Your Ideal Client is You!

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By Machen MacDonald

Stop wasting your time, money and energy on trying to be someone you’re not. Just be yourself.  Authenticity is a word that perhaps may be overused. However, it’s the word of the day when it comes to building relationships, developing partnerships and acquiring new clients.

Being authentic is simply being you while not trying to rescue others from what you may hallucinate are your flaws and imperfections. Your perceived flaws and imperfections are simply part of who you are. No one is void of them. Learn to love them and leverage them.

Being authentic is indeed being vulnerable and yet knowing you can handle whatever may come about as a result. There is a power that comes from the knowing the real gold comes only from putting yourself out there in an authentic way.

You are being authentic when you follow your gut. I can’t tell you how many times I hear from people that end up in precarious situations that they had a hunch or an inkling about a person they regret getting into a relationship with. Many tend to shame themselves for not listening to their gut.

Learning to follow your intuition is the path to living authentically. The actress and singer Judy Garland put it so eloquently when she would say, “Always be a first-rate version of yourself rather than a second rate version of someone else.”  Call it being authentic, original or unique. You are blessed with various innate talents.  Identify those gifts. Nurture them and endeavor to share them with the world.

Your ideal client wants all of you; not the second-rate version or the polished imposter.

We share a  program with many of our clients that walks them  through how to identify who their ideal client really is. Once they are clear on who that ideal client is, they can then market and promote to them because they understand exactly what will really resonate. Upon completion of the exercise, clients are amazed at how similar in purpose, values and characteristics their ideal client is to themselves.  In this case, like attracts like.

Author Martha Beck says it in the following way, “ You spot it, You got it!”  This is not at all about the demographics of the market you may be targeting. It’s deeper than even the psychographics. We are talking about the core quintessence of your ideal customer. Once you are aware of who your ideal client is you actually become more attractive to your ideal client.

You probably already have an ideal client. It’s the one that you feel like you have known forever right off the bat. They enjoy the same things as you. They accept your suggestions and recommendations. They don’t push back. They are a raving fan in that they refer others to you. You have similar values. You may share similar life experiences, hardships and triumphs. You feel most relaxed and yourself when you are with them.

How would you like to have a lot more clients just like them?  Just be yourself.

Make it up, make it fun and make it happen!

#1 bestselling author Machen P. MacDonald, CPCC, CCSC is a certified life and strategic business coach with ProBrilliance Leadership Institute in Grass Valley, CA. He helps business people gain more confidence and clarity to live their ideal life. He can be reached at coach@probrilliance.com and 530-273-8000 or visit http://probrillilance.com

Accelerated Access Solution

By | Life Insurance, What's Trending | No Comments

The Problem

If you haven’t asked your clients, “What’s your plan if you get sick?”, then you may be missing an opportunity to protect your clients’ assets through retirement, as well as provide a legacy for their loved ones.

In 2016, the average annual cost for Long-Term Care in a shared-room facility was $72,000-$120,000, and an average benefit period was just under 3 years.

The Solution

Secure Lifetime GUL 3

Secure Lifetime GUL 3 delivers guaranteed protection.

Clients have always loved the concept of certainty. In today’s world, they may appreciate it even more. Certainty for their families and businesses. Certainty for themselves. Certainty in the face of volatile markets and changing needs.

Secure Lifetime GUL 3 provides the long-term guarantees that clients are asking for. It’s a new class of GUL with a unique combination of features and benefits. And it’s designed to provide your clients with security and peace of mind – whether they die to soon, live too long or get sick along the way.

Avoid The Portfolio Killer

By | Life Insurance, LTC Insurance, What's Trending | No Comments

Did you know that married couples retiring at age 65 will average $260,000 in healthcare costs? Even more will be needed if a chronic illness care is required! This makes healthcare the second largest expense in retirement.

Many clients’ portfolios are not prepared for the impact of a long-term care need. Instead of carving out a sliver of assets to cover this event, many Financial Advisors will watch their clients’ portfolios dwindle as they spend down those investments year after year to pay for long-term care expenses.

Let’s look at an example:

An FA in Pittsburgh had a client with sizable nest egg worth around 2 million. The FA never thought about covering this client in the event of a long-term care need, as the client had enough assets to “self-insure” if the situation came up.  Fast forward several years. The client was diagnosed with dementia and was confined to a nursing home for over 12 years. The client’s children were forced to spend down over $1.5 million dollars. Not only were the heirs out $300,000 per child, but the advisor lost their potential investment too. When the client passed away, her children took what little assets were left in her portfolio and moved them to another FA, their trust in the first advisor having been destroyed. Don’t be this advisor!

