Have You Considered Creating New Sales from Old Life Insurance?

 Doing annual reviews may create conversations about your clients Life Insurance, whether it’s paid up, paying premiums or a client says I can’t afford to pay premiums any longer but still need the insurance. What do YOU do? How to improve a client’s life insurance and end the premiums.

Here’s a recent case study.

A broker got a call from a client that felt prompted to inquire about his life insurance after reviewing his recent anniversary statement. Since the client was recently laid off due to Covid-19, his budget was in a disarray and was concerned about affording premiums till he went back to work. Maybe?

His three policies were over 30 years old.

The client purchased the policies for income replacement, mortgage protection, etc. as a young husband and Father. All were ancient whole life policies and 30 years later were not the right design for his lifestyle and current needs. The added surprise is that the combined policies had $102,000 in cash value. Remember, he still needed life insurance being married, a homeowner and not ready or close to retiring.  He needed more than an expensive final expense policy and a term policy really didn’t appeal to him and he was running out of options at his age.

Our research turned up a solution with National Western who was able to take the $102,000 cash value and do a 1035 transfer simple issue, turn it into a single premium with a first year death benefit of 274,380 guaranteed.

Not only that, it has a ROP rider that enables him to take 100% of his premium with him w/o any penalty. But wait! There’s more! Living Benefits, growing CV and DB plus very nice commissions as well. And no more premiums!

Call me for the rest of the story!            
800‐200‐9194, ext. 206

~ John Roberts

Marketing Director

VP, TWH Agency, Inc.

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