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L I F E in LUAP Learning, Insights, Features & Experiences in the

Life Underwriters Association of the Philippines Issue # 1 - 2016

Message

from the

2016 LUAP

President

“If your dream doesn’t scare you, it is not big enough.” As we ride on the continuous progress of the economy and on the gradual improvement of consciousness of our fellow Filipinos regarding financial wellness, we must take our profession to the next level. If we are to reach the level of professionalism akin to that of doctors or lawyers, we must be organized in the same manner as they organized in their respective associations, the Integrated Bar of the Philippines and the Philippine Medical Association. That is why the goal of LUAP for the long haul is to become a self-regulatory organization (SRO). Being an SRO will give us the chance to reach out to the entire insurance industry and conduct continuing education programs. It will give us a more influential voice in dialoguing with the government regulators. It will make us stronger as an industry amidst the ASEAN integration. The goal is to achieve 60% membership among the financial advisers this year, which is around 27,000. While we are happy that we have more than doubled our membership this year at 5,000 members, we need your support to have more members. To make membership more compelling this year, we have introduced lower fees in the first 6 months of the year and provided value added programs to our members, particularly the free sales clinic, the ongoing Sales Mastery Series and the Fellow Chartered Financial Practitioner program. In the coming weeks, we will distribute the membership kits, which include a membership card and a certificate, and the different membership privileges and discounts with partner establishments. We have also increased our presence in the social network and we have come up with incentives to encourage more members. This newsletter itself is already part of our value-adding proposition.

By Emmanuel Paras

Message from the 2016 LUAP

President (Continued)

With this lofty goal of being an SRO in mind, we at the Board would like to urge you to urge others to become members, and more importantly, we would like to enjoin you to participate in our activities. We are also coordinating closely with Cebu, Cagayan De Oro and Baguio Chapters to reach out to our provincial members. We celebrate as we reach the milestone of achieving 5,000 members, the highest number of members so far in recent years, and we look ahead to recruiting even more members in the coming months. Let us work together to make the industry better. Let us live by the meaning of a TEAM: Together, Everyone Achieves More! Thank you for your support to LUAP and let us have a Breakthrough Year for the insurance industry in 2016!

Fellow Chartered Financial Practitioner Program FChFP (3rd Batch) Date: March 2-4, 7-10, 2016 Venue: AIM Conference Center The FChFP is an international designation, recognized in 11 Asian countries, including Singapore, Malaysia and Thailand. This course will be especially significant as we slowly redefine our trading borders through the ASEAN integration. The FChFP balances academic rigor with applied practice. The innovative curriculum will challenge and redefine how you think about professional education.


Life Underwriters Association of the Philippines

The program is flexible to cater to whatever retirement benefits the employer desires, provided the minimum requirement of the Labor Code (R.A. 7641) is satisfied. GROUP LIFE INSURANCE Packaged at a minimal cost for a maximum benefit desired, to provide protection of the entire employees’ families, from the problems of death and disability. S- SELECTIVE COMPENSATION - FINANCIAL SECURITY FOR THE VALUED EMPLOYEE AND HIS FAMILY WITHOUT HEAVY CURRENT TAX LIABILITY Deferred compensation program for the employees. Payment of death benefit before or after retirement. Or payment of an adequate income after retirement so that he can maintain a desirable standard of living. T- TOTAL ESTATE COORDINATION - ESTATE CREATION, PRESERVATION AND DISTRIBUTION Estate Planning is the development of a coordinated and integrated plan that will produce maximum benefit primarily to the estate owners in an orderly manner. Preparing ahead of time can help in business continuity, conservation of principal assets, safeguarding from estate shrinkage by minimizing taxation, administration expenses, probate, etc. furthermore, the distribution to the desired beneficiaries at the proper time, and in the best possible manner eventually not allowing strained relationships to happen. Estate Creation- for wealth accumulation Estate Preservation and Distribution - preparation for the process involved on the deceased estate such as tax levied before it can be duly transferred to its successor/heirs.

