July 2010
Has your BGA got your back?
"I don't know even one top producer who handles impaired risk cases themselves without the backup of a talented brokerage general agency."
-- R. Jan Pinney, CLU, ChFC, CPCU
See this month's Impaired Risk Producer Roundtable
Reality Check
36% of baby boomers have no idea if their retirement income will last through retirement. Half of survey participants said they would need a retirement income of $59,000 per year to live comfortably, but when asked how much they would need to save to generate a $59,000 annual retirement income, participants estimated only about one-third of the actual amount.
Source: Allianz Life Insurance Company of North America May survey of 3,200 Americans ages 44-75.
77.8 years: Average life expectancy for an American, up from 69.7 in 1960. Those who live until age 65 will on average live until age 83.7 (up from 79.3 in 1960).
Source: National Center for Health Statistics
See Pam Green's article, "The misunderstood fixed annuity."
July 1966
Editor's note: The following excerpts are from the July 1966 issue of Life Insurance Selling.
How Much Is Too Much?
If a prospect tells you that the amount of life insurance you're suggesting is too large, remind him that each of his children will eat nearly 20,000 meals between the time he's born and the time he reaches age 18. (That includes a few between-meal snacks.) His children will have to eat them whether he pays for them or not. How much does a meal for a child cost? Fifty cents is a conservative estimate, and that means $10,000 for each child for food alone. How much life insurance is too much?
Methods I Use to Produce $700,000 in Five Sales
By Glenn G. Geiger, CLU
New England Mutual Life, New York
Sell Brides' Fathers
One of the most successful men in my office prospects among fathers of young brides. He picks a name out of the newspaper and approaches the father with the idea that perhaps his son-in-law will not be in a position to provide adequate life insurance for his daughter during the next few years. If there is a possibility that the daughter might soon acquire a family, it is usually easy to talk the father into a split-premium arrangement with the son-in-law. The resulting sale is usually anything from $15,000 to $50,000. This initial sale opens the door to sales of insurance on the father's life.
Sincere Commitment to the Community Sells Life in a Small Town
By Joe A. Marino, Mutual Life, Welch, W.Va.
I have found that the name of the company a man represents is often forgotten or unknown, but the name of a man who is an active part of his community is seldom forgotten or unknown.
In a large city, an agent may never see his prospect after the original sale. In my small community, however, I am in daily contact with policyholders as I make the rounds.
I don't spend daytime hours in the office except by appointment. Instead, I spend my days making calls and contacts. In the quiet of the evening I do my office work and plan my activities for the following day. My office and my home are open at all times to anyone seeking advice, service or just company. I own property, have children in school and take an active interest in my town and its progress. People sense my sincere interest and commitment, and they respond to it.
