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By Robert O'Connor
The term "employee benefits" is very broad. A benefits package, for instance, might include: major medical, dental, income protection, life insurance, pensions, travel insurance and legal expenses. Retirement packages can include pensions and 401(k) plans.The different needs of businesses provide good opportunities for advisors to offer tailored administrative and consulting services. There are also prospects for cross-selling in the form of both commercial coverage for a business and personal products for the business' executives and other employees.
Donald Ray Haas, CLU, ChFC, CFP, MSFS
For the past 20 years, I have been recommending a pre-retirement 90/10 allocation-90 percent stocks and real estate to 10 percent fixed dollar. Future columns will explore this allocation in greater depth. Further, I assume an 8 percent after-tax return rate for retirement projections. Of course, if a client requests an estimated higher or lower return rate, I will reluctantly oblige. Using a current after-tax return rate is important because much of a retiree's money often remains in qualified plans, where it can benefit from long-term tax deferral. In addition, remember that 8 percent is a realistic goal only if your client allocates only a small portion of the entire portfolio to fixed-dollar investments.
By Neiciee Durrence
Agents can reach middle-income Americans with these innovative supplemental products and services through the worksite. Once there, a triple-win situation exists: Employers gain an attractive enhancement to their benefits package, which will help them recruit and retain a loyal workforce. Employees can purchase supplemental benefits that provide critical financial protection for themselves and their loved ones. And agents gain access to a largely untapped market.
By Rick Grosso
The next time you're making a presentation and the customer asks for a lower premium after you've already presented an alternative, tell him you will give him a lower premium. Then calmly retrieve your proposal, cross out the lower premium and write the premium for the higher-priced policy you originally offered. When the customer complains, respond by saying: "That is a good premium. The other was a great premium. Which would you prefer?"
By Robert E. Krumroy, CLU, ChFC
The fact is that when most agents are asked if they know what a potential client thinks is distinctly different about them, they can't come up with anything--not even something that is mildly distinctive. They have been taught to prospect and sell and believe the market is big enough for them to have their market share by simply doing what other successful agents are doing. However, they have no training in marketing themselves as unique within the marketplace. The single most overlooked issue in this business is: The only attraction that advisors have to offer in exchange for an appointment or referral is their unique personal business image. Information about their product, company, service or programming system is no longer adequate to consistently persuade someone to grant them an appointment or give them a referral. Only a unique personal business image can attract clients.
By Janet C. Arrowood
The key issues are the number of daily activities the policy reflects and how many of these the insured must be unable to perform to qualify for benefits. Another important consideration is what the level of coverage is for benefits like home health care, respite care, adult day care, group homes (cognitive impairment) and assisted living facilities. Finally, you must read the wording carefully. "And" and "Or" are often used interchangeably when "clarifying" the assisted daily living (ADLs), but they dramatically impact the ease of qualifying for coverage.
Penny Righthand, CLU, ChFC
Yesterday she came in with her friend, John, to buy some term insurance. It turns out she found the deposit in her checking account, and her daughter reminded her she had spent it to prepay her rent on her house. It was long gone. I suppose it would have been gone even if she had actually invested it in the stock market, but once again, whole life, that terrible investment, outperformed spending the money.
Arthur D. Kraus, CLU, ChFC, NAIFA CEO
Whether it's managing in turbulent times, staying on top of legislation and regulation or helping to make you better at what you do, NAIFA has you, the member, at the forefront of our thinking about services and benefits. Every day, we think of helping you in every way. Your dedicated volunteers and staff put forth their efforts to make the insurance and financial advisory profession better for you and your clients.
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