If the FA had simply suggested the client carve out a sliver of their assets to purchase the LTC rider, the clients’ portfolio may not have been depleted. The beneficiaries’ trust would have stayed with the FA, and their assets could have gone to the FA too!

Resources

Sequence of Returns Matter

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There are many benefits of owning a permanent life insurance policy. First and foremost is the life insurance death protection. Additionally, one of the many benefits that can be utilized along the way, if necessary, is access to the policy’s accumulation value for the benefit of the policy owner while living. For instance, accumulation value can be used as a supplement during the policy owner’s retirement years.

Investment returns are variable and unpredictable. The order of returns has an impact on how long a portfolio will last if the portfolio is in the distribution stage and if a fixed amount is being withdrawn from the portfolio. Negative returns in the first few years of retirement can significantly add to the possibility of portfolio ruin.

Let’s take a look at two scenarios below

SCENARIO A

Let’s assume we have a client that has accumulated a retirement portfolio of $1,000,000 at his retirement age of 65. This retirement account is going to be invested in an index fund that mirrors the S&P 500. This client’s goal, with this asset, is to withdraw $50,000 a year pre-tax to help support a portion of his post-retirement lifestyle. If he retired and experienced the sequence of returns in Scenario A, after a 10 year timeframe, he would have ended up with a projected account value of $506,951.

SCENARIO B

But what if we simply reversed the hypothetical rates of return? The results of the reversed sequence of returns is shown in Scenario B. By reversing the sequence of returns this client would have an ending account balance of $406,597.

Click Image to Enlarge

Unfortunately we can’t control what the market is going to do when we decide to retire. But there is a possible solution to help protect a client in years when the market does go down….Max Accumulator+.

If the client had purchased American General Life’s Max Accumulator+ when he was 50 years old, he could have funded the policy and utilized the power of IUL (upside potential with no downside risk due to market performance) to create an additional bucket of money that could be used as backup income source for the years following negative performance in his retirement account. Below is an example of the resulting scenario when using an IUL.

Click Image to Enlarge

Campaign In A Box: Life Insurance Retirement Planning (LIRP)

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Initiating a marketing campaign can be difficult, but American General has made it easy with their Campaign in a Box. The campaign is equipped with many resources that would have taken weeks to create and gather on your own.

The campaign is broken down into 3 different sections. First is Promotions/Prospecting, Training Package, and Selling Strategies.

Promotions/Prospecting

Here you will find the resources to help you prospect. From pre-formatted text messages, tweets, LinkedIn and Facebook Posts, and even images you can use as a thumbnail for your social media post! If you have a blog, you can also use the pre-written blog content that highlights LIRP!

Training Package

Everything you need to refresh your memory or train any staff on the LIRP concept! Here you’ll find a strategy brochure, infographics to help you market, key talking points, and even a training video!

Selling Strategies

Take the guess work on how to approach the conversation with your clients. This section of the campaign is essential and will be key in helping you close more business. Here, you can watch a video and learn the “LIRP” pitch, find customizable PDF’s, and even an interactive sales tool – Life To The Max that you can share with your clients.

Click the links below to visit the Campaign in a Box Resource page from AIG and download the marketing materials below!

Campaign In A Box
Resource Page

Agent Only

Visit Resource Page

What Happens When Your Plans Don’t Work as Intended?

Consumer

Download Brochure

Will You Have Enough
Money to Retire?

Consumer

Download Infographic

All You Need to Know: LTC vs. Chronic Illness Riders

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Did you know that the average couple retiring at 65 can expect to pay $220,000 in out-of-pocket medical expenses during retirement?

Many consumers don’t plan for these expenses, and aren’t aware how a serious medical impairment can jeopardize their retirement plans. In most cases, funds that were earmarked for retirement must now be accessed to pay for these unplanned expenses. By doing this, the client risks not having enough money to last them thru retirement. With many more people living past the age of 90, properly planning for these medical expenses can mean a world of difference to your retirement.

You can understand why it’s important to discuss how medical cost in retirement will be handled so that you can properly prepare your client with the best solution. But what exactly is the best solution? Which is better, a Long-Term Care rider or, a Chronic Illness Rider? These are questions that have no general answer as it depends on what your client’s needs and preferences are. Let’s look at each option a little closer!

ltc-chart

As you can see, Chronic Illness Riders and LTC Riders share similar characteristics. One of the differences is the payment type, Reimbursement vs. Indemnity. Let’s take a closer look at each one.