Issue # 1 - 2016

By Janette Lee Financial Planning covers needs that go beyond just retirement, education and protection. If you want to increase your productivity, you must also improve your skills and knowledge. Here are more advanced needs which a financial planner addresses: B- BUSINESS CONTINUITY - (CAPITAL GUARANTY) BUY SELL AGREEMENT, KEY-MAN INSURANCE Funding vehicle to purchase deceased partners’ business interest thus, providing asset/equity preservation and orderly transfer of ownership. The policy can also be a source in building contingent funds for future use. Insuring a Key-man indemnifies the business against financial loss due to the untimely demise of a “human asset”. E- EMPLOYEES’ BENEFITS - GROUP LIFE AND RETIREMENT PROGRAM A corporate social responsibility that ensures the income continuity for the family and preparation for the old citizen they will someday be. A very good way of letting them know that the welfare of the family is being taken cared of. GROUP RETIREMENT PLAN A fund accumulation program designed to meet the requirements of employers to provide retirement benefits for its employees.

Various Concepts Where Life Insurance Can Play a Vital Role

Upcoming LUAP & MDRT

Events in 2016: 1. MDRT Echoing on August 22, 2016 at SMX

Convention Center, SM Aura 2. CWP on Sept. 14-17 and Sept. 21-24, 2016 at the

IIAP 26th Floor Ayala Life-FGU Center, Ayala Ave., Makati City. Registration fee: Php 37,000 plus 12% VAT (members), Php 39,000 plus 12% VAT (non-members)

3. Philippine Life Insurance Congress (PLIC) on December 1, 2016 at SMX Convention Center, SM Mall of Asia



Various Concepts Where Life Insurance Can Play a Vital Role

(Continued) By Janette Lee “Life insurance can be a source for wealth creation and as a funding vehicle for payment of tax imposed by the government in order for the asset to be transferred to its successor.” INSURANCE PLANS - AS RISK MANAGEMENT Serves as a solution to future financial needs such as: • Income Replacement/continuity for the family • Critical Illness • Hospital Income Benefit • Estate Planning (wealth accumulation and estate

preservation) • Business Continuity.

LIFE INSURANCE replaces money that you want, but you don’t have yet. RETIREMENT PLAN A fund accumulation program designed via our variable universal life plan, to provide for one’s financial need when one can no longer work. What happens if you work until age 65 and live up to 85? LIFE INSURANCE IS CREATING WEALTH FOR YOUR FAMILY AT A DISCOUNT, THIS IS YOUR LOVE GIFT TO THEM!!! WEALTH MANAGEMENT * VARIABLE UNIVERSAL LIFE - Single Pay - One Time Investment A SINGLE-PAY product that can address both protection for the family as well as an investment alternative. A vehicle to achieve financial security as well as investment goals. Performance of the units is directly linked to the performance of assets. * PROSPERITY FUND A mutual fund company that pools money from numerous investors through the issuance of shares to the public. The pooled funds are invested by professionals in various

securities according to the investment objectives and policies of the funds. INVESTING A LITTLE EACH TIME, EVERYTIME ! WE CAN NEVER TIME THE MARKET… IT’S ALL A MATTER OF TIME.

Upcoming Event in 2017: The 16th Asia Pacific Life Insurance Congress 2017 (APLIC) Date: May 17 to 19, 2017 Venue: Genting Highlands, Malaysia Registration Fee: SGD 399 (Members), SGD 449 (Non-Members) – Until December 31, 2016; SGD 439 (Members), SGD 489 (Non-Members) – From January 1, 2017 to March 31, 2017 Registration Forms are available at the LUAP office: Unit 2005, Cityland Tower 10 Tower 2, H.V. Dela Costa St., Salcedo Village, Makati City APLIC 2017 Registration Process: 1. Fill out the official APLIC 2017 Registration Form; 2. Submit the form to LUAP; 3. Pay the registration fee to the official APLIC 2017

account thru BPI Bank: Account Name: APLIC 2017 SDN. BHD. Bank Name: HONG LEONG BANK Bank Address: No. 9 & 11, Jalan 52/2, New Town Petaling Jaya, Selangor Account No.: 28100015234 Swift Code: hlbbmykl 4. Email proof of payment to: [email protected]



