By Al Stockwell, MBA, FLMI, Life Marketing Director, Davis Life & Annuity
If you’ve spent more than a day or so selling annuities, you’ve heard of Tom Hegna and Ed Slott. These gentlemen are icons in the annuity world who have helped thousands of advisors sell more annuities and perfect their presentation when talking with clients. Many of you have likely shared a book with your clients or had them watch a video from these men to help bolster your credibility. And for good reason, these men are well known and respected across the industry. When they talk about doing something, most people will at least consider what they say.
So, if their advice is so great (and it is), why are so many advisors ignoring one of their major suggestions? Both Hegna and Slott talk about the value of life insurance and how it fits into most folks’ financial plans. Additionally, they show you how to use the annuity money to pay the premium as well. They lay out the benefits of Life Insurance very well for the clients to understand; let them do the selling for you!
We at Davis Life & Annuity understand that life insurance adds an additional level of complexity to the sale, so we always suggest getting the annuity sale first and then coming back with the additional sale. Our job is to try and make the whole process as easy as possible for you. With over 40 carriers to choose from, a team of underwriters to assist with health issues and an awesome New Business team, we will do everything possible to help you make the sale. Don’t worry about what product or carrier or how to run the illustration, give us a call and our team of experts will take care of that.
Want to make the sale even easier? Introduce living benefits into the sale. Most clients have at least one friend or relative who is dealing with chronic illness, and understand the financial and emotional drain. Clients also know that traditional chronic/long-term care insurance is a “use it or lose it” expenditure. With today’s life insurance and living benefits combination products, clients can cover two risks with a premium that may be guaranteed to never go up. As a result, we change the narrative from “use it or lose it” to “someone will reap the benefits; we just don’t yet know who.”
Right now, 75% of our permanent life sales involve some level of living benefits (LTC, chronic illness rider, etc). LIMRA states there has been a double digit increase in the use of these benefits for the last several years. LIMRA’s stats also show that 6 in 10 consumers would consider purchasing these combo products; that’s a huge number and really shows the opportunity that is out there. Give our life and annuity teams a call today and find out how we can make annuity, life, and living benefits work for your clients and you.
Al Stockwell has nearly 20 years of experience in life insurance, more than ten of which as Life Marketing Director with Davis Life & Annuity. To contact Al, call us at 800-747-5612 or email Al@DavisLife.com.