How to sell single premium whole life insurance
LIFE INSURANCE SALES TRAINING: How to Sell Simplified Issue Single Premium Whole Life Insurance
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today i'm going to talk to you about the
most underutilized life insurance
product in the country
hi my name is jeremy smith and over the
better part of the last 16 years i've
been an agent
a manager an owner operator of my own
brokerage and for the last seven years
i've been a business coach
traveling the country helping agents and
agency owners grow their practice
stay with me because i'm going to try
and help you grow yours if you've been
on youtube before then you know the game
please like comment hit subscribe so i
really do believe
that this is one of the most under
utilized products
in the country when it comes to life
insurance this is a product that pays
some of the highest commissions of
anything you can do with a life and
health insurance license
this is a product that can fix financial
problems for your client and provide
solutions that no other product in the
country can provide
and it's a product that less than five
percent of all
insurance licensed agents in the united
states offer
and even less actually understand and
even less than that actually understand
the true benefits of it and actually
know how to sell it
i'm talking about what's called a single
premium life insurance policy
and to those of you that already sell
life insurance i get it that was a big
build up
to a term that you've already heard of
but i'm going to break tradition today
and i'm going to talk to you about a
specific product with a specific company
the the company is equitrust the product
is called a wealth max
i'm going to teach you today about the
product the features and benefits of it
and then i'm also going to teach you how
to sell it
again i just simply can't understand how
much
easy business is not being written
because
agents aren't aware of this product they
don't understand the true features and
benefits of it
they don't know how to find the business
and probably just as importantly
they don't know how to present this
product i'm going to try and fix that
problem
right now before i get into this i want
to i want to reiterate one thing i said
a little bit ago on here that it's
simplified issue
i'm hoping you know what that means if
you don't it simply means that there's
no there's no big underwriting
10 week game where they're going to poke
their blood
and take their temperature and a nurse
comes seeing a peanut cup none of that
happens
it's it's 12 or 14 questions uh
that if they answer no to they're good
they're approved
okay the other thing i want to keep in
mind too is this is a
it's kind of a life and annuity hybrid
so the thing you have to keep in mind is
this money that you purchase the policy
like this with
it's got to be non-qualified money if
you don't know what that means it's
money that has already the taxes have
already been paid
so it's not money you can pull out of
your ira for example to buy a
wealth max policy it's money that's
already in your checking account
money that might be in a cd or a money
market account
okay so now we've got the stage set for
what type of money goes into a wealth
max let me break down to you
how this policy works okay i've got a
client personally
i did i use this a lot of times in my
example and she was a 64 year old female
that was a non-smoker and she had fifty
thousand dollars in a cd at the bank
this is probably two years ago so uh
maybe up to date
not quite up to date on exactly what cd
rates are but it hasn't changed much
on a on a 50 000 note she was making
about
1.5 percent interest on her cd
the reason why she had it in her cd the
reason why your clients have money in
cds
or the checking account or a money
market account
there's one big reason and it's
liquidity they feel like if something
happens and they need to get their money
they can go quickly get at that money
obviously in a cd they'd probably break
the contract they might lose a little
bit of interest
but they're willing to earn pretty much
no money at all on their money
in a cd or a money market account or a
checking account these days
just to know that they have liquidity
and they can go get it in case of an
emergency
what i what i did with my client was
instead of putting that money with a
bank
and earning little little to no interest
we put this money
with an insurance company okay and so we
took that 50
000 in premium and here's what she got
in the wealth max
that she didn't ever have before first
of all
she got a five percent premium bonus so
in fifty thousand dollars she got two
thousand dollars added to her account on
day number one
just about as much as she would have
probably earned in her cd over a two
year period
this uh has the ability to earn up to
seven percent a year
if the stock market goes up if the stock
market goes down she can't lose a dime
much like an equity indexed annuity
but she's also got 120 627
000 initial death benefit if something
happens to her tomorrow
that that amount of money goes on to her
kids or grandkids tax-free in the form
of life insurance
now this death benefit is a decreasing
death benefit
but the bottom it will go to is eighty
six thousand five hundred dollars
so in this example if my client never
has that catastrophic emergency
and ultimately the money stays in here
and she passes away in her sleep
sometime down the road
her kids are gonna get somewhere between
eighty six thousand hundred twenty six
thousand dollars of tax free life
insurance money
that money if it was in a cd she could
live another fifty years
and it wouldn't ever accumulate to that
much in tax tax-free life insurance
from a growth standpoint it's got the
potential to earn up to seven percent a
year in the stock market
i'm not done though the benefits of this
here's a big one
it gives her long-term care coverage it
allows her to get up to 2 400
a month for the next 36 months if she
goes to a nursing home
and here's the real cool thing if the
world changes and all of a sudden cd
rates
go back up to 10 percent in two years
from now and she says well i want to go
back and get my money in a cd
i don't know why she would but if she if
she wanted to she can get a hundred
percent of her money back at any time
with no penalties at all so you tell me
which makes more sense for the client
having your money in a cd or a money
market account or a checking account
that's earning point nothing percent
interest or all of these benefits
and income potentials it's a no-brainer
and all you have to do as the agent is
find the business
find a client that's got money in a cd
money market account
uh or a checking account and explain
this product
if they've got their health enough to
where they can qualify for a simplified
issue policy
this policy in my opinion is a
no-brainer night and day better scenario
for them than where they're currently at
and i will say one more thing too you
have a lot of clients whether you know
it or not
that have big concerns about long-term
care
and their health won't allow them to
qualify for a fully underwritten
long-term care policy
this is a simplified issue policy so not
only is there ways for them to earn more
money
pass more money on to their kids and
grandkids but it's a it might be the
only way
that they'll ever have any type of
long-term care coverage because they
can't qualify health-wise
for a conventional policy so keep that
in the back of your mind as you're
meeting with your clients
all right so i told you that i was going
to teach you how to sell this policy
well i just taught you what i just did
the last
couple minutes and explaining and going
through this that is how i sell the
policy
the only difference is i might do a ben
franklin with a t
right here and on this column show them
what they currently have right now
which is fifty thousand dollars times
one point five percent in interest
minus taxes and that's the sum value of
what they currently have
and then show them which would you
rather have all of this or this
that's how i present this product that's
how i recommend that you present this
product keep it simple
explain to them what they have and
explain to them what they can have
so in closing you know i've said this in
past videos
if you want to be a remarkable insurance
agent find a niche find
things that you offer things that you're
an expert in that nobody else is an
expert in
i'm here to tell you that single premium
life insurance is one of those things
i have a lot of connections with the
marketing organizations and it's the
lowest sector
of volume of anything we do in our
business when it comes to single premium
life insurance policies i think this
equitress wealth max
is the tell all be all of single premium
life insurance policies
get boned up on it learn about it get
contracted with it you need help with
any of those things message me
i hope this was valuable i'll look
forward to seeing you next week and
please don't forget to ring the bell and
subscribe if you haven't already
thank you
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