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HOW TO SELL INSURANCE Sales Process: FACT FINDER ROLE PLAY for Life and Health Insurance Agents - YouTube
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So I've been talking to you for a long
time about the importance of a fact
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finder and today I'm going to show you a
real role play on how it's done.
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Hi my name is Jeremy Smith and over the
better part of the last fifteen years
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I've been an agent, a manager, an owner
operator of a brokerage. and over the
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last five or six years I've been a
business coach traveling the country to
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help agencies and agents grow their
practices. Stay with me because today I'm
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gonna help you grow yours. If you've been
on YouTube before then you know the game
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please hit subscribe and ring the bell.
Alright guys so before we get started
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today what I normally do with this step
in the game as I normally do what I call
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a needs analysis or a fact finder. It
take us you know 10 minutes or so it
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just gives me kind of a snapshot of your
vitals: your health, you know your
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experience, what your goals are, that type
stuff. When I get done with that it'll
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give me a really good idea I think of
exactly what we need to talk about. You
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guys can obviously hit me
upside the head if I forget anything.
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It's okay if we just start with that. So
the first question I always ask
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is and I'm sure just looking at
you two and by the appearance of your
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health you guys do make your own
financial decisions. Yes? Yes. Okay.
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Tell me real quick how many kids do you
have?
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I have two. okay. And I have two. okay. And
how many grandkids you got? We've got four.
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okay. Are the kids local? Are they
around everything? We have some local and
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some they're all in Iowa a couple
hour drive away. Okay, but as far as
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decisions and your retirement all that
stuff you guys do all of
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that yourself correct? Yes. Okay. Can I ask
you just real quickly is it just and
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there's no right or wrong answer to this
you know everybody's got different
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philosophies, but is it important to you
guys to leave money and leave
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inheritance to the kids and grandkids?
Well that's our hope.
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That is 100% what I want to do okay. Okay.
Some people say I want to
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spend the last penny on the last day and
some you
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cut their life half-and-half to leave
money, so there's not a right or wrong
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answer. So let's start with let's start
with some easy stuff here. Tell me
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just in general about your health.
I am pretty healthy the only medication
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I take is a cholesterol medication.
That's it? That's it. Okay. Charlie? Yeah
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I'm about the same. That's the only thing
that I have and that's just been recent.
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No other prescriptions other than
cholesterol medicine for either of you?
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All right that's awesome.
Have you guys had any procedures in the
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last three or four years? I haven't had
any. I had rotator cuff surgery. How long
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ago was that? Three years. All good? All
good. Throwing a baseball again? Maybe not,
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but maybe that's what caused it. What
about anything scheduled? Okay. Tell
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me about your current
health coverage? Are you on
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Medicare? We're both on Medicare. We
have Medicare supplements through a Blue
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Cross Blue Shield. okay. I assume you may
or may not know this: is it Plan F? We
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both have plan G. okay.
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you know your premiums are? I
think mine is 117 and I think Charlie's is
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120 within a couple of dollars. I'm
pretty close. okay seems a little high.
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Helen I guess you've only had
that probably for a year? Almost two
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years. okay.
Something definitely will talk about
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here when get done with this. I mean not
that there's astronomical differences
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when you're 66 years old but being able
to look at the the rate hike
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history of a company and how fast you
know they all they're all gonna go up
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but being able to look and see the
history in which they go up each year
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and getting locked in with a company
that you don't have to worry about 20-25
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percent increases each year is really
important. We'll come back to that. We
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shift gears a little bit and talk
about long-term care. Talk about your
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parents for a second. Are your parents
still alive? Both of my parents are in
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their 90's and they're both alive. okay.
I'm only half that lucky.
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okay. My mom's still here, but my dad had
a stroke about four or five years well
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about five years ago now and he's no
longer with us. all right.
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Not to pry too much but tell me a little
bit about how all that went down I mean
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so he had a stroke how long was
he alive after he had the stroke? About
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oh just under two years farmed his whole
life you know what it is there's things
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that happened and don't really have a
real rhyme or reason but he was in a
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nursing home for about 18 months and
okay there was a big sadness in that. Did
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he have long-term care coverage? He did
not. How did you guys pay for that? As you
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can imagine - right out of the
billfold. okay.
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So just know again I don't want to pry -
we can come back to this but you
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got a scenario where you guys know the
value and the risk of long-term care
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situations that you guys don't have any
coverage. Is there a reason for that? No
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probably the same as why he didn't have.
