Protect the Family
This is the maximum length of term insurance currently offered.
35 years
his investment pools money from many investors to purchase a portfolio of securities.
What is a mutual fund?
This process takes multiple debts and strategically applies freed-up payments toward the next debt rather than simply paying minimums forever.
What is debt stacking?
Through Answer Financial, we can refer clients for quotes on these two major types of personal property/casualty insurance.
What are auto and homeowners insurance?
True or false: Putting money into a 401(k) or Roth IRA automatically means the money itself is an investment.
False. A 401(k) and a Roth IRA are accounts/plans; the money must be allocated to available investments.
These are the five face-amount breakpoints agents should know when helping clients evaluate life insurance cost.
What are $150K, $250K, $500K, $750K and $1 million?
This security represents ownership in a company, while this other security generally represents money lent to a company or government.
What are stocks and bonds?
A homeowner has significant high-interest credit-card debt and substantial home equity. This mortgage transaction could potentially consolidate that debt and reduce monthly payments, depending on rates, costs and circumstances.
What is a cash-out refinance?
Through prepaid legal services, clients can get help preparing these estate-planning documents that direct how property is handled and who can act for them.
What are wills, trusts and powers of attorney?
True or false: All IRA withdrawals in retirement are automatically tax-free.
A child or grandchild must be no older than this age when added under the child rider, and coverage can continue until this age.
What are 18 and 25?
Contributions to this type of IRA generally don't provide a current federal income-tax deduction, but qualified withdrawals can be federal income-tax-free.
What is a Roth IRA?
This analysis looks at the client's overall financial situation and helps identify areas such as cash flow, debt, protection and long-term goals.
What is a Financial Needs Analysis or FNA?
This service is designed to help protect clients from the financial and administrative consequences of someone fraudulently using their personal information.
Answer: What is identity-theft protection?
Someone leaves an employer with money in their old 401(k). Name several broad options they may have for that money.
Depending on the plan and circumstances: leave it in the former employer's plan, roll it into a new employer's eligible plan, roll it to an IRA, or take a distribution/cash out—with tax and penalty consequences potentially applying to distributions.
The standard terminal-illness living benefit is this percentage, up to this maximum amount.
What is 40%, up to $250,000?
Bonus: With waiver of premium? 70%, up to $400,000.
Name the two broad annuity categories represented in our product lineup.
What are fixed/fixed indexed and variable annuities?
A client pays off a $450/month car payment through their debt-stacking plan. What's the most important question to ask next?
Something equivalent to “Where are we redirecting that $450 now?”
This smart-home company provides products such as security, cameras and home automation.
What is Vivint?
A client receives a 5% raise. Instead of allowing all of it to disappear into lifestyle, what financial concept could you teach them?
Pay yourself first / increase savings or investing / avoid lifestyle inflation.
Mom and Dad have three children and two grandchildren. They want $25,000 of coverage on each child. How many separate child riders do they need if all five children/grandchildren qualify under your rider rules?
What is one rider?
A 62-year-old client is retiring and says, “I don't want all of my money exposed to full market losses, but I still want some opportunity to benefit when the market rises.” What product category might be worth exploring, depending on the client's objectives, risk tolerance, liquidity needs and suitability?
What is a RILA/buffered annuity?
A family says: “We make good money, but somehow we're broke every month. We have credit cards, a mortgage, almost nothing saved and we're only contributing a little to retirement.”
Name four areas you would investigate before jumping to a product recommendation.
Cash flow/budget, debt, emergency savings, protection/insurance, retirement/investments, mortgage, etc. Accept four good answers.
You're finishing an FNA and discover the client hasn't reviewed their auto/home coverage in eight years, has no will, has experienced identity fraud before and just bought a house.
Name four additional conversations/referrals you should consider before ending the appointment.
Auto/home review, prepaid legal/estate planning, identity-theft protection and Vivint/smart-home security.
A 40-year-old client says:
"I have a 401(k), so retirement is handled. I have life insurance through work, so that's handled. And my mortgage rate is low, so there's really nothing you can help me with."
You have 30 seconds. Identify as many areas as you can that still deserve questions.
contribution rate, 401(k) allocation, retirement goal/shortfall, employer match, vesting, old retirement accounts, adequacy/portability of employer life insurance, spouse/children coverage, debt, emergency fund, Roth eligibility/strategy, mortgage payoff strategy, estate planning, auto/home, identity protection, etc.