This month we will focus on building knowledge with your clients. Too often, we as advisers focus on simple things or one item of planning. The industry and our regulators are pushing for us to be a more detailed, comprehensive planning network. However, we all have our niches and our experience. I have always been a comprehensive planner, and even though I help advisors with their clients insurance needs I am always asking comprehensive questions to find the right solutions.
Thus we need to talk about questioning and development of comprehensive information to make recommendations for our clients. Last month we discussed getting to know our clients this month, here are some sample questions you can use to develop more business:
- Tell me about your financial history?
- How do you make financial decisions?
- What are your financial concerns?
- Tell me about what you do with your money? What you want to do with your money? What you should do with your Money?
- How would you feel if you had a stop in your paycheck? How would your family react?
- What will your family do or react to a loss of income?
- How do you feel about taxes?
- Where do you get your income from? Where do you want to get your income from?
Mass Mutual has repriced their UL/SUL by decreasing premiums. More Info Here:
MassMutual’s UL Guard and SUL Guard repriced
Lower guaranteed premiums make MassMutual more competitive
MassMutual has repriced both UL Guard and SUL Guard to offer lower guaranteed premiums at most ages and issue classes. The new products will be more competitive in the secondary-guarantee universal life insurance market.
Changes to note:
· Premium decreases. For non-tobacco issue classes, guaranteed-level premiums at most ages will decrease by 10-20 percent for UL Guard, and 10-15 percent for SUL Guard.
· Minimum-face-amount increase. The only other product change is an increase in the UL Guard minimum face amount, from $50,000 to $100,000.
Key dates and transition rules
Here are key dates and transition rules for the reprice:
· The repriced (new series) products will be available in MassMutual Designs and WinFlex Web on Sunday, April 1.
· Applications submitted or pending issue on or after today’s March 29 announcement will be issued with the new product series, provided the face amount is at least $100,000.
o Requests to increase the face amount of pending UL Guard applications to at least $100,000 may be subject to additional underwriting.
o UL Guard applications for face amounts less than $100,000 must be submitted by 8 p.m. ET on Friday, April 20, and will be issued with the prior-series product.
- For policies issued before March 29 to get the new-series rates, a new signed application will be required.
- The last day to issue and report the prior-series policies is July 20. The last day to illustrate the prior series is June 30.
· To schedule a 20 minute call with " Big Rod" click here https://calendly.com/rodney-7/intro-phone-call
- April 10th – CE in San Antonio – Misconceptions of Disability
- April 13th – Webinar on UL/SUL Reprice
- More to come