1- KNow the two types - Did you know there are two distinct types of cross selling situations? Prospects who already own the product. These people already bought the coverage from a competitor bur you're trying to get the business with your agency. They key with them is Repetition. Collecting the x Date, Good follow up and selling benefits of your agency. The key with them is repetition. C
Think about this, over your lifetime you will earn the majority of what you will ever earn in a period of 40 years only. When you're in your early 20's your still trying to figure out what you want to do with your life, in most cases, but when you start to create income for yourself, you now can start to pay for life insurance and get your family covered, but what about everything you've built over the course of your lifetime? How will you have that protected. When people think of life insurance they don't ever think of a buffer to protect your assets that you've created, they think of paying off funeral costs and paying family members. But life insurance is really another asset of large proportions you are adding to your overall net worth. It's like buying a house with a payment of $40 a month. They certainly don't think of it as an asset that protects you against market volatility. Since markets are so volatile, a life insurance policy can be safer than real estate and many other vehicles you use to to build wealth. Safer even than a bank. Even when you children are grown and gone. When the market goes south and you die, before you have time to rebuild or replace lost assets.
Here are some reason's why you should have life insurance after 60:
1- Offset loss of retirement income to spouse at death.
2- Pay off debts
3-Pay costs associated with death
4- Any other expenses
5- Pay income with respect of a decedents taxes on IRA's 401(k)s, etc.
6- Pay estate and inheritance taxes
7- Provide for the care of a disabled child, spouse, etc.
8- Offset a key person in a small or large business
9- Can be designated to provide an "inevitable gain". no matter when you die.
10- It's creditor proof
11- Pay off business interests such as building ownership, land ownership, debts due to business ect.
12- It adds flexibility to your estate plan.
13- It can be used as a gift to children
14- It can be used as collateral on loans. The older people all they tend to take on more debt. Big house, business loan, ect. This can pay off those debts.
15- UL policy are great return on investment (often times 10 times more than a bank)
16- UL policy you can take out as much as you need no penalty on taxes.
Review what your personal situation is and evaluate if it is a good idea to continue paying for life insurance past 60 years. Not only is it great for you children but it's more of an asset when you still have expenses that need to be paid for much cheaper than those payments that you have.