Your Company vs.Brokerage
Does your company decline or table rate difficult cases?
We are product specialists and know where to fit your clients. We will reach out to company underwriters before applying to get the best possible result.
News
Multiple impairments making your life case tough to place?
A big hurdle in underwriting is a client who suffers from multiple impairments. Here is an example:
- Client: Male 46 – NS with the following impairments
- Adult onset Diabetes on metformin with a current A1C of 7.0 = Table 3
- Ulcerative colitis under control = Table 2
- Bipolar – Diagnosis of Moderate = Table 4
The Problem
Most carriers will combine the table ratings from each individual impairment and approve the case at the total sum of the ratings. In the above example, the policy would be approved at a Table 9 rating which makes its expensive and unlikely to be placed.
The Solution
One of our carriers will consider the situation differently as long as the impairments don’t affect one another. This carrier would then take the highest rating which is a Table 4 and approve as such, thus making the case even more likely to be placed. Should the family history be clean, a one-table credit could be applied and the policy could be issued a Table 3 for term insurance. If this is a permanent sale this carrier can use a 3 table shave program. The policy can be issued at Standard Non-Smoker.
Berson Sokol Agency, Inc. has 48 yrs experience in the impaired risk marketplace. Give us a call today for your next tough case.
A New Day Has Dawned
We all learned a lot in 2020, everything from working remotely, how to hold a zoom meeting, using e apps, e delivery, and so much more. The year 2020 is in our rear view mirror and now we should all look forward to an improving environment with plenty of opportunity in 2021.
To take advantage of this opportunity it is important that you plan and be SMART (Specific, Measurable, Attainable, Relevant, and Timely) about your goals.
Specific: Instead of saying you want to increase sales, think about how much you want to increase sales by, is it a percentage, a premium figure, an app count, a new client count, # of appointments, etc. or is it a combination of a multitude of targets
Measurable: If you have not already reviewed last years business, now is the time to do so. In order to measure your success you must have a base for comparison. Think about how often you will gather and review your results, is it weekly, monthly or quarterly. Be sure to keep a running chart.
Attainable: Be honest with yourself, don’t set your goals so high that you will never reach them. For example if you wrote 50 clients last year, what are you going to do differently that you will write 150 new clients this year?
Relevant: You need to set a written plan of action that you can refer to on a regular basis. That plan could be asking for referrals, social media, cold calls, etc. But you have to have a plan! Are you working in a market in which you possess the proper skills and knowledge to succeed?
Timely: Your initial approach is ever so important, did you know that US life insurance ownership has declined 9 % in the last decade and 63 % of consumers think it is too expensive, yet premium rates are at an all-time low. Did you know that the 60 and over population will grow by more than 50 % from 2015 to the year 2030? What a great time to be talking about Long Term Care, Lifetime Income, and Medicare.
At the Berson – Sokol Agency, Inc. we would be happy to help you in your planning process for the new year. All you have to do is ask.
Want 5 ways to adapt your insurance business for the future? Email me and I will send you the details.
Where are your clients keeping their money?
Today, more than ever, I am hearing from advisors that their clients are “not moving forward right now with the long term care insurance recommendation” or “holding their money for now.” But WHERE are they holding their money? And what are they earning (or losing)?
By taking a wait and see approach, the client:
- May lose growth on the money,
- Pay fees, and
- Possibly have a change in their health.
By moving forward now, the client will:
- Get double the amount of their deposit for long term care,
- Guarantee insurability AND
- Earn 3% compound inflation on the long term care benefit!
There are many safe, guaranteed life or annuity based long term care insurance policies that offer 3% compound inflation AND have return of premium options. If the clients change their mind in the future, they can exercise the ROP and receive their deposit back.
This is a win, win opportunity to help defray the significant cost of care, instantly double their money for long term care AND earn 3% compound interest!
Call David Seiger at 216-464-1542 for case consultations.
Spread the Love. Not the Virus.
For every Berson-Sokol eApp or drop ticket submitted between now and June 1st, 2020, we will give you a $10 Grubhub gift card for you to donate to an essential worker of your choice. These are the individuals who are doing the hard work and risking their health for us – the nurses, first responders, grocery workers, restaurant workers, delivery drivers – you know them.
By using the drop ticket system, you will:
- Help your clients obtain life insurance they need,
- Help yourself by growing your income,
- Help the essential workers who are putting their lives on the line
It’s a win-win-win!
Share the Love
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John Hancock Aspire
Did you know?
People living with diabetes represent a $6 billion untapped market opportunityNow, your clients can get the important protection they need, save up to 25% on premiums and access a sophisticated diabetes management program offering devices, supplies, personalized health coaching, and more. Plus, your clients can also receive all the rewards and benefits of the John Hancock Vitality Program.Aspire from John Hancock is the first and only solution designed for this market. Along with affordable life insurance coverage, Aspire can help your clients better manage their condition and help them on their journey to live a longer, healthier life.
Learn more about this unique program:
New Legislation Eliminates IRA Stretch
Assets that pass to certain non-spouse beneficiaries will greatly increase the taxes on IRAs when passed to the next generation. Distributions must be taken within 10 years of the death of the IRA owner. This may cause a huge deferred tax liability. Find out how life insurance can help. Learn more
Marketing to Baby Boomers
Even with a lifetime of planning and hard work, Baby Boomers still face new responsibilities, including financial support for adult children, healthcare needs, and lifestyle upgrades. There are many opportunities to approach this generation with life insurance solutions. We’ve got some resources here to get the conversation going.
Make It Personal
They want to develop personal relationships in both personal and professional lives.
Create face to face opportunities to get to know as much about them as you can – families, interests, birthdays, etc.
Exhibit Professionalism
They appreciate experience, credible company reputations, brands, etc.
Acknowledge both yours and your clients credentials, experience and success as well as affiliated company credentials.
See the Big Picture
They like to have a long term plan
Recommend a tailored long term plan that is specific to their personal needs / situation.
Be a Team
They like contributing to a team effort.
Focus on common goals and how your recommendations will add value- you are on their team.
