 Posted: Sat Dec 27, 2008 12:09 am Post subject: Single Premium Prospecting |
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This is something that my father Greg Rosenthal taught me and I wanted to share it with you. I hope it helps you like it did for me. If you have any questions on it, then just contact me. My father wrote this story.
Several years ago, I lived in a small residential neighborhood. I would frequently say "hello" to my neighbor across the fence, Mr. Johnson, but I did not really know him, and we seldom spoke to each other.
One sunny summer afternoon, I was watering my flower garden and the neighbor was doing the same thing, so he struck up a conversation, asking me how I was doing. I replied "just fine, and you?" And we just chatted a while.
I had noticed a nice small fishing boat with an outboard motor had been sitting in his backyard all summer and he had not taken it out to go fishing, so I asked him about it.
He replied "yes, you're right; I haven't been fishing all summer. Fact is, we can not afford to take the boat out and go fishing. The gas for the boat, the truck's gas to haul it to the lake, the bait and all the other expenses of taking the boat fishing, is more than we can afford on a fixed retirement income and social security". I really felt sorry for him, and then he added,” you know what is really a shame? My wife and I have two $10,000 CDs in the bank, a total of $20,000 just sitting there, that we want to leave to our two sons, when we die, and we live like we're poor and I can not afford to go fishing." I agreed with him and said "yea, man that is a shame, having that money and can't spend it". We chatted a while longer about our gardens and fishing and then we both returned to our homes.
When I got home, I got to thinking about my neighbor's situation with the two CDs, and I recalled what I had just learned the week before about SINGLE PREMIUM WHOLE LIFE SALES.
I grabbed my simplified rate book, and ran to his house and knocked on his door.
Upon opening the door, I said, "excuse me Mr Johnson, I hate to bother or interrupt you, but I got to thinking about what you just told me. Did I correctly understand you to say that you have two $10,000 CDs in the bank, to leave two sons $10,000 each at your death?" He answered "yes, that's right". I responded, "Mr Johnson, what about the inheritance taxes they will have to pay on it? I'm not tax expert, but won't they really just get about $7,000 each after taxes?" He replied again in the affirmative.
I then said "Mr Johnson, if you will tell me your age, how old are you, and if you smoke, I might can help you leave them both more than $10,000, or at least $10,000 each that is not taxable, and have money left over to go fishing in your boat"? He asked, "how you going to do that?" And I answered, "have you ever heard of Single Premium Life Insurance Policy? Are you aware that Life Insurance proceeds are non-taxable?" And he told me that he was 66 years old, did not smoke, and was in fair health, with a little hypertension controlled with medication, so I looked it up in my simplified rate book. I was very happy to tell him, "Mr Johnson, for a single payment of $11,850, my insurance company will pay each son exactly $10,000 each, a total of $20,000 Death Benefit from a Life Policy, at your death".
That was not only the first Single Premium that I ever wrote, it was also the first commission check I ever got for over $1,000. I had a 10% contract, and was actually paid $1,185 within two weeks of having that conversation with Mr. Johnson.
I learned to start looking for prospects or clients with CDs in the bank, intending to leave that money to a family member or loved one. They are excellent prospects for Single Premium Life Sales.
Look for the parents or grandparents that have a cd in the bank that think they are going to leave the money tax free to their love ones, and show them how this is better for them. They get to leave more money to their love ones and free up some money for their needs also.
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Mark Rosenthal
IMO/Ins Agent/Agent Trainer/Free Advice
http://www.rosenthalfiles.com |
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lifeagent911
Member
Joined: 26 Dec 2008
Posts: 94
Location: Georgia
38.10 Dollars($)
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