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DO THE MATH ON WHAT COMMISSIONS CAN BE ! Week 1 – You write (2) Funeral each Client age – 64 20,000 x 16%= $3,200 Client age – 64 20,000.

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Presentation on theme: "DO THE MATH ON WHAT COMMISSIONS CAN BE ! Week 1 – You write (2) Funeral each Client age – 64 20,000 x 16%= $3,200 Client age – 64 20,000."— Presentation transcript:

1 DO THE MATH ON WHAT COMMISSIONS CAN BE ! Week 1 – You write (2) Funeral each Client age – 64 20,000 x 16%= $3,200 Client age – 64 20,000 x 16%= $3,200 Week 2 - You Write (1) Funeral 15,000 Client age – 68 15,000 x 14%= $2,100 Client age – 68 15,000 x 14%= $2,100 Week 3 - You Write (2) Funeral each Client age – 63 16,000 x 16% = $ 2,560 Client age – 63 16,000 x 16% = $ 2,560 Week 4 - You Write (1) ESTATE Client age – 65 50,000 x 14% = $ 7, Client age – 65 50,000 x 14% = $ 7, Total Monthly Commission $ 14, Making an Extra 14k per month is very realistic, Here is how it is done !

2 Karl Dovnik, Jr. – Elder Law Attorney These Products…the funeral and estate trusts are perfect to help your clients protect funeral funds and an inheritance for their family by planning in advance. This is great planning for all of your senior clients. After 28 years in practice, these products help seniors to protect assets if they were to go into a nursing home. You are missing the boat if you are not selling these products. Karl Dovnik, Jr. Elder Law Attorney

3 Let’s take a Look at the Funeral Trust And How to Sell It.

4 Medicaid Eligibility Rules Some states may vary on these Medicaid eligibility rules Single person Assets - $ – May vary from state to state. Next page has all states. Life Policy - $ Car - $ Personal possessions Wedding rings Funeral trust Income - $ Spousal Impoverishment Rules for married couples Assets - $50,000 – 109, Life Policy - $ 1, Car – Unlimited Value Home - $ 500,000 Equity Personal Possessions Funeral Trust for both spouses Income - $ Monthly *some states may vary on the $1500 life insurance exemption. Let’s take a look at each state on the next slide.

5 SINCE ONLY $ IS EXEMPT FOR LIFE INSURANCE…THIS IS AN ISSUE Medicaid says only a $ life insurance policy is exempt. Any policy over that amount in cash values is a countable asset and would have to be spent down for Medicaid Eligibility. Example: $10, Policy – (Paid Up) 9, Cash Value SOLUTION: 1035 Exchange to Funeral Trust. (Tax Free) – Now it is Protected. Some states may vary on Medicaid Rules, please consult an Elder Law Attorney in your state. Most Seniors who have Paid Up Life Insurance intend to use it to pay the funeral home when they die.

6 Many states are facing financial budget deficits and you could find all states going down to the $1500 limit. Therefore, the funeral trust makes common sense in all states. This chart subject to change. Look for your state

7 What is a Funeral Trust ? Single Premium Life policy Irrevocable funeral trust Life Insurance Policy is assigned to Irrevocable funeral trust Single Premium LifeSingle Premium Life Issue ages 0-99Issue ages 0-99 Guaranteed IssueGuaranteed Issue No underwritingNo underwriting Commissions up to 16%Commissions up to 16% Medicaid exempt once assigned to trustMedicaid exempt once assigned to trust Premiums $1000- $15,000Premiums $1000- $15,000 Provided by insurance CompanyProvided by insurance Company Medicaid exemptMedicaid exempt Not subject to five year look-backNot subject to five year look-back Strictly to pay for funeral expensesStrictly to pay for funeral expenses The Trust which is managed by the insurance company will pay benefits directly to funeral home that actually provides the service within 48 hours of receiving claim. Excess funds to estate or family.

