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TMK1432 0110TMK1446 0110
AtlantaTraining Seminar
August 26-27, 2010
For Training Only
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Luke GilliamVice President
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What You Will Learn• Activity is always the answer• How to find excuses to have conversations• Talk to enough people, some of them will buy• If you can’t put your finger on it, you are guessing• Don’t make it harder than it is• Get sponsorships!• How to be a self-sufficient Agent• Individual, Worksite & Med Supp product training
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Responses are anonymous
Questionnaire
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To-Do List
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Top ProducerPanel
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SERVICE before SELF in everything you do - place company interests and customer interests above personal gain or preferences.
Core Beliefs
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INTEGRITY in EVERYTHING you do – make sure you allow no “traps” of improper business activities, systems or practices to develop, in order you ensure ethical achievement has no alternatives (no short cuts). No leader – REGARDLESS OF POSITION – can be allowed to claim “I didn’t know” – it is your JOB to KNOW and all must be held accountable for any ethical lapses or execution gaps in your organization.
Core Beliefs
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EXCELLENCE in EVERYTHING You Do - with clear expectations and consequences for you and of those who report to you (both positive and negative). One without the other won’t work.
Core Beliefs
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Prospecting
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Recommended Weekly Sales Activity Model
240 Contacts
24 Dropoffs/Appointments
15 Presentations
5 Sales = $2,000 AP per week
300 Sponsorships
Activity Management
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ContactConversation in person or on the
phone where you ask for a dropoff/appointment
Activity Management: Definitions
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Dropoff / Appointment
Agreement to meet
Activity Management: Definitions
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Presentations Dropoff/appointment that ends
with the Agent asking the customer for a sale
Activity Management: Definitions
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Sales Signed application and
agreement to deduct money for the first premium
Activity Management: Definitions
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Sponsorships Name and contact information of a referral to receive an introductory offer (i.e., $3,000 Accidental Death Policy, Child Safe Kit, MedFacts Kit,
Memorial Guide)
Activity Management: Definitions
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Who do you know? ListExisting CustomersSponsorshipsCall ClinicsSales GenieWalk ‘N’ TalksT-Canvas (whitepages.com)LeadsDoor Hanger/SignsEvents/Organizations
Prospecting Ideas
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Recommended Weekly Sales Activity Model
240 Contacts
24 Dropoffs/Appointments
15 Presentations
5 Sales = $2,000 AP per week
300 Sponsorships
Activity Management
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So how did we arrive at these
numbers?
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How did we arrive at these numbers?
240 10% of contacts turn into dropoffs
24 62.5% dropoffs turn into presentations
15 33% presentations turn into sales
5 Avg. sale $37/month = $411 AP$2,000 AP per week
300 Sponsorships
Activity Management
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Project 25
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What will sponsorships do for your income?
25 Practice with friends10 Sponsorships apiece250 Sponsorships
Sounds a lot like 240 contacts doesn’t it?
Activity Management
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“That’s where the money is.”
Bank Robber Willie Sutton
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What will sponsorships do for your income?
240 Contacts
120 50% to dropoffs vs. 10% cold call
76 62.5% dropoffs to presentations
56 75% close rate vs. 33% cold callAvg. sale $37/month = $411 AP
Activity Management
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What will sponsorships do for your income?
56 salesx $22,400 at 50% commission
$11,200 in commissionsx 40% bonus level
$8,860 in bonus
Activity Management
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From 56 Sales on 240 Sponsorships
$11,200 Commission+$8,860 Bonus$20,060 Total Income
When contacts are sponsorships?
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Recommended Weekly Sales Activity Model
240 Contacts
24 Dropoffs/Appointments
15 Presentations
5 Sales = $2,000 AP per week
300 Sponsorships
Activity Management
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Product
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Sell Whole Life for permanent needs
Sell Term Life for temporary needs
Whole life vs. Term life
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35-year-old married man with a wife, two kids and a mortgage in Alabama. He has $100 to spend on life insurance.
Scenario 1Agent thinks the customer needs $50,000 of Whole Life$50,000 of Whole Life costs $76.86With his remaining money, he can purchase $50,000 Term 20 RC for $30.37.
Needs Based Selling
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Scenario 1If the customer dies in the next 20 years, his family receives $100,000.
$50,000 Whole Life+$50,000 Term 20 RC
In 20 years, the Whole Life policy will have a cash value of $9,396 and a reduced paid-up value of $29,050.
