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TMK1536 0510Agent training only. Not for sales use. Worksite TMK1536 0510Agent training only. Not for sales use.

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Presentation on theme: "TMK1536 0510Agent training only. Not for sales use. Worksite TMK1536 0510Agent training only. Not for sales use."— Presentation transcript:

1 TMK Agent training only. Not for sales use. Worksite TMK Agent training only. Not for sales use.

2 TMK Agent training only. Not for sales use. Mondays Week 1: Sponsorships Week 2: Worksite Week 3: Sponsorships Week 4: Worksite

3 TMK Agent training only. Not for sales use. Worksite 2-Step Prepare 100 Businesses per 2-Agent Team 1. Sales Genie 2. Organize List of businesses: - Eliminate ineligible businesses Employees - Route Order

4 TMK Agent training only. Not for sales use. Worksite 2-Step Agents should calculate total potential ADP coverage for all the employees in the business # of employees x $3,000 = Total Potential Employee $ ADP coverage + (# employees divided by 2) x $3,000 = Total Potential Spouses’ potential ADP coverage + (# employees x 2 children) x $1,000 = Total Children’s $ ADP coverage) = TOTAL POTENTIAL ADP COVERAGE TO THAT COMPANY’S EMPLOYEES PLACED IN BUSINESS

5 TMK Agent training only. Not for sales use. Worksite 2-Step Step 1 – Securing ADP Enrollment Each 2-Agent Team goes to see as many businesses from its list as possible No Selling, just securing ADP enrollments using ADP calculation with total potential coverage for strong opening statement to get decision maker’s attention

6 TMK Agent training only. Not for sales use. Worksite 2-Step Script for Step 1: “Mr. Smith, Liberty National has authorized me to place a potential total of up to $130,000 or more of Accidental Death coverage. This lets your employees ‘test-drive’ our company for an entire year, in hopes that when you have other insurance needs you will call us first. No premium will be due until the end of the first year and if you don’t wish to continue the coverage, no premium will be due. Each employee will receive $3,000 in coverage, their spouse will get $3,000 of coverage and each of their children will get $1,000 of coverage. All I need to do to offer your employees this coverage is an enrollment date. Which works better for you, this week or next?”

7 TMK Agent training only. Not for sales use. Worksite 2-Step Step 2 – Scheduled ADP enrollments visited in the next 2 weeks BM has each 2-agent team set plans for the second call. The goal is to show the total approximate10-year tax savings generated within the business from Section 125 qualified AP.

8 TMK Agent training only. Not for sales use. Worksite 2-Step Use this formula: # employees x $400 AP average Group Term Life AP x 10% estimated employer tax savings x 10 years = Total Approximate Employer Tax Savings

9 TMK Agent training only. Not for sales use. Worksite 2-Step Use this formula: # employees x $400 AP average Group Term Life AP x 20% estimated employee tax savings x 10 years = Total Approximated Employee Tax Savings

10 TMK Agent training only. Not for sales use. Worksite 2-Step Use this formula: Total Approximated Employer Tax Savings + Total Approximated Employee Tax Savings = Total Approximated Employee Tax Savings over 10 years within the business from Section 125 qualified AP

11 TMK Agent training only. Not for sales use. Worksite 2-Step Example 20 employees x $400 AP average Group Term Life AP = $8,000 Section 125 eligible AP x 10% estimated employer tax rate = $800 potential employer tax savings x 10 years = $8,000 potential employer tax savings

12 TMK Agent training only. Not for sales use. Worksite 2-Step Example 20 employees x $400 AP average Group Term Life AP = $8,000 Section 125 eligible AP x 20% estimated employee tax rate = $1,600 estimated employee tax savings x 10 years = $16,000 potential employee tax savings

13 TMK Agent training only. Not for sales use. Worksite 2-Step Example $8,000 potential employer tax savings + $16,000 potential employee tax savings $24,000 total approximate10-year tax savings generated from Section 125 qualified AP

14 TMK Agent training only. Not for sales use. Worksite 2-Step Each 2-agent team will go back to the businesses that accepted the ADP enrollment, using the estimated total tax savings within the business for your strong opening statement to get the decision maker’s attention.

15 TMK Agent training only. Not for sales use. Worksite 2-Step Script for STEP 2: “Mr. Smith, upon returning to my office the other day, I conducted some surprising calculations which have identified a way we could potentially save you and your employees up to $24,000 or more in taxes over the next 10 years - by simply adding one product to your upcoming ADP enrollment.

16 TMK Agent training only. Not for sales use. Worksite 2-Step Script for STEP 2 (Continued): “Let me show you how - (using the previous formula) at no direct cost to you, we could save your business up to $8,000 in taxes over the next 10 years, while saving your employees up to $16,000 over the next 10 years, all by adding only one IRS Section 125 qualified life product - again at no direct cost to your business. Let me explain… (use the ‘Tax Savings – Employer’ Laptop Presentation).”