8 1.SINGLE PREMIUM LIFE PRODUCT 2.Premiums from $ $15,000 3.ISSUE AGES NO UNDERWRITING – GUARANTEED ISSUED 5.GREAT COMMISSIONS 6.FUNERAL TRUST PROVIDED BY INS. CO. 1.MEDICAID EXEMPT IN MOST STATES EXCHANGES ACCEPTED GREAT FOR PRE-PLANNING AND CRISIS PLANNING Unity Financial Life

9 Irrevocable Funeral Trust (IFT) - Funded by a single premium life policy. Trust strictly specifies money is to be used for funeral expenses. Life Policy - ages 0-80, 1.00% -ages * Not Guaranteed At Death, the trust pays the funeral home directly with excess funds being returned to the estate or family. Death claim - Agent gathers death certificate/bill from funeral home and fills out claim form for family. The Irrevocable Funeral Trust

10 The Easiest Sale You’ll ever make First way to fund a funeral trust Exchange from Old Life Insurance Policies that have a Face Value of over $ $5,000commission Big Money doing 1035 Exchanges

11 The 10% Free Withdrawal To Fund Trust Second way to fund the funeral trust We are just going to move money from your old annuity to the funeral trust. Instant Medicaid Protection

12 Third way to fund the funeral trust CASH Savings Bonds / Stocks Fourth way to fund the funeral trust

13 Your Biggest Competition THE FUNERAL HOME REASONS WHY YOUR CLIENT IS BETTER OFF DOING BUSINESS WITH YOU.  The Funeral Home might go out of business  You might move closer to your children in your old age  The Funeral Home may merge with new owners  You might retire down in Florida Our Funeral Trust doesn’t specify any particular funeral home. This trust can be used with any funeral home at time of death. WE OFFER FLEXIBILITY!

14 Case Study Crisis Case – Client is already in an institution. Example: Age 85 – Female $75,000 remaining in bank acct. Two Choices – Choice #1 - Do Nothing…Spend $ 70,000 on Nursing Home Choice #2 -Fund Funeral Trust for Mom - $ 15,000 Fund Funeral Trusts for (6) $10,000 each Qualify for Medicaid immediately ***Most states allow the institutionalized parent to fund BURIAL SPACES for their children, adopted children or spouses of their children. A burial space is the merchandise….Casket and Vault. ***you must have to have a “Goods and Service Contract from a funeral home that matches the amount in funeral trust to be Medicaid Exempt. ***Medicaid laws can vary from state to state and you should consult an elder law attorney in your particular state. YOU CAN USE A POWER OF ATTORNEY IF CLIENT IS UNABLE TO SIGN. Medicaid Spend-down – Burial Spaces

15 FUNERAL COSTS CAN VARY FROM $7000- $12,000 NATIONAL AVERAGE IS $

16 Unity Financial Life One page Application Issue ages 0-99Issue ages 0-99 Guaranteed issueGuaranteed issue Trust providedTrust provided Medicaid exemptMedicaid exempt $ $ 15,000$ $ 15,000 Simple to ExplainSimple to Explain Up to 16.50% commissionsUp to 16.50% commissions Growth rate is 2% from ages 0-80, 1% growth from ages 81-90, and 0% after 90. NO Health Questions and no reduction in commissions for poor health as other companies do.

17 PACKAGE YOUR PRODUCTS FUNERAL TRUST FOR IRENE SMITH ABC FINANCIAL SERVICES, INC. 123 MAIN STREET ANYTOWN, USA PLANNER – TOM JONES

18 Existing Clients You already have relationship Do an Annual Review with Each of your customers. The best target age is from Help Your clients up date their accounts at bank with P.O.D.Help Your clients up date their accounts at bank with P.O.D. Review their estate planning and financial documentsReview their estate planning and financial documents CD holders that have CD’s coming due.CD holders that have CD’s coming due. Passbook Savings customersPassbook Savings customers SELL THE FUNERAL TRUST CONCEPT TO THEM.SELL THE FUNERAL TRUST CONCEPT TO THEM.

19 Annual Review Letter

20 The Funeral Trust Business is a natural with my existing senior clients. The Trust Business has added an extra 10K or more to my income monthly! I Sent the Annual Review letter to my 1100 clients which created more activity in my office than I have had for years. 93% of my clients did not have long term care insurance and they needed these products.


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