Needs Based Selling
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Scenario 2
Final Expense need $15,000$15,000 of Whole Life is $24.32 per month
With his remaining money, he can purchase $200,000 Term 20 RC for $75.78
Needs Based Selling
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Scenario 2If the customer dies in the next 20 years, his family receives $215,000.
Needs Based Selling
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Scenario 1$100,000 Death Benefit
+ $9,396 Cash Loan Value+ $29,050 Paid up value
Scenario 2 Needs Based Selling$215,000 Death Benefit
Needs Based Selling
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Insure the highest income earner first
Insure the spouse second
Insure children third
Who should I insure first?
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Watch for potential selling opportunities
Play Video
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Whole Life vs. Term LifeChildren’s Insurance RiderPremium WaiverConditional Receipt
Product Training
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“I’m not sure, but I’ll find out.”
“I’m not sure, let’s look at the policy.”
Two Key Phrases
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Children’s Insurance Rider
Why sell it?• Great product, covers all children for low premium• Children can purchase additional insurance without proof of insurability
Product Training
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Children’s Insurance Rider
My 24-year-old daughter is married. She lives in Germany with her husband, who is in the military, and they have three children.
Is she still covered?
Product Training
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Children’s Insurance Rider
My 24-year-old daughter is married. She lives in Germany with her husband, who is in the military, and they have three children.
ANSWER: Yes. Coverage on an individual child will cease on the earlier of the anniversary following the child’s 25th birthday or the expiry date.
Product Training
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Children’s Insurance Rider
My wife and I have a children’s insurance rider on our two children. We have a third child born in perfect health. At 10 days old, the child dies.
How much will the company pay?
Product Training
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Children’s Insurance Rider
My wife and I have a children’s insurance rider on our two children. We have a third child born in perfect health. At 10 days old, the child dies.
How much will the company pay?
ANSWER: Nothing. To be covered a child must: be named in the application; be born and survive to age 15 days; or be legally adopted by the insured after the date of the application.
Product Training
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Whole Life
My wife and I have a child, a son, born in perfect health. At 10 days old, we buy a $10,000 whole life policy. On the child’s 33rd day, he dies.
How much will the company pay?
Product Training
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Whole Life
My wife and I have a child, a son, born in perfect health. At 10 days old, we buy a $10,000 whole life policy. On the child’s 33rd day, he dies.
How much will the company pay?
ANSWER: We will pay the proceeds of the policy to the beneficiary when we receive due proof of the insured’s death while the policy is in force. If the insured is not more than two months old at death, we will pay $250 per $1,000 of the death benefit.
Product Training
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Premium Waiver
Why sell it?• If you don’t ask and they become disabled, they are going to want to know why you didn’t offer• If they do become disabled, they can’t work and won’t be able to afford the premium when they need the coverage the most
Product Training
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You sell a $100,000 Term Life policy. The customer asks, “When does the coverage go into effect?”
What’s your answer?
Product Training
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First premium is paidAll underwriting requirements are metIt is issued as applied forPolicy is delivered
Product Training
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You sell that $100,000 Term Life policy on Friday. Customer dies five days later.
If the premium has been paid and underwriting requested a urine sample from the applicant that had not been obtained, what is the death benefit that would be payable?
Product Training
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You sell that $100,000 Term Life policy on Friday. Customer dies five days later.
If the premium has been paid and underwriting requested a urine sample from the applicant that had not been obtained, what is the death benefit that would be payable?
ANSWER: $0.
Product Training
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You sell that $100,000 Term Life policy on Friday.You deliver the policy two weeks later.The customer dies 26 days later.
What is the death benefit that would be payable?
Product Training
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$100,000Product Training
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You sell that $100,000 Term Life policy on Friday. Customer dies five days later.
If the premium has been paid and all underwriting requirements have been met, what is the death benefit that would be payable?
Product Training
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If as much as one monthly premium is collected or bank draft authorization is executed, the amount of the collection or draft should be entered on the application, and the signed Receipt should be given to the applicant. The Conditional Receipt will then be binding on the Company subject to the terms and conditions of that Receipt.
Conditional Receipt
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If no premium is collected and a bank draft authorization (Form R-3616, Authorization for Preauthorized Payments) is not executed when the application form is completed, the Conditional Receipt must be left attached to the application form.The A-250 conditional receipt states that “NO COVERAGE WILL BECOME EFFECTIVE PRIOR TO POLICY DELIVERY UNLESS AND UNTIL ALL CONDITIONS OF THE RECEIPT ARE MET.”
