Resources for our Strategic Partners

You are the General Contractor

Early in my life insurance career, I realized that I have to view myself as a “general contractor” for my clients’ insurance and financial needs. When they want a product or service I do not provide, I take it upon myself to find the right professional for the job. Of course, that person has to be an expert in their field, just as I am an expert in mine.

This approach benefits both my client and me in the following ways:

It helps my client get the specialized help they need;

It highlights my own strengths as a specialist in my field;

And it reinforces my role as a Center of Influence so my clients keep coming back to me for whatever insurance and financial assistance they need. That ongoing engagement sets the stage for repeat sales!

These are the benefits you can reap using Sales Assist!

Remember your mission:

Your use of Sales Assist will make the sale of life insurance, annuities, disability insurance, and long term care insurance a huge profit center for your practice.

Your SA reps will do all the work.

You will get paid half the commission.

Your reputation with your clients as a go-to center of influence will be enhanced. This will lead to additional client sales, and referrals, for your core products and services.

Resources to help you use Sales Assist:

Announcement:

You can use this text in conversations, emails, and website content. Feel free to change as you see fit:

“I am pleased to announce that I have added experts in life insurance, annuities, disability insurance, and long term care insurance to my client service team. When you need these products, please give me a call!”

Pro-active questions for setting up cases:

Here are sample questions you can ask, to probe for additional insurance needs. If the answer is “no,” then you should make the referral to your SA rep.

Do you have a life insurance broker you can trust?

Do you have any life insurance?

Are you sure you have enough life insurance?

Background information and stories about the products available from SA, and their use by your clients.

Is there a place for term life insurance in your portfolio? Yes, there is.

Here are some examples:

You have a debt for a fixed amount of time you want to indemnify, such as a mortgage or business loan;

You are in a business partnership agreement for a fixed amount of time that needs funding;

You are obligated to carry life insurance for a fixed amount of time, as per a divorce decree;

Note that in all these cases, the coverage is needed for a fixed amount of time. Term insurance is designed to give you the lowest price for exactly that – a fixed amount of time.

What about all the other needs for life insurance that are more open-ended, such as family protection, pension maximization, and estate planning? You can buy additional, permanent policies to cover those.

Would it be more cost-effective to have just one policy to insure everything? Run the numbers and find out.

What is an introduction?

An introduction is a simple but very effective referral.

Here is what you need to keep in mind:

A basic question such as “do you have enough life insurance?’ or “are you concerned about the price you are are paying for your life insurance?” is enough to see if they have a need to discuss their coverage.

They do not have to be in the market now. They should just want to make the aquaintance of a life insurance expert now, for when they are ready to make a purchase.

They simply need to be open to an introductory conversation with me, so I can explain our services and how we can help them. Once they agree, send me an email reviewing your conversation with them, and asking me to reach out. Copy them, and be sure to include a phone number.

Sources of introductions

You can make introductions to people in your personal, business, and communal networks, including;

Your friends and family.

Community groups.

Your clients.

Your employees.

Business and networking associates.

Colleagues in the same business, industry, or parent company as you.

When you talk to people about their life insurance, remember that they may have multiple needs for coverage:

For living benefits:
Wealth accumulation
Retirement funding
Long term care expenses

For their family:
Income replacement
College or trade school funding
Mortgage protection
Legacy gifts

For their estate:
Final expenses
Paying estate taxes
Charitable giving

For their business:
Funding partnership agreements
Key person indemnification
Executive bonuses
Business loan protection

Prequalification is the key to our VIP service

Prequalification is the foundation of our VIP service to every client.
It adds integrity and efficiency to the application process.
It enables us to:

Provide quotes that are both competitive and reliable.
Help underwriting run smoother.
Get our client’s application approved at the rate quoted.

You can find out more on our Blog:

Leave it to the expert

How exactly do you make a referral to a life insurance expert – or any other professional, for that matter? Let’s look at a common referral instance from everyday life.

