1. The Life Insurance Sales Cycle
Tools & Techniques Available to Grow Your Insurance GDC
Advanced Sales Training
[date]
Presenter name
Presenter title
Insured Solutions Group
AIG Financial Distributors
Policies issued by American General Life Insurance Company and
The United States Life Insurance Company in the City of New York,
members of American International Group, Inc. (AIG).
Thank you for attending today’s session. Hi, my name is _____________ of The Insured Solutions Group of AIG –American General Life . I am happy to be here today. The title of our session is The Life Insurance Sales Cycle – The Tools and Techniques Available to Grow your Life Insurance GDC.
Today we are going to explore the 9 steps of the Life Insurance Sales Cycle …
By teaching you the tools and techniques available to you in each step of the process
So that we can grow your life insurance GDC while helping your clients achieve and protect their financial goals.
Let’s begin by introducing the Sales Cycle

2. The Life Insurance Sales Cycle
The Life Insurance Sales Cycle is made up of 9 steps. It is probably not to different than the current sales cycle or process that you currently employ. Let me introduce to you the steps and after we will explore each in greater depth.
First, notice that we have chosen to show this in a circular picture much like the wheel of a uni-cycle. It is important to remember that the cycle is continuous and never ends.
We begin with Prospecting or Market Development – We must first know who we are going to call on to provide this service
The next, we call the Pre- Approach – in other words, what method are you going to use to contact your prospect to set the face to face appointment.
That first appointment we call the Approach. This is where you introduce yourself, your company and learn about their needs, wants and desires. The goal of the approach is to move into a Fact Finding stage where you learn more specifics about their current situation and their goals and dreams for the future.
Once you have competed your fact finding, you move on to the next step which is Case Design. Here you attempt to design your perfect solution for your client within their budget.
Next, we prepare for the Presentation where you make your observations about the clients situation and then make your recommendations.
Hopefully, they have accepted your recommendations and have chosen to implement all or part of them. This Implementation step is critical to make sure you are working with your product providers so that your client has the best experience possible.
In order you keep your clients in sync with their goals and objectives, an Annual Review (or sooner) is a must.
Finally, to complete the cycle you need to develop a Referral gathering process to complete the cycle. Most professionals feel that obtaining these qualified and prestige introductions is the profit in the relationship. Notice that the referral process brings you right back to the beginning to Market Development and completes the cycle and begins anew

3. Prospecting/Market Development

4. Pre-Approach

5. Approach

6. Fact Finding

7. Case Design

8. Presentation

9. Implementation

10. Annual Review

11. Referrals- Market Development

12. in the life insurance business … Master and achieve
The secret to success
in the life insurance business …
Master and achieve
each objective of the sales cycle.
Do not move to the next step
until you have completed the current step. 12

13. Prospecting/Market Development
The Objective of Prospecting is to Identify qualified clients & prospects on a regular and consistent basis that fit profiles of specific solutions.
The first step is setting measurable, consistent and meaningful goals to solidify your commitment to this process. To that end we have developed the Activity and Income Generator spreadsheet to help you, your RLS and Manager to set a monthly activity goal. I have a sample to show you in a minute.
Next, you need to determine your ideal client profile. Working with your existing list of clients and centers of influence, we can use our Client Profile Kit to help you gather a list of qualified and committed clients to start your prospecting. Your Regional Life Specialist is trained and has experience in identifying selecting targets based on specific life insurance solutions.….use them.
Note: if you have time get a discussion about key characteristics for an Ideal Client.

14. Prospecting/Market Development
Goal Setting
Activity and Income Generator
Ideal Client
Current Client Lists
Centers of Influence – Qualified Introductions
Client Profiling
Utilize your Regional Life Specialist
The Objective of Prospecting is to Identify qualified clients & prospects on a regular and consistent basis that fit profiles of specific solutions.
The first step is setting measurable, consistent and meaningful goals to solidify your commitment to this process. To that end we have developed the Activity and Income Generator spreadsheet to help you, your RLS and Manager to set a monthly activity goal. I have a sample to show you in a minute.
Next, you need to determine your ideal client profile. Working with your existing list of clients and centers of influence, we can use our Client Profile Kit to help you gather a list of qualified and committed clients to start your prospecting. Your Regional Life Specialist is trained and has experience in identifying selecting targets based on specific life insurance solutions.….use them.
Note: if you have time get a discussion about key characteristics for an Ideal Client.
Objective: Identify qualified clients & prospects on a regular and consistent basis that fit profiles of specific solutions.