I've got a fair enough everybody's
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invincible at this point in time. Fair
enough we'll come back to that. Life
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insurance.
You guys have life insurance? We do. Do
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you know how much coverage you have? Yeah we
both have some permanent insurance. We
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both got a quarter-million dollar
policies.
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She got hers cheaper obviously because
she's a woman, but I think you might have
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to tell me but I think it's like just
under 300 bucks isn't it? Yeah about 250
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275 somewhere in there I think.
Each? Yes. Yeah we've been we've had it
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for a while so we've got quite a bit of
money in those policies as well. How much do you have? We
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have about a hundred and forty
thousand in those policies right. So real
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quick we'll come back to this again here
a little bit later on but there's been a
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massive change with how life insurance
is done mortality tables have changed
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and therefore the cost of insurance has
dramatically dropped over these last few
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years. The other thing you know people
don't know this when they talk about
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cash value inside your policy if you
died tomorrow you would get your death
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benefit right. What happens do you think
to that hundred and forty thousand the
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cash value? You lose it. Yeah, it's just use it or lose it. So
if you don't use that to improve your
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current life insurance policy it's
wasted. So we'll come back and talk about
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that. Do you have what they call
final expense coverage? No. okay. You know and
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a lot of people don't I will say that
you know some people don't understand
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what the difference between life
insurance and final expense is. I will say
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that you know life insurance is for the
living is what they say
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final expense is for the dead. So the
final expense is meant to cover your
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costs if something happens to you. The
life insurance is to pass onto those
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kids and grandkids so that may be
something you know we want to talk about - it's
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cheap. It might be something we can talk
about down the road. Shift gears last
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topic and I don't need to know super
specifics here but tell me a little bit
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about your
retirement - tell me what vehicles you use
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in your retirement. Go ahead. Well we you
know we've always
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had some money in the banks. I was
conservative in nature so we used CDs a
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lot so I knew what kind of interest rate
I was going to get that was our quick
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money if we needed it for you
for getting pretty good rates on that.
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So tell me
just give me a ballpark how
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much do you have in CDs? For example well
about fifty thousand. okay. We keep you know
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ten to twenty thousand dollars in the
bank just in checking accounts. okay. On
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that CD do you I mean I can guess what
one one percent what a half percent. Yeah
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right it's a little bit better than it
was a couple months ago but still really
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low and you just flip that one CD every
two years or how long? You know we do
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about every year now. okay. I mean they
have better rates for longer but again
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we were gonna use it for short-term
expenses if we needed and so that's kind
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of your emergency money is what that is.
Let me ask you a question are you adding
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to or subtracting from your retirement
on a monthly basis? Is your retirement accounts
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is your net worth getting bigger
each month with Social Security and
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other things or is it going down a
little bit? No we're not really adding
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anything kind of you know we've got
we've had 401ks we were working on
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our whole life and so we were kind of
counting that on as our retirement money
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someday but you know that obviously is
against what happened in today day life.
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So do you have money in your 401K? We do. How
much do you have in that? We have just
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I've got a little over two hundred fifty
thousand and she's right at two hundred
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and fifty thousand. Okay. You enjoying the
market swings? Gives you gray hair.
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Any annuities? No. Okay. You
do individual stocks anything like that?
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No I've done that in the past and you
know we've got the money in the CDs now.
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That's our reserve money.
We're just not really playing on that
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now. Okay so retirement wise you're
basically with the incomes that you have
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coming in it's basically paying your
bills it's basically a wash you've got
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some emergency if the roof falls in
money that you look at it that CD and
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then and then your real retirement nest egg.
Are you pulling interest? Are you pulling
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anything out of those 401Ks?
We haven't had to yet. okay.
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One more question on that do
you guys consider yourself risk takers?