Suppose you go to your primary care physician for a routine exam. She checks your heart and gets concerned about your heart rate; so she advises you to go to a cardiologist. She knows enough in general terms to identify a potential heart problem, but she does not have the expertise to diagnose and treat you. So she refers you to an expert.

The same applies when you speak with someone you know about their life insurance. You may know enough to see they have a potential problem, but you don’t know enough to solve it. So you refer them to an expert – someone who knows the products, who understands underwriting, and who can counsel the client on choosing the right policy for them.

Term insurance is not always the right choice

Financial advisors should never have a bias, right? Their recomendations must always be based on their client’s needs and goals, right?

Right!

But sometimes advisors do have a bias towards a certain product, company or strategy. Maybe they have a good reason, from personal experience or research. Good.

But maybe they just have a bias.

I find this is the case when it comes to life insurance. Too many advisors take a simplistic approach: “Buy only term. Whole life is bad.”

Not really.
Click here to find out more.

When should you look at your life insurance policy?

It’s a good question, for both consumers and their financial advisers. Many people simply buy a policy, stick the certificate in a drawer, and forget about it. The trouble is, there are SO MANY reasons why that coverage should be reviewed, time and time again. Click here for a quick list.

Why Life Insurance is the Rock of Your Portfolio

People have all kinds of insurance in their financial portfolio: life, medical, disability, liability, home, auto, business…

But life insurance is the foundation of the entire structure. There are very sound reasons for this. Read more here:

Do you know people who have improved their health – or who are health coaches or healers?

Some of my favorite clients are people who have improved their health. This could mean you have lost weight… reduced your A1C…. lowered your PSA… stayed sober an additional year…

There are so many ways people get better, feel better, and live better. And they could all help you pay less money for your life insurance! Underwriters like people who take better care of themselves.

Here is a blog post that relates to this topic.

Five ways to save money on your life insurance

People often think of life insurance as purely a “cost:” you pay a premium. and your beneficiary gets a benefit. But there are ways to get much more bang for your buck. Here are a few…

The Five “No’s” of employer-sponsored life insurance

Life insurance is frequently sponsored by employers as a group benefit for their workforce. Is it a nice add-on perk? Yes. Is it a cheap way to get some coverage? Yes. Is it the way most people should purchase the life insurance they need? No.

As a matter of fact, there are Five No’s. Here they are …

Coaches: the new generation of financial advisers

For years, I have had the good fortunate of getting referrals from financial advisers. Bankers, attorneys, and accountants have provided me with a steady steam of introductions to their clients. I have been honored to be the “resident life insurance expert” when the topic of life insurance pops up.

One challenge has been the “transactional” nature of their consultation. These financial advisers typically excel at, well, giving advice . Their client has a need for a product or service, and the adviser solves the problem by steering them in the direction towards buying it.
Continue reading here…

How to avoid giving bad advice to your clients about life insurance

Life insurance is the foundation of our finanacial portfolio. It is the only insurance product for which we are guaranteed to make a claim (assuming we keep the policy in force.) It covers the most disasterous of all risks – the death of a loved one / financial provider. And it is extremely cost-effective – each dollar of benefit literally costs pennies.

Because it is so integral to financial security, financial advisers will focus on this product when consulting with their clients. Planners, bankers, attorneys, accountants, and coaches all seek to make sure proper coverage is in place. Here are three pitfalls to avoid when doing so:

Continue reading here…

The 10 Life Events that call for a life insurance review

How do you know when to review your life insurance – or to encourage a friend or colleague to look at their policy? Here are ten key life events that call for a look at your coverage.

Continue reading here…

Who is “high risk’ for life insurance?

If you have ever shopped for life insurance, you know that underwriters consider some candidates “high risk.” This means that you may have a health, lifestyle, or other factor that could make you more of a mortality risk.

