How to sell IUL?

Submitted by jt_1 on Fri, 10/03/2014 - 15:43

The best approach to selling IUL

Posted: 03 Oct 2014 09:07 Post Subject:

Honesty. Be sure to let the prospect know that cash value will not accumulate like the illustration shows, and that he/she will probably have to pay much higher premiums in the future or the policy will lapse. Or figure out how to run illustrations that show the results of paying maximum premiums in all years. While that still cannot guarantee a policy won't lapse, it would be far less likely to do so.

Then educate your client on the fine art of reading and understanding his/her annual statement, and how to correct for any premium deficiencies early enough to prevent the policy from lapsing.

Fail to do that, and you and I could meet in court -- you as the defendant/respondent in a trial in which I am hired by the plaintiff as an expert witness against you.

On the other hand, if you are completely honest, as described above, and still find yourself mired in litiigation, I would be happy to defend your honor as an expert witness for the Defense.

Posted: 06 Oct 2014 08:49 Post Subject:

Well.....he asked.

It's doubtful I could have said that any better.

Posted: 06 Oct 2014 09:02 Post Subject:

I spent three days last week at a large marketing expo in Las Vegas. Of the 23 presentations, one of which was mine, almost a dozen had to do with creative ways to sell the IUL product. Be Your Own Bank, College Funding, Retirement, Tax Avoidance, different Debt Free strategies, the whole gamut.

I cannot express how difficult it was to keep from throwing something at several of the presenters. Screaming, "SIT DOWN, YOU'RE A DANGER TO THE INSURANCE MARKETPLACE," wasn't an option.

Posted: 07 Oct 2014 10:00 Post Subject:

Following are the best ways to sell ILU:
Establish logical and workable compliance procedures, Create a standardized client information intake process, develop a policy placement process.
You should have to follow all the neccesury steps.

Posted: 07 Oct 2014 05:30 Post Subject:

When you post the words of another author without attributing the source, that's called PLAGIARISM, and it is UNETHICAL to do that.

Establish logical and workable compliance procedures, Create a standardized client information intake process, develop a policy placement process.



Those words were written by Richard Weber, president of The Ethical Edge, and can be found here: http://www.designsinlife.com/index-ul-requires-suitabilitydisclosure-review/

It should be noted that Mr. Weber also says this about IUL:

IUL is a flexible premium product often sold using premium illustrations that paint an unrealistic picture of what a client’s likely returns might be. Insurers and agents face frequent lawsuits filed by angry clients who mistakenly believe that the premium used in their illustration was the actual premium they would pay.



Notice that I said essentially the same thing in my initial response to the OP. And I have also testified as an expert witness on behalf of the plaintiffs in s few of those cases.

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