Building Sales From Your File Cabinet

By Scott Johnson, CLU, President - Life Sales Division

You’ve probably heard it before. If you need more sales, go to your file cabinet! Mining your existing customer base to determine if their existing policies meet their current needs can be a bit like finding money in your pocket you weren’t expecting! Being meticulous about conducting annual reviews with his e

This agent is a registered representative and has worked in the industry for around 40 years selling many variable life insurance policies.These policies were often sold as supplemental retirement policies. The cash value in these policies would fluctuate based on the performance of the sub-accounts which often resulted in negative cash growth.

In the course of an annual review, the agent and his client discovered the opportunity to take $73,000 in cash value as 1035 money from one such existing policy and move it to a No Lapse Guarantee Universal Life policy with no additional premium payments necessary. This helped to nearly double the client’s death benefit from $327,000 to $643,000. With the appropriate 1035 Exchange paperwork filled out and underwriting completed, the result was a client satisfied with the outcome of her annual policy review and a larger legacy for her heirs.
Regular policy reviews will also lead to discovering life changes your client may have experienced such as divorce, loss of a job, job promotion, the birth a new child or grandchild, retirement, or elderly parents with special planning needs. Each life-altering event could result in additional sales opportunities for agents. During policy review, always discuss any health issues that could affect the successful issue of a new life insurance policy. By your thorough preparation, you can speed up the underwriting process and deliver a service that is truly a win-win for both you and the client.

If you’re not talking to your clients, who is?

For more information about appropriate 1035 exchanges, policy reviews, or any of the other solutions we can offer, contact your Life Sales Consultant.

 

FOR AGENT USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. 10885-2010/1/28 |15601 0292410

Guarantees provided by life insurance are subject to the financial strength of the issuing insurance company; not guaranteed by any bank or the FDIC. Carefully consider the risks, expenses, potential loss of principal and clients' individual objectives before reallocating existing monies.