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No I can say that we might have been at
one time but not now. When we were
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younger. okay. One more just basic
open-ended question when it comes to
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your retirement what keeps you up at
night? what do you worry about most when
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it comes to your retirement? I guess
having enough money in case I would have
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to go into a nursing home or if I have
some illness and insurance doesn't cover
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it all. I mean it's basically help. okay
mine's making sure it's gonna be here
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for us that's what we're counting on in
our future the money. the money? okay well
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let me just review real
quickly here. so you've got on your
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health insurance Blue Cross Blue Shield.
you're both paying 115 - 120. I
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think that there probably are some
options out there that can save you a
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little bit of money at your age it's not
gonna be massive numbers but it could be
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massive numbers to be with the right
company going down the road as you get
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older because you do know that those
premiums are gonna get higher and higher
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as you get older. long-term care I hear
her talking about you know her biggest
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concern you've got an experience with it
so that may be something you know we
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should talk about at least show you what
some of the options are. ten years ago
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the options for long-term care
they weren't even not even comparable to
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what some of the options are now and so
at least want to give you some of that
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information. like I said on the life
insurance side of things you both got
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about a quarter million. you've got you
know it looks like about 55 percent 60
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percent of your depth death benefit in
cash value
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so there's especially with your health
there's probably some huge things you
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could do on that standpoint. On the
money thing I guess
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my only well I don't want to give
judgment but you say I'm not a
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risk-taker yet as I look at this you've
got 92% of all of your money in the
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casino stock market right now at a time
when the stock markets went up for over
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a decade and we obviously we live in a
world right now that's we couldn't even
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have imagined months ago so you know
being able to protect some of that may
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be something that we want to talk about
down the road. so as I look at your stuff
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you know there's some stuff that's gonna
take a few discussions there's some
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stuff that's simple you know as I'm a
little bit concerned with the fact that
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I think you're probably not necessarily
with the right company health-wise just
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because of rate increase histories. I'm
probably a little bit more concerned
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with the map about your life insurance
just because I know with the stroke of a
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pen you may very easily be able to pass
on hundreds of thousands of dollars more
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to your kids and grandkids than you
currently sit right now. I definitely
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am concerned about the long-term care
fact that you don't have any coverage
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knowing that's the biggest thing that
keeps her up at night and you kind of
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saying the same thing. I'm sure that if
you ever looked at options for long-term
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care they they weren't very good options.
in the past yeah I'm just here to tell
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you that there's combination
options now that they didn't used to be.
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it's not always that pay it and use it
or lose it type product that your
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parents probably had back in the day or
should have had. it could have had that
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yeah. I get it. so we're
definitely should talk about that.
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I'm most concerned the fact that the
time that we live in right now when a
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markets been stock markets been up for
going on 10 11 12 years now
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straight up there's not an economist or
anybody out there that says hold on your
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hats it's just gonna keep going straight
up. it's just a matter of whether
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we're gonna get stagnant maybe we get a
little more bump for a while or whether
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there's a crash at some point. I mean I
think most people think at some point
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those things are gonna happen.
you've obviously probably had a bad day
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in 2008 you got all that money back plus
it's grown since then so I think the
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first thing I'd like to start with is
talking to you about some safe money
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options and then we can kind of go from
there.
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okay? okay.
So that was the best we could do of a
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real life role play. I've written down a
couple things I want to just kind of
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rehash on what you just watched. okay
the first thing was the decision maker
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question I asked at the very beginning.
okay
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make sure that they're the
decision-makers. if they're not if
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there's a daughter that lives across the
street you might as well pack your bags
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and go and come back here in a few days.
on the long-term care I just make little
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innuendos you know almost I hate to
say this but almost kind of shameful
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that you know Charlie should have known
you know with past family experience
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that that you know it's a coverage that
he needs to protect his family with. I
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explain the difference between Final
expense and life insurance. I always
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start out my money's section with I
don't need to know specifics just kind
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of eases the tensions a little bit even
though we can very well may get into
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some of the specifics. I always ask if
they're a risk taker. I asked their
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philosophies on passing money on and
what keeps them up at night. those are
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personal questions nobody else asks that
gives some humanity to your meeting and
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also gives you some vital information
that you need. I normally do a review
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like I did and then if you really seen
how I did that I talked about I'm
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concerned am more concerned I'm even
more concerned I'm most concerned and
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I'm most concerned about the topic that
I'm about to lead into and start
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presenting on. ok so there is some
science to all of this. I
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hope that this really hits home with you.
I've said it again numerous times I
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think it should be the centerpiece of
your entire sales presentation every
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meeting you're ever in whether it's a
prospect whether it's an old client. it
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makes you look professional,
gives you authority, it makes you look
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like you've been there and you will
continually build this fact finder which
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I promise you will turn into a
prospecting goldmine for you. don't
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forget to hit subscribe and ring the
bell and make comments I promise I'll
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get back to you. look forward to seeing
you in our next video. thanks for your
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time.
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