she could get 50% of the premium back in year 20, at age 70, and 100% of the premium back in year 25, at age 75. In this case, $133,250.00. She hadn’t considered this option, but you never know what the next 25 years might bring.
Still, the agent wasn’t finished telling her all the great features about this product. It also has built-in QOL. A Quality of Life rider which accelerates the Death Benefit in the case of heart attack, stroke, or cancer, to allow her to have access to cash to help manage her health situation. Meredith was over the moon with the product and her advisor. Her high deductible health insurance suddenly became less scary. And the best news? The agent remembered to ask for referrals.
And that's our story.
Life Insurance for the Living is one dollar doing the work of many.
The Achievement Group is holding educational meetings in November to certify agents for the required training needed to sell this innovative new product. For additional information, please call The Achievement Group at (866) 845-5292 or email Jennie, John, or Dustin directly.
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We were reminded recently about the importance of storytelling in sales and marketing. Think about how you can incorporate this success story and others like it into your own marketing strategy.
Whether it's sharing a mission, selling shoes, or inspiring a commitment to performance, storytelling is a powerful tool that can mean the difference between being just another advisor and being an extraordinary Achiever.
Stories build messages that people care about, that they can bond to, and that they will remember. When you engage listeners in a powerful, entertaining, and informative story, they remember it, and many times they ask for more. A dose of emotion and the human element can result in a memorable message, and record sales.
Spelling success one case at a time. Good ideas that enrich your clients' lives.
Let US design your next case with you - The Achievement Group
866-845-5292 www.tagpartners.org
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JENNIE
866-845-5292
JOHN
866-845-5292
DUSTIN
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