Advisor Today - May/June 2015 - (Page 28)
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?"
often hear this statement and
question from clients, specifically
when discussing the benefits of
properly structured whole
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
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
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
Advisor Today - May/June 2015