The good news is that “high risk” is somewhat of a relative term. Yes, there are some factors that will prevent you from getting preferred best rates from just about all carriers. But at the same time, carriers tend to specialize in underwriting certain risk aggressively. Given the right company, even “higher risk” candidates can get excellent rates.

Prequalification will determine how low those premiums can get. It all starts with the broker obtaining thorough and accurate quote information about the “higher-risk” factors.

Here is an overview of them…

The place for term insurance

Is there a place for term life insurance in your portfolio? Yes, there is.

Here are some examples:

Protecting your child’s insurability

Take a look at a list of hereditary deseases. A good health-related web site will provide one. The list is huge – running from breast cancer, to Diabetes, to kidney disease, and more.

Click here to find out how this factors into family financial planning:

Life insurance for Diabetics: three things to remember

If you are a Diabetic, you can still get life insurance. And it does not have to cost an arm and a leg. But certain factors have to be in place. Here they are:

How much life insurance should you get on your stay-at-home spouse?

Many households have a spouse or partner that stays home. Does that mean he or she does not work? Not a chance. Kids require a ton of time and effort. Then you have all kinds of domestic chores, to keep the household running smoothly. Plus meetings with the various vendors – landscapers, accountants, etc. – that keep the estate in tip-top shape. Even small estates need management help.

So how much life insurance should be carried on your Stay-At-Home-CEO?

Will my life insurance benefit really get paid?

Many people feel cynical about big corporations in general, and insurance companies in particular. It’s almost as if we expect to not get what we paid for.

A lot of this is unfortunately based in personal experience. It can be hard to get claims paid on your home, auto, medical or disability insurance policy. Sometimes the insurance company is in the right, but other times it just seems they want to welch on the deal.

What about your life insurance?

When is vanilla not vanilla?

Financial advisers and coaches ask me this question on a regular basis: “If we have a ‘plain vanilla’ client – young, healthy, with no high-risk factors – should we still send them to you for life insurance?”

The answer of course, is yes , for two reasons.

How to talk to your clients about life insurance

Financial advisors and coaches frequently ask me for advice on how to talk with their clients about life insurance. I am always gratified to hear that. Life insurance secures your client against the life hazard that can have the most damaging impact on both their emotional and financial well being: the death of a loved one and bread-winner (and in a business, the death of a partner and / or key employee.)

This means that for your client to have true financial security, the right life insurance policy (or policies) must be in force. How do you know this is the case? Here are some questions you can use to get the conversation going. Once you confirm your client’s coverage needs work, get me involved. I will make sure they get what they need.

The key reason why people don’t like to talk about life insurance

As you know, I am second generation in the life insurance business. My father Leon Kobrin, of blessed memory, owned and operated a brokerage in the 1950’s – 1970’s. I grew up in his agency – worked there from grade school through college.

I have also been running my own practice for over thirty years. All told, I have been in this glorious business for most of my life.

I have learned a few things.

When the nest is no longer empty

Many planners and advisers coach their clients to prepare for “Empty Nest Syndrome.” This is the time of life when the kids are out of the house and on their own. The parents no longer have to support them. This can be liberating, but also sad in a way. The family home that was once filled with all the ups and downs and in-betweens of family life, now has just those memories.

But times do change. Family financial planning should consider that the nest may not remain empty. This is especially true with regard to life insurance planning. https://www.stevenkobrin.com/when-the-nest-is-no-longer-empty/

The Midnight Hour

What kind of thoughts keep you up in the middle of the night? For many of us, they are financial worries. Job security. Paying bills on time. Debt. Keeping up with inflation.

Underneath it all, is the nagging fear that our family will suffer if things don’t work out. We will have to make do with less. Cancel plans. Maybe even downsize. Declare bankruptcy? Heaven forbid.

