March 2010
"If you are looking for a super s-a-l-e-s-man, that's not me. What I'm really good at is calling people up, getting appointments, sitting down in front of them, and helping them take care of their needs and problems."
-- Tim FitzGerald, MSFS, AEP, the top producer at New York Life, as quoted in this month's Producer Profile article.
2 of 3
grandparents gave money to grandchildren over the past 5 years. Median amount: $5,000. 40% gave for financial support; 26% for education; 21% for a major life event. But 68% avoid giving financial advice to grandchildren.
Source: MetLife Mature Market Institute
52,000
Average claim on a life insurance or critical illness policy in the United Kingdom. That amount, roughly $82,000, is more than double the average annual UK salary.
41%
of people in the UK do not currently hold a life insurance policy.
Source: Association of British Insurers
From the Archives - March 1981
Editor's note: The following excerpts are from the March 1981 issue of Life Insurance Selling.
What's Going On In The Life Insurance Business
By Larry Albright, CLU
Deferred compensation is a highly popular and valuable concept for some business executives -- but not for all. When presented as an employee benefit, deferred compensation frequently makes a lot of sense. But some agents seem to want to sell deferred compensation to every prospect/business executive without examining the desires and needs of the employer and employee.
Assume the employer will not pay for the deferred compensation but instead wants the employee to pay the premium (either out of pocket or by foregoing a pay increase). If the employee needs that current compensation to meet current living expenses, deferred compensation doesn't make sense. And yet I have seen proposals and heard presentations that ignore that basic point.
Deferred compensation plans that don't consider the present value of money also concern me. With double-digit inflation, it may not be wise for some executives to defer income.
Personal Packaging
By J. Marie Jenkins, Special Effect Inc., Long Beach, Calif.
Accessory items make the final statement about an agent's confidence and professionalism. What are the things with which an agent surrounds himself? ... Little things mean a lot...
Here is a list of a few accessory items, or "image elevators," as I like to call them. Consider carefully their meanings and implications:
o A fine leather briefcase that says, "I am executive quality!"
o A stylish watch that says, "I have exquisite taste!"
o A silk handkerchief in a breast pocket that says, "I pay attention to details."
o An Indian turquoise ring that says, "I am an individual!"
o Giant bangles that says, "I'm a free spirit!"
o A simple gold chain that says, "I conform, but just enough."
o A gray felt fedora that says, "I'm confident. I'm complete."
A Perfect "10" as a Life Insurance Agent
By Marvin H. Unger, Ed.D., New York Life, Buffalo, N.Y.
The perfect "10" is ethical, honest and sincere. He is a teacher and leader of people. He is a master in the art of persuasion, getting people to part with a great deal of money in their lifetime when the competition for money is so keen in today's market.
Perhaps the number-one assumption is that he is a super salesman. He is not primarily a financial planner, a tax expert or an estate planner, but is a life insurance salesman, and the best of all salesmen.