Reimbursement

Reimbursement products provide a benefit if the client meets the requirements of the policy and spends money on a qualified service.

The upside of reimbursement product is that client receive a benefit equal to their total cost, up to a predetermined maximum.

The downside is that there is a delay between when expenses are incurred and when the insured gets paid. The insured has to incur the expense, then collect and submit the receipt, then the carrier review and approves the receipts and finally issues the payment.

Indemnity

Indemnity products are those that provide clients with a benefit once they meet the requirements of their policy.

The advantage of an indemnity rider/product is that it does not require clients to provide proof that their benefit spending is related to the chronic condition. Therefore, the client can use the benefit to pay medical or non-medical expenses, or enhance his or her savings.

We encourage you to learn more about these options by downloading the resources below!

LTC vs. Chronic Illness Riders

Download Brochure

FAQ About LTC Riders

Download Brochure

Life Insurance Planning for Women

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Did you know that women account for 85% of all consumer purchases including everything from stocks, computers, and automobiles!

Women today represent a diverse segment of the financial planning marketplace. Today, women hold a variety of roles, including entrepreneur, professional, head of household, and/or primary caregiver – just to name of a few. Today’s women are highly educated and more financially empowered than ever before.

Although these trends seem positive, women still have challenges that need to be addressed.

Earning Power & Retirement Savings

Women earn an average of $0.80 to every $1 earned by men in 2016. Due to this trend, women are saving less for retirement and are more likely to leave the workforce to care for children, parents, or disabled loved ones!

Longevity

Women statistically live longer than men and therefore have a greater concern about outliving their retirement assets. With a reduced earning power and limited retirement assets, you can see why longevity is a real fear. Did you know that 50% of women over the age of 65 outlive their husbands by 15 years yet often have less coverage than males!

Underserved

Only 36% of women surveyed said that they trusted their financial advisor, which explains that, while most women said they did not intend to leave their financial advisor if their husband died, within a year of being widowed as many as 70% actually did so!

Learn more about the opportunities within this market and check out the marketing resources!

Insurance Planning for Women
(Consumer)

Download Brochure

Life Insurance and Women
(Consumer)

Download Brochure

Protect The Ones You Love Flyer
(Marketing)

Download Brochure

What Women Need to Know
(Marketing)

Download Brochure

Financial Experience & Behavior Among Women
(Research Study)

Download Brochure

Total Market Approach: Women
(Agent Only)

Download Brochure

Focus On: Heart Disease

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 Focus On: Heart Disease

This month, we focus on the #1 cause of death for both men and women in the United States: heart disease. Heart disease, or cardiovascular disease, is a collective term for various problems, including heart attack, heart failure, stroke, arrhythmia, high blood pressure, and many more.

According to the American Heart Association, more than 1 in 3 adults have cardiovascular disease, and while scientists and doctors continue to make significant improvements to modern medicine, the statistics on American heart health are still quite dis-“heart”-ening.

  • 34% of U.S. adults, or approximately 85.7 million people, are estimated to have high blood pressure (also called hypertension).
  • About 790,000 people in the U.S. have heart attacks each year, and of those, about 114,000 will die. Average age at the first heart attack is 65.3 years for males and 71.8 years for females.
  • Approximately every 40 seconds, an American will have a heart attack.
  • Between 2013 and 2030, medical costs of heart disease are projected to increase by about 100%.

Given how common heart disease is, it is very likely you will have at least one client with a heart problem come to you seeking life insurance coverage. And while the complexity of pre-underwriting such a major medical condition can freeze even the stoutest of hearts, fear not! FPG has created and given you access to the tools you need to not only pinpoint the client’s specific medical concerns, but also discover which carrier will offer the best underwriting class and premiums without asking too many delicate health questions. Our heart-related questionnaires will give us the information we need to get tentative quotes from our carriers so we can recommend who will give your client the best policy based on their needs.

Click on the links below, visit our website, or call your Case Manager or Marketing Director for more information today!

FPG Heart Disease Questionnaire

Download

FPG Heart Attack Questionnaire

Download

FPG Hypertension Questionnaire

Download

FPG Cardiac Arrhythmia Questionnaire

Download

source: American Heart Assoc., www.heart.org

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