You need to learn about split dollar life ins planning. Buy sell agreements and their funding. Executive compensation. Family equalization planning. As a start!
Lincoln, John Hancock, Pac Life, Penn Mutual and Mass Mutual have great support in advanced sales. Work with some (a mentor) on your first few.
Remember, doctor get trained on their surgeries. The harder the surgery, the longer they talk to learn their craft. Doesn’t have to be that way with insurance, but it definitely helps to have a senior producer with you.
Don't be lazy. Google and start reading. The pieces you find from insurance companies on the topic will be worthy of your time. Drop your email address, I can email you a few pieces
I would suggest reaching out to a couple of life insurance providers that specialize in dealing with small/mid size business owners. They should have plenty of material for you to get up to speed. The local wholesaler should also be able to help you
I’ve got a meeting set up with my wholesaler from Lincoln Financial. I’ve written some LTC with them and can also establish a direct relationship with them and not have to run the business through my broker dealer and give them a cut of the commissions.
These clients have lower assets to manage because they typically are plowing money back into their business or real estate. They have high net worths, but not much liquid. There has to be opportunities in there somewhere, I’m just not well versed in the advanced insurance side of things.
Talk to them about their succession plan and the importance of having assets outside of the business. Help them plan for retirement using various investment and permanent cash value insurance for diversification and liquidity purposes. Are they maxing out their qualified plan or is it top heavy? They may not qualify for the ROTH based upon their income but can fund a life contract on an unlimited basis.
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You need to learn about split dollar life ins planning. Buy sell agreements and their funding. Executive compensation. Family equalization planning. As a start!
Lincoln, John Hancock, Pac Life, Penn Mutual and Mass Mutual have great support in advanced sales. Work with some (a mentor) on your first few. Remember, doctor get trained on their surgeries. The harder the surgery, the longer they talk to learn their craft. Doesn’t have to be that way with insurance, but it definitely helps to have a senior producer with you.
Come on, you gotta have better insight than, “just google it”. Google can be helpful but it’s also full of shitty info.
Don't be lazy. Google and start reading. The pieces you find from insurance companies on the topic will be worthy of your time. Drop your email address, I can email you a few pieces
I would suggest reaching out to a couple of life insurance providers that specialize in dealing with small/mid size business owners. They should have plenty of material for you to get up to speed. The local wholesaler should also be able to help you
I’ve got a meeting set up with my wholesaler from Lincoln Financial. I’ve written some LTC with them and can also establish a direct relationship with them and not have to run the business through my broker dealer and give them a cut of the commissions.
Do a complete fact finder
Try approaching with a deferred compensation approach. There are life insurance contracts specifically for that market
These clients have lower assets to manage because they typically are plowing money back into their business or real estate. They have high net worths, but not much liquid. There has to be opportunities in there somewhere, I’m just not well versed in the advanced insurance side of things.
If you doing premium financing that can be very tricky. You need a client making significant income
Talk to them about their succession plan and the importance of having assets outside of the business. Help them plan for retirement using various investment and permanent cash value insurance for diversification and liquidity purposes. Are they maxing out their qualified plan or is it top heavy? They may not qualify for the ROTH based upon their income but can fund a life contract on an unlimited basis.
Google business life insurance. Plenty of resources online. Also search topics that I and last replied mentioned