Conditional Receipt
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In order for coverage to be provided under the conditional receipt the following conditions must be met:1. The applicant must submit an initial premium payment equal to the first full premium or bank draft authorization.2. All underwriting requirements must be completed (blood, urine, etc.)3. The insured is an acceptable risk for the plan applied for on the later of the date of application or the date on which all of the Company’s underwriting requirements are satisfied.
Conditional Receipt
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For example, if a proposed insured was killed in an automobile accident prior to all of the underwriting requirements being met, the claim would not be paid.
To prevent misunderstandings in connection with applications to the Company for large amounts of insurance, the following limitations and instructions apply. The A-250 application contains a Conditional Receipt which limits the maximum amount of insurance which may become effective under such Conditional Receipt to $50,000 including accidental death benefits. All of the conditions and limits expressed in the Conditional Receipt must be complied with.
While these limitations are expressly set out in the Conditional Receipt and are not changed in any way, these additional instructions and limitations must be followed to prevent any possible misunderstanding.
Conditional Receipt
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What about Worksite?
Coverage effective at time of signature for the amount ultimately issued
Cancer: 30-day waiting period for coverage begins at time of application
Product Training
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Website
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Laptop Sales Presentation
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About LNLIntroductory OfferGet Sponsorships (20+)SurveyBarbara/Renee Story (Emotion)About Life InsuranceNeed/ProductE-appGo see SponsorshipsRepeat Process
Laptop Sales Presentation
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Brainshark
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Bookmark this address:www.brainshark.com/torchmarkcorp
First 5 letters of last name+ Last four digits of SS# User Name
Click ‘Forgot Password’
Training: Available Tools
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Top Reasons for Terminations
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1. Violation of signature rules2. Taking cash from a customer3. Submitting an application on themselves or a
person related by blood or marriage4. Forging or falsifying an application5. Failure to delivery policy6. Frequently replacing customer’s existing
polices7. Failure to meet minimum standards
Top Reasons for Terminations
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How Do I Get Promoted?
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2009 Average Earnings
Agents: $56,948Branch Managers:
$116,000
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Test Answers
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What document do you use to find out information about your Liberty compensation?
Guide to Growth
#1
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What document do you use to find out information about Liberty signature rules, eligible beneficiaries, and underwriting requirements?
Agent’s Instruction Guide
#2
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What website do you go to access your Brainshark online training?
www.brainshark.com/torchmarkcorp
#3
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It is acceptable when a customer does not have a checking account to accept cash and buy a money order for the first premium.
False
#4
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It is acceptable for an Agent that has been appointed 90 days or LESS to submit Liberty business on himself/herself or persons related by blood or marriage.
False
#5
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It is acceptable for an Agent that has been appointed 90 days or MORE to submit Liberty business on himself/herself or persons related by blood or marriage.
True, as long as the Agent submits an email to [email protected] BEFORE the app is submitted
#6
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Fill in the correct numbers of the recommended weekly sales activity model:
240 Contacts 24 Dropoff/Approintments 15 Presentations 5 Sales300 Sponsorships
#7
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What day and time each week is cut off for application submission for gross submit?
3:30 p.m. Central Friday
#8
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What must your DCN percentage be to receive 100% of your bonus?
8
#9
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What percentage of your health gross submit is counted toward bonus calculation?
20%
#10
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What happens to anyone’s direct pay whose commission account is below $500?
Cut in half
#11
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What happens to anyone’s direct pay whose commission account is negative?
All goes to commission account
#12
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How is DCN calculated?
Declines + Cancels + Not-TakensDivided by submitted business
#13
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How is QOB calculated?
Business paid 4 months or longerDivided by submitted business
#14
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What document details the steps to prospecting, closing, enrolling, and contacting the bookkeeper on worksite cases?
Steps to Success
#15
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What is the Medicare Part A deductible?
$1,100
#16
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What is the deductible on HDF?
$2,000
#17
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What is the guaranteed interest rate on the Reserve Fund Annuity?
3%
#18
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It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming
Teddy Roosevelt, 1910
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But who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.
Teddy Roosevelt, 1910
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Friday8 a.m. Bring Your PacketsBranches 1 - ?Branches X – x next door