Life insurance helps ease these thoughts.

https://www.stevenkobrin.com/the-midnight-hour/

It’s not just about the price

Is buying term insurance as easy as logging on to an-online platform, and simply picking the lowest premium? Not always. As a matter of fact, it usually is not.

https://www.stevenkobrin.com/its-not-just-about-the-price/

Healing the hole in your life

I have had some very deep and moving conversations with clients recently. They each dealt with the “taboo” topic that people like to brush under the rug: death; in particular, their own mortality.

The topic of life insurance can make you want to hide and talk about anything else. The weather? Sports? Your in-laws? Sure, bring it on. Anything but the scary reality that our lives on this planet don’t last forever.

https://www.stevenkobrin.com/healing-the-hole-in-your-life/

Me retire? No chance!

There are lot of “plusses’ to not retiring. And they definitely influence life insurance planning.

Let me explain.

My father Leon Kobrin worked into the last year of his life. So did his father, my Grandpa Harry. You can bet I will. Icf you love to work, you keep working.

You need to take care of yourself mentally, physically, and spiritually to be able to work; at the same time, working can help you take care of yourself in all areas. It’s a splendid synergy that could add years onto your life.

By the time you are in your fifties or sixties, you have had a good career. Now you have skills, experience, lots of contacts, and some working capital. You could become more sucessful than ever! Think of all the additional people you could help with your product or service – all the problems you could solve. And all the worthy charities you could support!

Planning to work for the duration of your life would definitely impact your decisions about life insurance. You would probably have family members dependent on your income for many years. Plus the charities dependent on your donations. Maybe some additional debt. Instead of carrying term insurance for the “pre-retirement years,” you would probably use some form of permanent life insurance, to last as long as you do.

https://www.stevenkobrin.com/me-retire-no-chance/

Why is life insurance underwriting so rigorous?

Life insurance underwriting is one of the most thorough and comprehensive assessments you will go through in the financial marketplace. Think about all the factors that are covered: your current health. Medical history. Family medical history. Occupation. Hobbies. Lifestyle. Finances. Legal record. Financial record. Driving record.

Why is that?

https://www.stevenkobrin.com/why-is-life-insurance-underwriting-so-rigorous/

10 questions to ask your client about their life insurance

Financial advisers often ask me how to get the conversation started with their clients about life insurance. They know that odds are the client is not sufficiently covered, but need an effective way to broach the topic.

Here are 10 sample questions you could ask to get things going. It will soon be apparent there is room for improvement – and at that point you can recommend they have an introductory talk with a professional (me!)

“I am young, healthy, and single. Should I still buy life insurance?”

Yes, you should. It’s all part of protecting your insurability, and thinking ahead. Don’t wait until you have responsibilities, dependents, and debts. You can’t assume you will be insurable tomorrow, and at a good rate. Here are some factors to consider…

7 reasons why wealthy people need life insurance

Financial advisers and coaches frequently ask me if wealthy people need life insurance. Couldn’t they afford to self-insure? My answer is always this: sure they could self-insure, but why would they want to? Life insurance gives them tremendous leverage: every dollar of benefit literally costs pennies. It makes smart financial sense to use life insurance to cover your needs, dreams, and obligations.

Also: people of means often need life insurance for reasons beyond the typical final expenses / family protection / mortgage protection / school funding. Here are some examples (please bear in mind that people with complex estates need professional advice to manage them.)

It takes a team of professionals to take care of us

Suppose you had a friend who was complaining of heart pain. You would be concerned, and not hesitate to refer him to a doctor whom you knew would take good care of him.

What about a relative who was getting harassed at work? You would get her to a good labor lawyer pronto.

https://www.stevenkobrin.com/it-takes-a-team-of-professionals-to-take-care-of-us/

The art and science of buying life insurance

Selecting a life insurance policy is both and art and a science.

