classroom training day one liberty national life
TRANSCRIPT
CLASSROOM TRAINING
DAY ONE
Liberty National Life
Day One Objectives
Overview of the Opportunity at Liberty
Introduction to Needs Based Sales
Full Laptop Presentation
Objective One: Opportunity
You hired us – To show you what it takes to be successful at LNL we are 100% committed to doing our job.
1st 90 Days - Agenda Training Expectations Field Training
Premium, Referrals Presentations Field days
Objective One: Opportunity cont’d
New Agent Release Meeting Appointment Booking Sessions Field Requirements () Meeting days and times
Remember, this is to give you the tools needed to be SUCCESSFUL at Liberty National Life
Needs Based Sales
Needs Based Sales
The chief function of life insurance is to pay for a person’s final expenses. Some of the money paid to a beneficiary normally is used to meet current financial obligations created by the insured’s death. The remainder of the money may also be used to meet future needs of the insured’s beneficiary or beneficiaries.
Totaling the amounts required to pay for current and future expenses is often referred to as the “total needs approach” to determine how much life insurance a person should carry.
Four Obligations at Death
1: Final Expenses Funerals cost money. So do doctors; the ambulance; and the
hospital, where a stay before death could cause a bill.
Income taxes, estate and inheritance taxes, (because they resulted from death) make up what could be called “Death Taxes.”
Four Obligations at Death
When a breadwinner dies, dependent family members may still have other financial needs for:2: Income Replacement Replacing the breadwinner’s income3: Mortgage Protection Taking care of the outstanding mortgage loan on the
house (if any)4: College Education Protection Today, almost everyone recognizes the necessity of a
good college education for their kids, if they hope to attain success in the business or professional world. Many conscientious parents consider it their duty – an obligation – to establish a fund for their children’s education.
Need for Life Insurance
No matter how many of these obligations an individual leaves behind, there’s only one thing that will satisfy them…money!
For this reason, a person who wants to relieve the family of obligations when he or she dies will plan to leave them with an estate – money – that is sufficient to cover all needs.
Needs Based Example
Jim died. He was the breadwinner. The family suffers the loss of his income plus the responsibility of these expenses:
Final Expenses
$30,000
Income replacement (5 yrs)
$175,000
Mortgage remaining
$155,000
College costs (2 children)
$200,000
TOTAL $560,000
The Needs Approach
ObligationsFinal Expenses: $30,000
Income: $175,000
Mortgage: $155,000
College: $200,000
Total: $560,000
AssetsWhole Life: $0.00
Term & Work: $200,000
Mortgage Ins: $0.00
College Funds: $0.00
Total: $200,000
Additional Total Need for Insurance:
$360,000
Need for Whole Life: $30,000
Need for Term Life: $330,000
Objective 3: Situational Presentation
Watch a situational presentation by your training manager to gain a better understanding of the presentation.