15. Activity and Income Generator
This is a sample of the Activity and Income Generator. Your RLS, RVP and DM all have access this tool
REVIEW the sample and how to use the tool.
It is critically important that you consistently add a minimum of 4 identified clients per month to your sales process. Note how we lose prospects for various reasons along the way. This is a proactive approach to success. If we wait for the phone to ring and react, we will not be successful.
FOR FINANCIAL PROFESSIONAL USE ONLY-NOT FOR PUBLIC DISTRIBUTION.

16. Client Profiling
Here is a sample client profile that I referred to earlier. We have several of these to help you identify prospects for various life insurance solutions.

20. This Metrics screenshot is on the landing page of every Advisor’s Financial Planning Portal, that they see every day. It references their FP 360 yearly Goal, and Completed numbers.

21. Drill down page – By double clicking the Life Insurance Shortfall figure in the Metrics, you will see the bar graph shown for all of their clients, and the actual shortfall for their own clients.

22. Retirement Pathfinder reference, now being used to project Retirement Income

23. This shows Retirement Income Projections, assuming the client lives to age 990, as shown. This is a default age in the RP.

24. Stress Testing – We can change the anticipated death of the client from 90 to say, age 72 as shown here. The results show the change in retirement income if the client dies early. (Notice how much more Red bars appear?)  Very powerful story.

25. You are able to solve for the Life Insurance needed by clicking the button in the bottom left.  Notice how the Red bars go away?  

26. Stress Testing for how Retirement Income is affected in the event of LTC/Chronic Illness expense. You will use the Income Button, rather than the Estate button here.

27. Input a hypothetical expense of $ 70,000 of LTC expenses for 4 years in this example.

28. This shows the result of how LTC expenses affect Retirement Income in the Graph with only 4 years of additional expenses.  Thus, the need to consider Life Insurance with Chronic Illness Rider

29. Pre-Approach

30. Pre-Approach Phone Direct Mail Seminars Enrollments Face to Face
Policy Review
Once we have identified qualified prospects, we need to determine the best way to approach them for a face to face appointment.
REVIEW the list of possible methods available to the financial advisor to set the Approach appointment.
Phone
Direct Mail
Seminars
Enrollments
Face to Face
Policy Review
Objective: To set a face-to-face appointment with all decision makers.

31. Policy Review Kit
This screen shot shows you our Policy Review Kit which includes an approved prospecting letter. This is especially effective to send to your existing clients followed by a phone call to set the appointment.
Review the parts of the Policy Review Kit
-Client Profile
-Basic Fact Finder
-Questions and Answers
-Prospecting Letter

32. Risk Management Seminar

33. Risk Management Seminar

34. Risk Management Seminar

35. Approach

36. Approach Initial Interview Key Conversation Worksheets
“Today I’d like to..”
“By…”
“So that…”
Story Selling
Napkin Sales Stories
IRA Tax Offset
IRA Tax Elimination
Asset Protector – Life insurance you don’t have to die to use
The Approach is your initial interview. Joe Ross from our team has developed a series of Key Conversation worksheets that help you bridge the conversation to life insurance.
We have also developed what we call “Napkin” Presentations to help move your client to explore life insurance solutions. You see the four listed above.
REVIEW the Objective: To educate, impress and disturb the client so that they agree to schedule a meeting to give you complete facts and sees the benefit of working with you.
Objective: To educate, impress and disturb the client so that they agree to schedule a meeting to give you complete facts and sees the benefit of working with you.