The “science” part is easy, and very commonly used. To calculate the coverage amount, consumers typically use a formula that factors in age and income, such as 12 x income for under 40, 10 x income for over 40. Then they kind of fudge a bit on the coverage period, by doing some rudimentary financial planning. When will the mortgage get paid off? When will the kids be out of the house? When will we retire? They get a rough timeline of these events, and then pick the term or permanent product that pretty much covers them.

The “art’ part is harder. It incorporates the emotional component of the purchase.

https://www.stevenkobrin.com/the-art-and-science-of-buying-life-insurance/

It’s not the product – it’s the strategy

Whole life insurance is a waste of your money.”

“Whole life insurance gives you the best value.”

“Buy term and invest the rest.”

“Term is a waste of money.”

“Indexed universal life is the best deal out there.”

“Guaranteed univeral life is the best deal out there.”

How often have you heard financial advisers make these statements? And other so-called “experts?” It’s no wonder consumers are confused and frustrated. And it’s no wonder so many families and businesses are under-insured.

https://www.stevenkobrin.com/its-not-the-product-its-the-strategy/

How to help your clients get Policy Audits

Accountants, attorneys, coaches, and other financial advsiers frequently ask me for ways to connect with their clients about life insurance. The product is the foundation of financial security. What is a professional and effective way to make sure coverage is exactly what it needs to be?

The key is a policy audit. Your clients go the doctor for an annual exam, and bring their cars to the mechanic for a check up. They should do the same type of review of their life insurance, on a regular basis. Here is a summary of what a Policy Audit can do for your clients, and a sample letter advisory firms use to set one up with their clients:

https://www.stevenkobrin.com/helping-your-clients-get-policy-audits/

Your life insurance portfolio is built in stages

It would be nice to buy all the life insurance you will ever need in one fell swoop. Just be done and forget about it! But like all important things in life – your close relationships; your health; your investment portfolio; your business; your home – your life insurance portfolio is built in stages. There are a number of reasons for this:

https://www.stevenkobrin.com/your-life-insurance-portfolio-is-built-in-stages/

Feelings are tied to

People tend to take a purely ‘technical” view of life insurance. They treat it as a simple transaction:

“When I die, my wife will get money to pay the bills.”

“If the business loses a key person, it will receive the funds needed to find and pay a suitable replacement.”

“My church will inherit a big donation from me.”

“The life insurance benefit will pay my estate taxes, so my heirs don’t have to sell off assets.”

This is all true. But it really is the tip of the iceberg. Underneath the surface lies a wellspring of deep emotion that really is the motivation for the purchase of a policy.

https://www.stevenkobrin.com/feelings-are-tied-to-finance/

To provide and protect

“Who needs life insurance, anyway?”

I come across this attitude every now and again. Let me tell you how I dealt with it once:

A number of years ago, a woman called my office to ask if I could “convince” her husband to take out a policy. He made good money, and she was financially dependent on him. But he just couldn’t be bothered.

I told her I would give it a try.

https://www.stevenkobrin.com/to-provide-and-protect/

What a loving parent does

A number of years ago, I received a phone call from a woman looking for life insurance. She got right to the point: “I need your help for two reasons: 1) I am a severe Diabetic, and I know my time in this life is shorter than most. And 2) This disease is hereditary. I have a young daughter, and I want to make sure she has a policy before she gets sick too.”

Two very important reasons to buy life insurance. This is what we did:

https://www.stevenkobrin.com/what-a-loving-parent-does/

Your insurability is precious

Can you tell me the number one responsibility of a life insurance adviser?

Is it to help the client clarify his or her need for life insurance?
Is it to recommend the most appropriate product?
Is it to get the lowest cost of insurance?

True, these duties are all part of the job. But there is an overriding priority:

https://www.stevenkobrin.com/your-insurability-is-precious/

Can we keep the policy in force

Let’s suppose two business partners put together a buy-sell agreement (good move! Now they have a plan for business succession in case one of them tragically dies; gets too hurt or sick to continue working; or decides to retire ahead of schedule.)