17 TMK Agent training only. Not for sales use. Worksite Resources TMK Agent training only. Not for sales use.

18 TMK Agent training only. Not for sales use. Worksite Marketing Page

19 TMK Agent training only. Not for sales use. Steps to Success

20 TMK Agent training only. Not for sales use. Order your supplies Organize your prospect notebook Step 1: Supplies

21 TMK Agent training only. Not for sales use. Learn about: Your company Your products Rules concerning worksite cases Step 2: Study

22 TMK Agent training only. Not for sales use. Prospect for eligible businesses by: Using Two-Step Prospecting Method Using Sales Genie Asking Family and Friends Networking Chamber/Professional Organization Events Customers Step 3: Search

23 TMK Agent training only. Not for sales use. Complete survey for every business lead Fill in missing info through Phone Calls & Walk ‘N’ Talks, using scripts Step 4: Surveys

24 TMK Agent training only. Not for sales use. Your goal is to get an appointment with the person who handles employee benefits Use Phone Call or Walk ‘N’ Talk script to secure appointment Let’s talk about common objections and rebuttals Step 5: Schedule

25 TMK Agent training only. Not for sales use. Should always involve a member of management Create your master packet Let’s review the sample presentations Let’s talk about common objections and rebuttals Step 6: Solicit

26 TMK Agent training only. Not for sales use. Complete the Electronic Worksite Packet or paper packet (more on this later) Get a copy of the employee roster with hire dates Submit to the Home Office for approval Deliver Employer Implementation Manual Step 7: Secure

27 TMK Agent training only. Not for sales use. Prepare for enrollment Communicate with employer and bookkeepper Give away introductory offer first Sell their need and stress the tax savings and convenience of payroll deduction Upload e-apps Step 8: Sign-Up & Sell

28 TMK Agent training only. Not for sales use. Meet with the bookkeeper (more on this in a minute) Track policies through underwriting Deliver policies to the customer’s home for more potential sales/sponsorhsips Step 9: Service

29 TMK Agent training only. Not for sales use. 1.Meet with the bookkeeper as soon as the employer agrees to establish the program. Review the schedule for the enrollment. Determine when the bookkeeper needs the authorizations so that she can make the first deductions the first week of the deduction month. Required meetings with the bookkeeper

30 TMK Agent training only. Not for sales use. 2.Meet with the bookkeeper as soon as the enrollment is concluded. You must make sure that you get the authorizations to the bookkeeper before the date she requested. 3.Call the bookkeeper the week before the deductions are to begin. Verify that she has everything she needs to begin the deductions on time. Required meetings with the bookkeeper

31 TMK Agent training only. Not for sales use. 4.Call the bookkeeper the week the deductions are to begin. Verify that the first deductions are starting as scheduled. 5.Meet with the bookkeeper when she receives the first billing. Work side-by-side with her to be sure she understands how to delete terminated employees and remind her when the first premium is due. Required meetings with the bookkeeper

32 TMK Agent training only. Not for sales use. 6.Call the bookkeeper to verify that she mailed the first month’s premium on time. 7.Call the bookkeeper each month when she receives the bill. Answer questions and meet with her if required. Required meetings with the bookkeeper

33 TMK Agent training only. Not for sales use. Agent Guide

34 TMK Agent training only. Not for sales use. Types of cases Qualified benefits for Section 125 Employer and Employee benefits Agent Guide: Introduction

35 TMK Agent training only. Not for sales use. Eligible Employees Qualified Employers Approval-Required Industries Ineligible Industries Agent Guide: Approval Guidelines

36 TMK Agent training only. Not for sales use. Plan Adoption Agreement Payroll Deduction Agreement Points to Remember Application for Group Term Employee Roster Payroll Deduction Billing Information Sheet Agent Guide: Required Forms Packets

37 TMK Agent training only. Not for sales use. I.Enrollment Period Enrollment period varies with number of employees 3 products during initial enrollment Paperwork to be filled out by employee: Summary Plan Description Payroll Deduction Authorization Salary Reduction Form New Business Transmittal Agent Guide: Three Periods of Worksite

38 TMK Agent training only. Not for sales use. II. Deduction Period Deductions begin the first pay period of the month following the Enrollment Period Agent Guide: Three Periods of Worksite

39 TMK Agent training only. Not for sales use. III. Policy Effective Period Policies have an effective date of the month following the Deduction Period. Coverage begins when the application is signed for the amount we ultimately issue Agent Guide: Three Periods of Worksite

40 TMK Agent training only. Not for sales use. Electronic Worksite Packets TMK Agent training only. Not for sales use.

41 TMK Agent training only. Not for sales use. Advantages Cannot submit with errors Repetitive info prepopulates Enrollment period, effective date, deduction date automatically set Prompts for employee roster Faster Franchise Number Electronic Worksite Packets

42 TMK Agent training only. Not for sales use. Advantages Employer can type signature PDF saves to folder w/name of business and date BM does not have to sign, but must send to Home Office from BM address Electronic Worksite Packets

43 TMK Agent training only. Not for sales use. Other Things You Should Know TMK Agent training only. Not for sales use.

44 TMK Agent training only. Not for sales use. How do you qualify (subject to review quarterly)? Payroll Deduction DCN of 10% or less Payroll Deduction Persistency of 73% or more Branch Manager must be in place long enough to establish QOB $13,000 or more total issued PD AP during the reporting period Worksite Quality Approved Branches

45 TMK Agent training only. Not for sales use. The Home Office monitors cases that are approved but not enrolled Branch Managers receive a warning each month After 120 days with no applications, the case can be assigned to another Branch Enroll Cases ASAP

46 TMK Agent training only. Not for sales use. What are the benefits? Cases approved with as few as 5 eligible employees and 7 policy requirement will not apply Can request a waiting period as short as 3 months in order to “match” the employer’s eligibility period for benefits Worksite Quality Approved Branches

47 TMK Agent training only. Not for sales use. What have you put on your To Do List? TMK Agent training only. Not for sales use.


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