When discussing life insurance options with clients, there are only two things your client needs in order to have a well-rounded protection plan in place: Enough insurance and it should be active the day they die.
The first thing you need to determine when working with a client is how much insurance they need, and how long it will provide benefits to the surviving spouse.
One of the biggest mistakes people make when buying life insurance is only thinking of paying off the house and paying for the funeral.
Once the family breadwinner has passed, their spouse and family will not only be left without income, but a potentially large stack of bills. Many people only think about covering the funeral and burial costs, and paying off the mortgage. But, they need to look further into the future. The children may need to go to college and that lost income must be replaced to help keep the family afloat for months – possibly even years – to come, until they can start to replace that income on their own. It is even recommended that individuals purchase enough life insurance so that they will receive the same amount of their deceased spouse’s income for at least five years.
LifeHealthPro.com revealed that there are also many personal uses for life insurance like:
- Burial expenses: Life insurance will pay for funeral expenses, and benefits can be assigned directly to the funeral home.
- Mortgage and debt protection: Life insurance can pay off a mortgage, credit cards, a student loan and other personal debt.
- Education: The cash value in a life insurance policy can provide funds for a college education.
- Charitable giving: Life insurance can fund a donation or an annuity for a charity, church, foundation or nonprofit.
- Estate creation: Buying a whole life insurance policy gives the insured an instant estate and makes him worth a lot more money.
- Estate taxes: Life insurance can be used to pay estate taxes when taxes are due.
- Inheritance equalization: If the son inherits the family’s $2 million mansion, what does the daughter get of equal value? How about a $2 million death benefit from a life insurance policy? This gives both children an equal inheritance.
- Survivor income: Life insurance can provide a lifetime income to a widow or widower when the spouse dies. It’s instant security.
- Children’s insurance: Life insurance on a child not only guarantees a death benefit; it also ensures the child will be guaranteed insurable for future life insurance coverage.
Remember to always consider things beyond an individual’s immediate needs and begin examining what the landscape may look like down the road. Our clients need to be protected no matter what happens, and look to their National Agents Alliance representative to provide them with the information and recommendations to make the best decision.
Realize your Potential
In order to succeed with National Agents Alliance, you need to see that you have the potential to reach your goals. NAA helps you reach your goals and gives you the motivation and training to push you to the top. Let NAA take your potential and mold it into a top insurance agent by following our system. You will not be disappointed.
Putting yourself in the right attitude for success should be at the top of your list. Staying positive and surrounding yourself with friends, that share a positive attitude will help you succeed. National Agents Alliance gives you the opportunity to be around these people and learning from them while having fun. Don’t allow negative thoughts to slip into your mind. Attend our meetings, events and learn how our top producers are doing it every day. A good attitude will allow you to turn any bad situation into a learning experience. You’ve heard the saying, “The glass is either half-full or half-empty.” You need to adopt the attitude that life is half-full. The result is that you will feel better, have more energy, and have a much higher opportunity for success. National Agents Alliance provides training that will help you take your business to the next level.
Set Daily Goals
As you work hard to reach success with National Agents Alliance, regardless of what you consider that success to be, you need to be able to see your accomplishments. In order to visualize your accomplishments and stay encouraged, you need to set daily goals. These goals can be as simply as a follow up phone call or a written letter to an investor. Whatever the task is, get it done in a timely manner. In addition to keeping the process for your success on track, it will help you to feel like you are making accomplishments, pushing you closer and closer to the success.