Now let’s suppose they fund it with life insurance (another good move! That’s probably the most economical way to do it.)

Now let’s say that one of the partners decides to retire early. Can the other partner still keep the life insurance in force on his life?

https://www.stevenkobrin.com/can-we-keep-the-policy-in-force/

There is hope for people who have been declined for life insurance – part one

Getting declined for life insurance can be frustrating; even traumatic. You need the coverage; you are ready to pay for it; you’ve complied with everything the company has asked.

So what’s the problem?

There are a number of reasons for why people are declined. With the right broker, and system for obtaining coverage, they can all be navigated for a an approval. This series will explain how to do so, starting with:

You applied with the wrong company.

https://www.stevenkobrin.com/there-is-hope-for-people-who-have-been-declined-for-life-insurance-part-one/

There is hope for people who have been declined for life insurance – part two

In Part One, we discussed a very commons reason for why people get declined for life insurance: you applied with the wrong company.

In Part Two, we will bring to light a different problem:

Unexpectedly bad labs.

https://www.stevenkobrin.com/there-is-hope-for-people-who-have-been-declined-for-life-insurance-part-two/

There is hope for people who have been declined for life insurance – part three

In Part Two, we discussed a very commons reason for why people get declined for life insurance: Unexpectedly bad labs.

In Part Three we will bring to light a different problem:

Lack of full disclosure.

https://www.stevenkobrin.com/there-is-hope-for-people-who-have-been-declined-for-life-insurance-part-three/

There is hope for people who have been declined for life insurance – part four

In Part Three (CD- link), we discussed a very common reason for why people get declined for life insurance: Lack of full disclosure.

In Part Four we will bring to light a different problem:

“Unreasonable” underwriters.

https://www.stevenkobrin.com/there-is-hope-for-people-who-have-been-declined-for-life-insurance-part-four/

There is hope for people who have been declined for life insurance – part five

In Part Four, we discussed a very common reason for why people get declined for life insurance: “unreasonable” underwriters.

In Part Five we will bring to light a different problem:

Lack of medical follow-up.

https://www.stevenkobrin.com/there-is-hope-for-people-who-have-been-declined-for-life-insurance-part-five/

There is hope for people who have been declined for life insurance – part six

In Part Five, we discussed a very common reason for why people get declined for life insurance: Lack of medical follow-up.

In Part Six we will bring to light a different problem:

Incriminating misinformation.

https://www.stevenkobrin.com/there-is-hope-for-people-who-have-been-declined-for-life-insurance-part-six/

There is hope for people who have been declined for life insurance – part seven

There is hope for people who have been declined for life insurance – part seven.

In Part Six , we discussed a very common reason for why people get declined for life insurance: “incriminating misinformation.”

In Part Seven we will bring to light a different problem:

The uninsurable risk.

https://www.stevenkobrin.com/there-is-hope-for-people-who-have-been-declined-for-life-insurance-part-seven/

Why are some life insurance salespeople so pushy?

Life insurance salespeople have long-suffered from a bad reputation. We are typically considered pushy, aggressive, manipulative, and untrustworthy.

How did we get such a bad name? Here are some thoughts:

https://www.stevenkobrin.com/why-are-some-life-insurance-salespeople-so-pushy/

The Seven Virtues of Life Insurance: #1 – Healing

Life insurance is much more than a legal contract that provides an attractive financial benefit for your heirs. It is actually a tool that enables those beneficiaries to live virtuously.

All told, I see seven of this virtues. One is healing.

https://www.stevenkobrin.com/the-seven-virtues-of-life-insurance-1-healing/

The Seven Virtues of Life Insurance: #2 – Love

Life insurance is much more than a legal contract that provides an attractive financial benefit for your heirs. It is actually a tool that enables those beneficiaries to live virtuously.

All told, I see seven of this virtues. One is love.

https://www.stevenkobrin.com/the-seven-virtues-of-life-insurance-2-love/