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How to sell IUL

A Presentation Track to Run on for IUL

bryandaly
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How to sell IUL

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  1. How to Sell an IUL

  2. Sales Process 1. 2. 3. 4. Client presentation Financial needs analysis Illustrations/Application Policy delivery

  3. The Client Presentation • Build a relationship: rapport, trust, and credibility. Memorize a script. Ask questions. Share stories and make it personal. Third party validation. Address objections (ex. internet). • • • • •

  4. Financial Needs Analysis (FNA) 1. Coverage amount. 2. Retirement goals. 1. Contribution/Budget

  5. Coverage Amount “Having more insurance than you need represents cost that could go toward your savings right? $ 25,000 $ 25,000 $ 20,000 $ 20,000 $ 255,000 $ 255,000 Would you agree that being under-insured represents financial risk and hardship for your family in the event of death or sickness (new type)?” 2 2 $ 25,000 $ 25,000 $ 200,000 $ 200,000 $ 2,000 $ 2,000 15 15 $ 360,000 $ 360,000 I’ll go through a series a questions to figure out what’s the right amount for you and your wife. $ 860,000 $ 860,000

  6. Contribution/Budget • New contribution: “Comfortably aggressive” • Life Insurance Premium: Let’s replace the old type with the new type. If there is cash value, review. • 401K: proposal to reposition future contributions. $ 100 $ 60 $ 40 $ 100 $ 0 $ 0 $ 0 $ 300 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

  7. Retirement Goal $ 10,000 $ 5,000 $ 120,000 $ 60,000 $ 3M $ 1.5M $ 2,000 $ 1,000 Retirement is not an age, it’s a financial condition – Retirement can only occur when one’s passive income can support the standard of living one wants, needs, and deserves. • Discuss 2 scenarios – the ideal retirement and the minimum baseline retirement. • Explore how much of a nest egg a client may need to achieve either retirement scenario. • Calculate the monthly savings required to create the different nest eggs per each scenario. • This exercise is meant to highlight the reality of most people’s situation: They can’t retire when and how they want because they aren’t saving enough. • Share your story -- people buy on emotion and rationalize later.

  8. Contribution/Budget • New contribution: “Comfortably aggressive” • Life Insurance Premium: Let’s replace the old type with the new type. If there is cash value, review. • 401K: reposition future contributions to the tax-beneficial, lower fee, no risk. $ 300 $ 60 $ 40 $ 100 $ 0 $ 0 $ 0 $ 500 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

  9. Policy Delivery Address the “negative” half-truths that could lead to replacement or lapses • Guaranteed vs. current assumption columns. • Expenses: premium, COI, administrative. • Death benefit = cash value + net amount at risk. • Loan distribution options. • Living benefits.

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