Ken Wylie Seminar Follow Up and Handouts
Friday, October 3, 2014
Thank you for attending Ken Wylie’s seminar on The Legacy.
When people own even a modest amount of Life or Disability Insurance that they soon realize that the amount of their coverage is inadequate and that they need to purchase more coverage, whereas people who have no Life or Disability Insurance don’t spend much time thinking about the inadequacy of their coverage. And that the first step is to get some Life and Disability Insurance in force (even if the amount of coverage is much less than the client’s true needs). Mr. Wylie’s dictum is: “People usually don’t have a desire to get more of something unless they already have some of it.”
“Rule of ROPE” – a concept that shows that in order for an agent to double their bottom-line it isn’t necessary to sell twice as much insurance and that modest increases in sales, such as 20%, can produce twice as much bottom-line for the agent. Selling even one Disability policy for every three Life Insurance policies can accomplish that goal.
When the client already owns Life or Disability Insurance, a very effective method of showing why they need to increase their coverage is to show the client how inflation has eroded the effectiveness of their existing coverage and why they need to increase their Life or Disability Insurance so that it will do the job they intended. Using the attached forms on the History of Inflation and Inflation Updater have proven extremely effective in showing clients why they need to increase their coverage.
The parallel between Waiver of Premium and Disability Insurance. When you sell a client a $250,000 Whole Life policy with a monthly premium of $250 you would most certainly include Waiver of Premium so that the policy won’t lapse when the client becomes disabled, but if your client couldn’t even pay the $250 monthly premium for the Life Insurance policy then how could your client possibly pay their basic living expenses of $5,000 per month?
The importance of building what Ken defined as a Multi-Generational Practice made up of a large number of families and how this will lead to a continuous stream of new sales as each of the families enter a life-changing event with an average frequency of every five years, and how such a Multi-Generational Practice will enable the agent to avoid the irreparable economic problem that occurs when an agent’s practice “retires” at the same time as the agent, with the resulting constant decline in renewal commissions.