Advisor Today - May/June 2015 - (Page 28)

PRODUCT SPOTLIGHT LIFE INSURANCE By B. Chase Chandler, RFC How I Sell Whole Life I educate my clients, encourage them to ask questions, and set the stage for them to buy. "I wish I had known how this worked 30 years ago." "Why didn't someone explain this to me when I was 35 or 45 years old?" I often hear this statement and question from clients, specifically when discussing the benefits of properly structured whole life insurance. As we age, our thinking evolves. When we're 35, we think in one way. But by the time we reach 50, our thinking has changed. What we thought we would want is quite different from what we actually want. Where we thought we'd want to be is often not where we want to be when we get there. The kicker is that we often, at the earlier age, don't even know what we're going to wish we would've known. A bit confusing? Maybe, but this concept is vital to our client's future. Selling whole life With current economic and geopolitical uncertainty, clients need reassurance with a product that offers a guaranteed cash value, income-tax-free death benefit and stable premiums. Whole life is a product that offers these advantages. Our calling is to give clients perspective to help them. You may have clients who purchased whole life insurance 20 or more years ago. Most of them will admit that it is their most valued asset. Often, clients think it's too late to buy whole life. I had a friend, about age 50, who told me that it was too late for her. She was thinking of the time between now and age 65, a 15-year time horizon. But what about age 70, 75 or 85? Will she not need a safer, more tax-efficient asset then? The answer is a resounding yes. Implementing a whole life policy 28 ADVISOR TODAY | May/June 2015 The vast majority of prospects are interested in permanent insurance products-they just don't know it yet. today would give her a safe, taxefficient, and long-term asset, all the while providing greater legacyplanning opportunities in the future. Another focus is how we talk with clients and prospects. I have found that when most producers first begin their careers, they are taught to be more conceptual with clients as opposed to getting into lots of details. The common saying is, "If the client likes the concept, the details don't matter. If they don't like the concept, the details (still) don't matter." While I do not completely disagree with this saying, I do believe that this type of mentality is depriving advisors of great opportunities. Producers have been taught that they should make the sale by establishing rapport. Following the fact-finder and presentation meetings, prospects shouldn't ask too many questions. Rather, they should do business just because they like and trust the advisor. The unintended consequence here is massive. In reality, many smart people are, and should be, skeptical of whole life. Every time they hear a financial "pundit," the overt message is that whole life is a rip-off. So we should let clients know that it is OK to ask questions, show skepticism and be discerning about life insurance. Many of my best clients took months or years to make

Table of Contents for the Digital Edition of Advisor Today - May/June 2015

From the Editor
New Products
Investing with Purpose
Ascending to Greatness
DI Insurance Saves a Family—Twice
Hack-Proof Your Social Media Site
A Unique Asset That Is Often Overlooked
How I Sell Whole Life
When Being Wrong Is Right
Selling Life Insurance Today
Retirement Planning for Today’s Boomers
Repotting Your Career
NAIFA Government Relations
After the Sale
Marketing to Millennials
How to Win the Hispanic Market
In Step with a Winner
Work for Free—and Make Lots of Money Doing It!
Creating a Center of Influence
Lighter Side
Advertiser Index
Back Page

Advisor Today - May/June 2015