LUAP Sales Mastery Series

(SMS) 2016 By Christine Duran

As we aim to be more professional and equipped Financial Advisors of the Philippines we have gathered different Financial Advisors from the insurance industry, from the youngest up to the most pioneer in our Sales Mastery Series for 2016. Truly, we can say that what we do is a noble career. We heard the experiences of our Financial Advisors coming from different walks of life. One is Christine Tan (one of our speakers in the 1st SMS session this year) who shared how we can have a mindset of a true winner in order for us to reach our goal summarized in her wise words: “Success is a marathon not a sprint”. We also remember Ms. Cynthia Mendoza’s talk on the struggles and hardships on how life can be tough being on top, on being humbled and being able to bounce back despite all the things that happened to her. These stories motivate us to do more, help other people and also to pursue our dreams. Passion really drives us to “Rise and Swim” to where we want to be. Rafael Zialcita, one of our speakers in the 2nd SMS session, was a swimmer for half of his life and that passion helped him to be successful in his career. His persistence to train every day in swimming turned to persistent daily initial interviews to help his clients. His determination and being competitive helped him reach the top place as a rookie financial advisor.

We sometimes tend to forget the most basic things such as body language which can be a big help to build rapport with our clients. Mr. Boy Flores, one of our speakers in the 2nd SMS session, talked about this in order for us to get a big chance in closing our sales. The keys are having a Winning Attitude, Winning Habits and Winning Skills. Ms. Lulu Del Mundo, one of our speakers in the 2nd SMS session, was the reason why LUAP was born with her passion to help the insurance industry and all the Financial Advisors. Her life story moved us as she shared her 63 years in the industry. At the age of 88, she does not stop in motivating others and sharing her story with everyone. As she said, “The best is yet to come.” We have learned through Ms. Deedee Sarol, one of our speakers in the 3rd SMS session, about how we can easily help ordinary minimum wage earners to save and protect their lives through a salary deduction scheme which became possible through her collaboration with the Aboitiz company. We also thought how funny and dashing Mark Fernandez is, one of our other speakers in the 3rd SMS session, who became a MDRT at the age of 23 and inspired us to always be resolute in our purpose. As he quips from the excerpt of Heneral Luna, “Mag-aral or mag-benta? Pumili ka!’’ He advocates that if you are not selling then use your time wisely for studying. Looking sharp can also be a factor that can help us create a good first impression in our prospects.

Photo taken with LUAP Board of Trustees and Ms. Lulu Del Mundo who shared an inspirational talk about “Living a Full Life.”

Photo taken with LUAP Board of Trustees and Rafael Zialcita who shared an inspirational talk about “Rise and Swim.”



LUAP celebrates 32nd

Anniversary By Nico Serrano

LUA Philippines celebrates its 32nd anniversary with a bang with 4,000 members starting in the first quarter of the year. The national board is headed by Mr. Emman Paras and he aims to expand its members base to 32,000. One of the strategies set by LUAP is to lower the annual membership from P1,200 to P320 until March 20, 2016. The purpose of this initiative is for LUAP to become a self-regulatory organization - a non-governmental organization that has the power to create and enforce industry regulations and standards. Additionally, targeting 32,000 members would provide education and instill professionalism in the life insurance industry. There were initiatives promoted in the social media such as testimonies of LUAP’s past presidents, CEOs from top life insurance companies, testimonies from FChFP (Fellow Chartered Financial Practitioners) Graduates, and offering a free sales clinic for the year and #StartRight. In fact, LUAP’s website is up and running with a new sleeker design (check out the website: www.luap.com.ph). The website has a tab wherein a member or non-member can fill out the online membership form and he/she can send the data real time. On top of that, LUAP also launched its first ever LUAP TV on Youtube, a channel where members can view its upcoming activities and featured guests who can share their experiences in the industry. Membership benefits were also beefed up by providing new membership kits and adding more partner establishments

for discounts and promos. Aside from this, the National Board of Trustees also had its annual induction at the Insurance Commission with Atty. Emmanuel Dooc. The board also went to courtesy calls with CEOs from top life insurance companies. Having said all of these, this year has been amazing because the number of new members is growing and at the same time they get to enjoy all the perks, learn from the best in the industry and upgrade their skills and knowledge to become better financial advisors. Truly, members in this organization are learning through active listening and sharing of their ideas. This is an organization that serves as an extended home for aspirant MDRTs, COTs, TOTs and future premier agency leaders. It is where honesty and integrity takes a bigger role, most especially when advising the public on life insurance matters.

