Bundling Benefits with Guaranteed Universal Life
By now everyone has heard of ‘bundling’ in order to receive a better deal or discounts on everything from your cable/internet/phone provider to your car and homeowners’ insurance.
As agents, we get paid to provide solutions to our clients. We don’t want to make them “insurance poor”, but we do want them to have a strategy for the big challenges in life. If they die prematurely, get sick, or become incapacitated, or are concerned about living a very long life (outliving their financial resources)…what then?
Agents would like to write a policy to address each of these problems: Life Insurance, Disability, Long-Term Care as well as Annuities and Financial Planning. That’s a lot of policies to promote in one household. Is it realistic?
What if there are carriers and/or products that exist in the marketplace that utilize the concept of ‘bundling’, in which one policy has a solution for each of these problems? Do you think your clients would be interested?
Different companies offer Guaranteed Universal Life policies (GUL’s) with different benefits and riders. There are only four things that can happen to you while you own a policy: live, die, become disabled, or discontinue the policy. That being the case, here are some power phrases that an agent could utilize to highlight how products provide value:
- “If you die, the Death Benefit is guaranteed to be paid.”
- “Some products allow for a return of premium after 20 or 25 years if you decide to discontinue the plan.”
- “Many GUL’s offer a Chronic Illness rider which pays cash to the policyowner when the insured suffers Cognitive Impairment or loss of two Activities of Daily Living (ADL’s) for more than 90 days! That benefit can be tax free.”
- “Some products even offer a benefit if you live a long life and worry about outliving your assets. The policy’s death benefit becomes a living benefit and pays out over 10 years, until the death benefit has been exhausted.”
Again, all benefits explained above are GUARANTEED! Each scenario has a solution: If you die, get sick, discontinue, or live a long life, each one of your clients’ premium dollars is leveraged for each situation.
For more Marketing and Sales Ideas,
Reach out to Jeff Snowden.