a consultative approach to benefits for small business · •a free consultation with an agla...

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TODAY’S

BUSINESS

REALITY

A Consultative Approach toVoluntary Benefits for Small Business

NFIB Webinar: August 25, 2010

Today’s Business Reality

Many people depend on you:

• Customers.

• Suppliers.

• Employees.

Today’s Business Reality

In a time when many companies are eliminating benefits:

• Expand your Benefits vs. Eliminate

• Generate Cost Savings

• Reduce Turnover

Employee Behavior

31% ‐ Say benefits are why they came to work for their employer.

38% ‐ Say benefits are why they stay with their current employer.

Studies Show How Availability of Benefits Affects Employee Behavior

Studies Show How Availability of Benefits Studies Show How Availability of Benefits Affects Employee BehaviorAffects Employee Behavior

* “MetLife Study of Employee Benefits Trends.” Metropolitan Life Insurance Company, 2005

What Does it Cost to Replace an Employee?

For someone who is performing well and leaves his or her position, research indicates that employers face obvious and hidden costs such as:

• Lost productivity.

• Lost intellectual property.

• Overtime cost due to recruiting.

• Recruitment costs in general.

• Retraining costs.

* “The True Cost of Employee Turnover.” performanceadvantage.com, as seen on 9/26/2008.

Replacing a worker costs between 30%

and 150% of that worker’s annual

salary.*

Replacing a worker costs between 30%

and 150% of that worker’s annual

salary.*

Traditional Voluntary Benefits

Traditional Voluntary Benefit programs offer a wide array of coverage through single need type products such as:

• Term or Permanent Life Insurance.• Accident Insurance.• Critical Illness Insurance.• Cancer Insurance.• Disability Insurance.• Supplemental Health Insurance.

Experience has Demonstrated LimitationsExperience has Demonstrated Limitations

The Problem for Employees:• Provided a folder of product brochures and asked to select which products best meet their needs.

• Without guidance in understanding of how to assess risk associated with each product solution.

Traditional Approach

The Problem for Employees:• Forced to decide whether to spendtheir limited premium dollars on:

• life insurance.

• disability insurance.

• cancer insurance.

• or other single need coverage.

Traditional Approach

Many times…gambling on the

wrong option!

Many times…gambling on the

wrong option!

Information/Decision Making Dilemma

Market research indicates the traditional enrollment approach isleading to anxiety or inaction by the employee.

* “Unum Reports Workers Underestimate Risks, Lack Safety Net”InsuranceBroadcasting.com, as seen on 9/26/08.

“Too often, workers have to make decisions about which benefits they need and how much to spend on them without understanding the risks they face or the best choices to protect themselves and their families.

As employees become benefits decision-makers, they also need providers and employers to give them useful information on how to

make those choices.”

InsuranceNewscast

A Consultative Approach

• Your employees don’t have to gamble as they choose how to spend their premium dollars.

• We prefer a consultative approach to educate your workforce on the risk they have.

A Consultative Approach

• Enables your employees to make informed decisions that will provide greater financial security.

• Differentiated Solutions.

• Multiple coverage under one policy with one premium.

AGLA’s Differentiated Solution

These superior differentiated solutions are available in AGLA’s

Quality of Life…InsuranceSM products.

It’s life insurance you truly don’t have to die to use.

Changing The Way Americans Think About, Purchase And Use Life

Insurance®

You now have choices on how to use your life insurance:

• Life insurance to help take care of loved ones.

• Accelerated Benefit Riders to help with the costs of critical or long-term chronic illnesses or conditions.

• Income if you become disabled.• Cash Value to supplement your retirement

income, or to help with other needs.

Quality of Life…InsuranceSM is an affordable, flexible and more useful approach to what today’s families need. It’s innovative coverage that can help in case of a heart attack, stroke, or invasive cancer.

It’s life insurance you don’t have to die to use.

Preserve Your Quality of Life

Employer Advantages

This program does not require any employer contributions to premiums!

•No direct cost to you for the benefits your employees elect.

Employer Advantages

Using this method to expand your benefits can actually generate cost reductions for you by:

• Improving employee retention, and,

• Enhancing productivity.

Employer Advantages

• No increasing administration costs to support our program.

• Simple deduction and remittance administration procedures.

Employer Advantages

• Additional benefit options that your workforce desires.

• Employee’s participation is entirely voluntary.

Educational Seminar

• A brief informational seminar for all employees

• Intended to create goodwill towards their employer

Educational Seminar

• Highlights the consultative approach and information about the solutions available.

• A benefit assessment survey may be provided for employees to evaluate their current financial protection.

Educational Seminar

• The seminar should be conducted at a time that will have the least impact on productivity and workflow.

Employee Choice

After attending the seminar and completing the assessment, your employees will be able to:

• Obtain additional information about the products and services offered.

• Attend an expanded interview for a complete fact‐finding and solutions interview at the worksite.

Employee Advantages

• A consultative approach aimed at providing greater financial security for employees and their family.

Employee Advantages

• Access to licensed insurance professionals who specialize in risk assessment and product solution design.

• Removes anxiety over gambling on uninformed choices and/or spending their premium dollars ineffectively.

Employee Advantages

• Competitively priced, portable coverage.

• Convenient premium payment options.

What An Employer Has To Do

• Understand and endorse the program.

• Be involved in the planning process for the installation of the program.

• Work with Carrier to formulate the most effective plan for implementation.

• Consider using Carrier’s Best Practices when dealing with choices for the program.

What An Employer Has To Do

Implementation Activities

Activities for the Employer:• Decide on the time of your seminar.

• Create your seminar introduction.

Dear Employees,

Thank you for attendingtoday’s seminar…

Implementation Activities

Carrier will provide:• All electronic equipment and materials for the seminar.

• Samples of the seminar materials.

• Collateral used for individual interviews.

Program Requirements

• At least two unrelated employees with premiums totaling at least $50 per month

• A payroll deduction agreement

• An introduction to your payroll administrator

If Using Payroll Deduction:

Your Company… Your Employees… Your Choice

A Voluntary Benefit program can hold significant value for your company and your workforce while allowing you to structure the program to best meet

your company’s and your employees’ needs.

Expand Your Company’s Benefits Without Increasing Your Costs!

NFIB really values our consultative approach to

delivering valuable solutions to small business America.

NFIB really values our consultative approach to

delivering valuable solutions to small business America.

• Provided financial security to Americans for over 100 years

• Over 7.8 million policies in force *

• Professional sales force of licensed insurance professionals

* As of 9/24/08

Commitment to Our Customers

Valuable Resources

• Complimentary copy of “Strategies for Protecting YourBusiness” A Business Life Insurance and Estate Planning Guide. Download at http://www.nfib.com/benefitsdownload

• A free consultation with an AGLA representative to review and consider voluntary benefit programs for your company.

• A no‐obligation review of how Quality of Life solutions could help you solve business continuation concerns.

Contact Rick Boling. 800‐922‐6185 Rick.Boling@agla.com

Contact Information

American General Life and Accident

Rick Boling, Vice President

Small Business Solutions

800‐922‐6185

Rick.Boling@agla.com

TODAY’S

BUSINESS

REALITY

A Consultative Approach toVoluntary Benefits for Small Business

For more information about the Small Business Webinar Series visit: http://www.NFIB.com/webinars

We want your feedback. If you enjoyed today’s webinar or have suggestions for the future, please fill out the short survey

that you will receive via email after this webinar.

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