Joint photo taken at Insurance Commission with LUAP Board of Trustees and GAMA Board of Trustees.

Photo taken at Insurance Commission with LUAP Board of Trustees headed by Emman Paras and Insurance Commissioner Atty. Emmanuel Dooc.

http://www.luap.com.ph/









Selling to High End market By Angela Gaw - Flores

I love fruits! I used to buy my favorite fruits from a lady fruit vendor in our area. I said “used to” because of a bad experience which made me decide not to buy fruits from her anymore. The first time I bought some bananas from the lady fruit vendor, she was genuinely nice in offering me the fresh bananas available. So, I ended up buying more than the bananas. Soon after, I became her regular client and whenever I need to buy some fruits I usually ended up buying more. I can sense that she considers me as her “high end” client. Every time I buy from her, she is very happy but as a buyer I realized that I am being tempted to buy more than what I need. When I started to stick to my plan to buy only what I need, the fruit vendor became unhappy. So what made me stop buying fruits from her? One time I realized that she enticed me into buying kilos of mangoes, one-fourth of which are not in good shape. The fruit vendor made a sale but lost me, her “client” forever. As a salesperson, often times we are eager to make a “sale” but we forget to consider the “needs” of our buyers. Where did the fruit vendor go wrong? As a salesperson what lessons did I learn from this experience? Lesson #1 High-end clients are everywhere, you just need to look around. Everyone we meet has a capability to be a high-end client someday. Treat prospects right and you will earn their loyalty . Oftentimes we get surprised when we least expect it. Lesson #2 High-end clients want consistency, provide them with updates no matter where the direction of their investment is going. They would want someone to tell them what is happening to their investment rather than hearing it from other people. Remember to always keep in touch.

Lesson #3 High-end clients love to buy but they don’t want to be sold to. Make them understand what their needs are and cost will never be a concern. Invest in learning, equip yourself with knowledge and skills, have the ability to tell good stories rather than lecturing them about your product. Lesson #4 High-end clients value sincerity, be transparent in explaining the good and bad points of your products. Fact-finding will provide better understanding of your client’s need. Come up with plans that will tailor fit your prospects. Don’t oversell and under deliver. Lesson #5 High-end clients prefer long-term relationships. Be trustworthy and you will earn the trust of your clients’ entire clan. Keep a record of events in their lives. Exert effort to know and befriend the members of your client’s family including their helpers and drivers. Lesson #6 High-end clients never complain. If they’re dissatisfied with your product they just leave and will never come back. Remember, if you satisfy your client’s expectations, it will be challenging for another salesperson to match your standards. Aim to raise your bar of excellence!



LUAP Starts the Year right with

its First Seminar for the Year By Mark Fernandez

On Feb 17, 2016, LUAP held the first sales clinic for the year. The event was titled #StartRight which featured four speakers. Three of the speakers came from the insurance industry and the fourth came from Citisec Online. As this was the first LUAP event for the year, LUAP members had the privilege to attend the seminar for free and for non-members it cost Php 500. The event was well attended by 700 people. The first speaker was Mr. Joel Geronimo who is a Regional Head from Manulife. He talked about having the #RightHabits. The second speaker was Ms. Ysa Benitez an MDRT from Insular Life who talked about having the #RightMarket. She discussed the importance of the millennial market which should not be neglected. The third speaker was Ms. April Lynn Lee-Tan from Citisec Online who talked about #RightOutlook. In her presentation, she showed the attendees why the Philippines will be experiencing volatility even when the Philippines Stock Market is fundamentally sound. The fourth speaker was Ms. Janette Lee, the Immediate Past President of LUAP and Top of the Table qualifier who talked about #RightMindset. She shared her secrets for closing high net worth cases that made her a Top of the Table qualifier. The event was very successful and inspired the attendees to start the year right.

Company Partner Establishments:

All smiles in LUAP Start Right while the audience learns from Ms. April Tan’s #RightOutlook at the AIM Acceed Center.

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