37. Asset Protector Napkin Tool
Here is a sample of one of our Napkin Presentations.
REVIEW the presentations.

38. Fact Finding

39. Fact and Feeling Finding
Objective Data
Facts and Figures
Field Underwriting
Field Underwriting Guide
Subjective Data
Goals and Dreams
“How do you feel about…”
Setting priorities
Testing or Trying on Solutions – The sale is made here!
Getting premium commitment
Use a pre-printed fact finding tool – 360 Financial Plan
The one of the keys to success in the sales process is to build long and trusting relationships. That can be developed by a complete knowledge of the facts and feelings of the clients.
I have divided data collection into two parts: Objective data and Subjective Data
Objective data are the facts and figures specific to the prospect- dates of birth, asset and liability values, etc. This also includes their heath status or ability to obtain life insurance on a favorable basis. To that end we have a Field Underwriting Guide to help you. More on that in a minute.
Subjective data I call: “Feeling Finding” – here we discover their goals and dreams and learn how they feel about certain solutions – like life insurance.
After a long session with multiple goals it is important to set priorities. Many clients may have more dreams then they can afford at this time. Determine what are the most important.
You really make the sale in this step. The presentation should not contain any surprises if you completed this step correctly. We call that trying on solutions.
The biggest key, in my opinion, is to get the premium commitment or premium tolerance for the solutions they wish to implement. Critical step as you enter the case design process. “How much do you feel you can afford on a monthly or annual basis to help you meet your financial goals we just discussed.”
Objective: To gather complete facts and feelings of the client in order to design the perfect solution. Schedule the presentation.
Objective: To gather complete facts and feelings of the client in order to design the perfect solution. Schedule the presentation.

40. Fact Finder
Here is a sample of your 360 Financial Planning Fact Finder (or the AIG approved Factfinder)
Never be afraid to use a preprinted form to gather facts. Clients appreciate that you are detailed and thorough.

41. Field Underwriting
REVIEW the key pages: Age and Amount limits for requirements; Automatic Declines, Financial and Bankruptcy underwriting, etc.

42. Case Design

43. Case Design Review the 5 Steps
Need, Amount, Duration, Risk Tolerance & Affordability
Life Insurance Decision Tree
WinFlex Illustrations
Rapid Rater
Insured Solutions Group Sales Desk
Consult your Regional Life Specialist
Advanced Markets Team
Field Underwriting Guide – Quick Quote
“Knowing what you know about the clients’ situation, would you buy your recommendations, if you were in their shoes?”
Now that you have compete facts from the client, now what?
The Objective is: To design the perfect solution within the client’s budget.
Hopefully, many of you have seen the 5 Steps of Selling Life Insurance - Need, Amount, Duration, Risk Tolerance & Affordability
Start there.
Next, we have developed a Life Insurance Decision Tree for your use – more on that in a minute.
Most of us use life insurance illustrations as a selling tool. We have numerous ways to help you here to determine the right product, underwriting class and price.
REVIEW –
WinFlex Illustrations
Rapid Rater
Insured Solutions Group Sales Desk
Consult your Regional Life Specialist
Advanced Marketing Team
Field Underwriting Guide – Quick Quote
The ultimate test:
Knowing what you know about the clients’ situation, would you buy your recommendations, if you were in their shoes?”
If not, you do not have the perfect solution.
Objective: To design the perfect solution within the client’s budget.

44. Life Insurance Decision Tree
REVIEW the Decision Tree

45. Rapid Rater
REVIEW Rapid Rater

46. Presentation

47. Objective: Complete the application!
Presentation
Pre-game
Rehearse the Presentation
Anticipate Objections
Prepare an Agenda
Order Illustrations – Sales Desk
Forms Depot for correct paperwork
Pre-Fill the Application
Client Preparation Guide: Preparing for your tele-interview and exam
Here is a great checklist to prepare for the Presentation:
REVIEW the SLIDE:
Rehearse the Presentation
Anticipate Objections
Prepare an Agenda- See next slide
Order Illustrations – Sales Desk
Forms Depot for correct paperwork
Pre-Fill the Application
Client Preparation Guide : Preparing for your teleinterview and exam
Objective: Complete the application!

48. Objective: Complete the application!
Presentation
Agenda
Review last meeting
Review Objectives
Make Observations about Current Situation
Make Recommendations
Next Steps
Paperwork
Schedule Exam
People Process
I have always used an agenda or discussion outline for my presentations. Here are the items I always include:
Review last meeting
Review Objectives
Make Observations about Current Situation
Make Recommendations
Next Steps
Paperwork
Schedule Exam
People Process
Does anybody know what I mean by the “People Process’?
Objective: Complete the application!

49. Client Preparation Guide
REVIEW how to prepare you client for the teleinterview and paramed exam, etc.
Setting the right expectations is key.

