Just a Life Insurance Salesman

The first time I qualified for the MDRT it was a big achievement. I happily attended the conference and took in every meeting and consumed all the mentorship information available. The keynote speaker that year was a former NY Giant linebacker and as a life long Giant fan I couldn't miss his message. He was a Home Life agent and he gave a presentation titled "Just a Life Insurance Agent." This was the most powerful message I have ever heard and still to this day it sticks out.

Our work at Advocacy Network is to develop Financial Concierges. As I have observed over 40+ years is that Life Insurance agents forget what we really do. This is one of the major reasons that less people are now insured than ever before; don't take my word for it, here is the facts directly from LIMRA:

Sales have fallen steadily since and LIMRA estimated in 2010, that only 44% of U.S. households have individual life insurance coverage. This is a 50 year low, but life insurance has remained an important center piece of a family’s financial planning.

For example, on 9/11, when 2,976 people perished in the attacks in NY, Washington D.C. and Pennsylvania, it is estimated that over $1.2 billion was paid out in life insurance death benefits. Northwestern Mutual reports they paid benefits of about $125 million to the beneficiaries of the 157 policyowners who lost their lives.

Many studies attribute the decrease in life insurance sales in the U.S. to the neglect of the middle class. Life insurance agents target an affluent, senior market looking for big sales and neglect the average Joe and Jane who need life insurance coverage to protect their families in the event of unexpected death. 

That 50 year low was in 2010 and it has since grown substantially due to lack of agent recruitment and the aging of the agent population. As the baby boomers age out so to does the Life Insurance agency force. And the real opportunity exists in the broad middle class. (125M between the incomes of $50-150K annually) So why has the middle class been forgotten?

I submit that the average Life Insurance agent today is sadly under trained, vastly unaware of what they truly represent and incredibly misinformed as to the value of Life Insurance. I know this sounds harsh and many agents would arch their backs and hiss like a cornered cat, but the numbers don't lie and the relationships tell a story of an agent force which has been trained to think about a quick buck and move on. The middle class is left in the dust of the single needs sales peddler.

The Middle Class Millionare Plan was designed to help the middle class attain financial independence. Historically the highest income people have had the opportunity to maximize the hidden benefits of the Life Insurance contract. There is only one financial solution that can turn cash into tax free income. Our most conflicting communication in the Life Insurance industry has been the messaging that confuses the public with investment and Life Insurance. Well trained, coached and developed Life Insurance professionals NEVER confuse the life insurance contract with an investment. This is NEVER done. Too many agents seem to think the world of investments and Life insurance is an either/or and worse they seem to think it's an instead of. It all started with the pained concept of BUY TERM and INVEST the REST! From the moment that concept was pitched the Life insurance agent suddenly believed they were in competition with the banker, wire house broker, B/D or RIA. This has NEVER been true. As Life insurance sales professionals we are not in competition with any of these people. Sadly, the thought of competition creates a scarcity and thus we seem to believe our clients will have to choose between us and those other financial institutions. That's simply stupidity.

The Life insurance contract is one of the greatest and most effective financial tools for any individual to create financial independence. This contract creates an instant tax free estate for a family. They never have to change their lifestyle or life experience if the bread-winner dies unexpectedly. Of course the death benefit is a primary benefit. Yet the contract also financially protects an insured who may become terminally ill, chronically ill or impaired and provides financial protection for critical illness. This very same contract provides the opportunity for an individual to create their own bank. Cash accumulation for life style and life experience needs without having to pay finance companies fees and charges. This contract creates TAX-FREE income which a client can establish for retirement or business needs. And there is much more that can be created with this flexible financial tool. Sadly, we have agents in the industry who are basically unaware of what they truly have. Too many are trained into one sales concept and act as if the only tool they have is a hammer. You know the adage, if your only tool is a hammer then everything looks like a nail. The single sales concept turns everyone into a nail. Any wonder why the middle class is underserved?

The Middle Class Millionaire Plan shows people how to increase the income needed to maximize the benefits of LIFE INSURANCE PLANNING. It's not a one size fits all single sale. Its a financial independence strategy. All the financial needs are taken into account and there are no cracks for money to fall through. How does providing a family with a single need such as "mortgage insurance policy" protect them from all the financial needs they face? Let's deliver a check to pay off the mortgage. Now that family stays in their house, how do they pay the taxes, how about the monthly bills, how about food, clothing, education and life experience. How about the future needs of the spouse left behind. If the Widower is the one left behind they will have an exceptional expense for the continuation of the home and family care. No, a single sale provides a bandaid on a massive wound. (If a patient was diagnosed with cancer would a competent physician give them an aspirin?). So when we race into a family or a business and make a single sale pitch we actually do the client a grave disservice. Of course we believe we have done them a true service because our training and mentors told us so. Our role is simple, we are accountable for, responsible for and expected to help people attain financial independence. Any other intent and focus is doing people a major disservice.

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