Definitions
What does ROP stand for and why?
Return of Payment, and because after the term of the policy expires they have the option to get back a lump sum check , tax free, of every monthly payment they made for the past however many years the term lasted.
What are the different types of policies we offer?
Term Life Insurance
ROP (Type of Term)
Permanent Life Insurance
Who does the client pay his/her 1st monthly payment to?
One of the insurance carriers that best suits their needs.
What do you do when you first jump on the appointment as a trainee?
Edify your Trainer , and introduce them to your referral.
Not just "hey bob this is martha and she is my trainer"
What should you ask as soon as you share your screen?
Can you see my screen ok?
Living Benefits are benefits included in any and every policy we write; which is what sets us apart from other companies, that say: if the client were diagnosed with any critical, chronic, or terminal illnesses or injuries then depending on the severity they would have access to 40-90% of their face amount coverage IN LIFE tax free, to use for whatever they needed and they do not have to pay it back.
What is the term of our permanent policy , that grows cash value and can be used as a financial vehicle for college, retirement, or business/family planning?
Indexed Universal Life Policy
1 hour - 1 1/2 hours if you are super rookie.
What are the 3 ways the prospect can look at this conversation?
1. Referrals
2. Free Consultation
3. Business Opportunity
What should you keep asking through out the appointment?
Does that make sense? or Do you have any Questions?
What is inflation?
The increase in cost of goods and services over time. (average inflation rate goes up approx. 3% every yr)
Example, we used to pay $0.25 cents for a bag of chips as kids and now its at least $1.00
What are the different terms offered within a regular term policy?
10, 15, 20, or 30 years.
What is the formula for how our compensation works?Use $100 for the monthly premium @ an FA Contract.
Monthly Premium x 12 Months = Annual Premium
Annual Premium x 120% Bonus= $ Insurance Company Pays PHP
$ Insurance Company Pays PHP X The Agent Contract = Your commission for that one policy
$100 x 12 months = $1,200/yr
$1,200 x 120%bonus = $1,440
$1,440 x 50% = $720
The first 5-10 min in the appointment what are you doing?
Getting to know them, and Building Rapport.
Looking for pain points to refer back to during the presentation.
Things to consider:
Are they AIM market?
Do they have a family?
How can I connect the crusade to uniquely appeal to them?
When talking about compensation, what can you ask to compare and show them how this opportunity would benefit their personal time & finances?
How long would it take you to make $720 with your current job?
COMPARE the hours.
Ask them to pull out their calculator and divide $720 by their hourly pay and to say that number out loud. Then ask them if they know what that number means... thats how many hours it would take you to make $720 at their current job.
Next question: What would you do with that much extra time?
What is "The Crusade"
A synonym for Crusade is Cause.
So our "Cause" or mission is to simply share this information with any and everyone to help cure financial poverty within our community.
What are the benefits of getting an ROP vs. a regular Term?
1. Lump sum tax-free check returned of every monthly payment made over the term.
2. You can skip the money, not collect the check , and keep the policy for the rest of your life (age:121) you just wont have to pay for it. This includes living benefits as well.
What would that compensation be for someone at a Trainee Contract, who writes a policy for $100/month?
$432
At the end of the appointment, What is the first question to ask?
Did you grab value from the information I shared with you today?
(If they answer yes, Then ask: "what were their biggest take aways" and take mental note of this.)
What do you think of when you hear the term life insurance?
or what is your definition of the term life insurance?
What is an Annuity?
For us, it is a retirement account that works exactly like the cash value account.
Provides protection of principle, death benefit, growth, and life time income.
Dictionary Definition: An annuity is a type of policy issued by an insurance company designed to accept and grow funds, and upon annuitization, create a stream of income or payments. The money you pay in can be either a lump sum or a number of payments. These contributions generally earn a rate of return, generally tax-deferred.
IRS CODE 7702
How do we get paid on an annuity?
Use the example for a $200K Rollover @ an FA contract.
$200,000 Rollover x 8% (Avg. Rate) = $16K
$16,000 X 50% = $8,000
1. Need to get a State License.
2. Do not get paid to recruit.
3. You can make 6 figures only producing.
4. As a brokerage we only deal with triple A rated companies.
5. You can pass up the person who recruited you.
What should you ask someone who says they already have life insurance thru their job?
possible answers:
"That's great! Do you know it happens to be the old life insurance or the new life insurance?"
What type of policy do you have?
Would that policy end if you left that job?
Does your policy include living benefits?