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TMK1432 0110TMK1446 0410 Needs-Based Selling. TMK1432 0110 Sell Whole Life for permanent needs Sell Term Life for temporary needs Whole life vs. Term.

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Presentation on theme: "TMK1432 0110TMK1446 0410 Needs-Based Selling. TMK1432 0110 Sell Whole Life for permanent needs Sell Term Life for temporary needs Whole life vs. Term."— Presentation transcript:

1 TMK1432 0110TMK1446 0410 Needs-Based Selling

2 TMK1432 0110 Sell Whole Life for permanent needs Sell Term Life for temporary needs Whole life vs. Term life

3 TMK1432 0110 35-year-old married man with a wife, two kids and a mortgage in Alabama. He has $100 to spend on life insurance. Scenario 1 Agent thinks the customer needs $50,000 of Whole Life $50,000 of Whole Life costs $76.86 With his remaining money, he can purchase $50,000 Term 20 RC for $30.37. Needs Based Selling

4 TMK1432 0110 Scenario 1 If the customer dies in the next 20 years, his family receives $100,000. $50,000 Whole Life +$50,000 Term 20 RC In 20 years, the Whole Life policy will have a cash value of $9,396 and a reduced paid-up value of $29,050. Needs Based Selling

5 TMK1432 0110 Scenario 2 Final Expense need $15,000 $15,000 of Whole Life is $24.32 per month With his remaining money, he can purchase $200,000 Term 20 RC for $75.78 Needs Based Selling

6 TMK1432 0110 Scenario 2 If the customer dies in the next 20 years, his family receives $215,000. Needs Based Selling

7 TMK1432 0110 Scenario 1 $100,000 Death Benefit + $9,396 Cash Loan Value + $29,050 Paid up value Scenario 2 Needs Based Selling $215,000 Death Benefit Needs Based Selling

8 TMK1432 0110 If your loved one dies in the next 20 years, which one do you want? Needs Based Selling

9 TMK1432 0110 Insure the highest income earner first Insure the spouse second Insure children third Who should I insure first?


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