Summary
Highlights
The session begins with a lively opening, leading into a review of the previous week's sales development and overall sales numbers. Mason is highlighted for 589 calls and 22 transfers, and Toby for 10 appointments from 206 calls. The team achieved $18,171.60 in sales, with six agents exceeding $1,200 in new revenue, and a monthly total of $305,000, aiming for $350,000.
The speaker announces the launch of a final expense ad on Facebook and transitions to product training for Aetna's final expense plan. He encourages agents to become familiar with the application process, highlighting Aetna's product due to its high compensation and agent familiarity. The discussion includes how to quote the product using a provided tool, with a focus on a 65-year-old example client.
The training delves into financial obligations after passing, such as funeral costs, household expenses, and inflation, as leverage points for selling. A $20,000 policy is suggested as a good starting point, and agents are advised to ask about the client's budget early in the conversation to navigate sales effectively.
The speaker clearly explains the difference between level plans (standard, preferred, super preferred) and modified plans. Level plans pay the full face value regardless of the cause of death. Modified plans pay immediately for accidental death but only 110% of premiums for non-accidental death in the first two years, extending to full benefit in the third year. Modified plans are also more expensive due to higher risk.
Benefit riders are introduced, available only for level plans. The accelerated death benefit rider pays up to 50% of the death benefit for terminal or critical illness with a life expectancy of 12 months or less. The children's term insurance rider covers specified children, with options to convert to a whole life policy later, providing additional value to the client and illustrating the concept of a 'rider' as an additional benefit.
The session covers cash value flexibility and non-forfeiture options, which prevent policy lapse due to non-payment after the grace period. These options include 'reduced paid up,' allowing for a reduced death benefit without further payments, 'extended term insurance,' converting to a term policy for the full death benefit for a shorter period, and 'automatic premium loan,' using cash value to pay future premiums.
The speaker guides through the Aetna final expense application process, demonstrating how to quote different levels of coverage (standard, preferred, super preferred, modified) for a 68-year-old. The eligibility requirements based on health questions in different sections (A, B, and C) are explained, detailing how answers determine the qualifying plan level. The default non-forfeiture option, 'extended term insurance,' is noted, though the speaker prefers 'automatic premium loan' for its practical benefits.
The final segment emphasizes selling the benefit rather than just the premium. Agents are advised to identify the necessary benefit amount and then discuss the premium. If Aetna's underwriting is not suitable, alternative carriers like MOO, MM, and Corebridge are suggested in that order. MOO is also recommended for term life insurance, and the session concludes with a discussion of CPA (cost per acquisition) for leads.