50. Implementation

51. Implementation Post Game Make sure paperwork is “In Good Order” – IGO
Review line by line – Ruler is your friend
Cover Letter – Bring the case to life
Describe client, purpose, health history, etc.
Checking Status Regularly on eStation
Respond quickly and completely
Working with AG Gateway
Setting Client Expectations
Setting up your file
Keep copies of everything
Policy Delivery – Confirming the sale
REVIEW the SLIDE:
Post Game
Make sure paperwork is in “Good Order” – IGO
Review line by line – Ruler is your friend
Cover Letter – Bring the case to life
Describe client, purpose, health history, etc.
Checking Status Regularly on eStation
Respond quickly and completely
Working with AG Gateway
Setting Client Expectations
Setting up your file
Keep copies of everything
Policy Delivery – Confirming the sale
Objective: To create a great experience for your clients and you, get approval and get paid!
Objective: To create a great experience for your clients and you, get approval and get paid!

52. Annual Review

53. Objective: Repeat Sales.
Annual Review
Annual Reviews
Why? Needs Change
Marriage
Divorce
Birth of a Child
Buy a Business
Buy a new House
When? – Five Months after their Birthday
Age Change
Ask for Introductions
Maintaining a good on-going relationship is key to earn repeat sales. LIMRA (Life Insurance Marketing Research Association) tells us that on average clients purchase life insurance 7 times during their lifetime.
It is also a great time to ask for qualified introductions.
When is the best time for annual review?- 5 months after their birthday – Why? - Age Change. Make it part of your annual schedule. Set the task for each client.
REVIEW Slide:
Objective: Repeat Sales.
Per LIMRA, clients purchase life insurance up to 7 times during their lifetime.

54. Referrals- Market Development

55. Referrals/Prospecting
When do your discuss referrals?
ALL THE TIME!
REVIEW Slide: At every step of the sales cycle.
Objective: Obtain qualified and preferred introductions from your best clients to complete the cycle.
Objective: Obtain qualified and preferred introductions from your best clients to complete the cycle.

56. Referrals/Prospecting
Approach
“At this point, you may be wondering how I get paid?
I get paid in two ways…
First, if you are satisfied with our service and if you have a need for what I can provide, I ask you to purchase that through me.
Second, I get paid by your active goodwill. In other words, again if you are satisfied with my work, I would ask you to introduce to me people who you feel could also benefit. That way I can spend 90% of my time helping clients like you and only 10% of my time looking for new clients. Fair enough?”
During the Approach:
READ the Slide
Objective: Obtain qualified and preferred introductions from your best clients to complete the cycle.

57. Referrals/Prospecting
Fact Finding
“Thank you for spending the time with me today. My staff and I will be spending approximately hours working on your recommendations over the next week?
I ask that you take about 15 minutes thinking about who in your circle can also benefit from this process.
Here are some ideas for you help gather your potential introductions.”
At the end of the fact finding meeting:
READ the Slide
Objective: Obtain qualified and preferred introductions from your best clients to complete the cycle.

58. Referrals/Prospecting
At Policy Delivery
Six - Step Prospecting
Get an Affirmative
Feed a Name or Category
Do Your Homework
Have your wish list
Qualify
Who Else?
Pinpoint
Double–Step Ahead
At the end of the presentation, at a separate meeting, at policy delivery, at annual review, at birthday breakfast.
Review the 6 step process.
Objective: Obtain qualified and preferred introductions from your best clients to complete the cycle.

59. LIVE LONGER, RETIRE STRONGER www.retirestronger.com
Check out our micro site, Retirestronger.com, to find more valuable training materials including videos demonstration our outstanding sales tracks featuring Joe Ross.

60. Thank You!
Questions? 60

61. Important Information
Policies issued by American General Life Insurance Company (AGL) except in New York, where issued by The United States Life Insurance Company in the City of New York (US Life). Issuing companies AGL and US Life are responsible for financial obligations of insurance products and are members of American International Group, Inc. (AIG). Products may not be available in all states and product features may vary by state.
FOR FINANCIAL PROFESSIONAL USE ONLY-NOT FOR PUBLIC DISTRIBUTION
AGLC108366REV0617
©2017. All rights reserved.